BW Energy improves its result from the first quarter

BW Energy was among several companies that presented figures on Wednesday morning, and the oil company was able to report an operating profit before depreciation and amortization (EBITDA) of 21.8 million dollars.

This was up from $ 14.8 million in the first quarter, and the increase is related to increased oil sales and higher realized prices.

EBITDA thus came in both above the consensus of 19.4 million dollars and the expectations from DNB Markets, which envisioned 21.4 million dollars.

With limited production, a volatile oil price and figures that will still be largely affected by whether individual loads are delivered just before or after the end of the quarter, we place most emphasis on the estimated net underlying value of the company's three offshore licenses in resp. Gambia, Brazil and Namibia ", the brokerage writes in its share report on Wednesday.

The course goal soon reached

"Of these, only the field outside Gambia is currently in production. We have an estimated net underlying value for the company of NOK 30 per. per share, and with a significant discount a price target of NOK 20 per share.

BW Energy was up over 8.5 percent on the Oslo Stock Exchange at 13.30 on Wednesday.

Before any adjustments according to today's report, DNB Markets has a buy recommendation, and it is now 5 per cent up to the price target.

Read the latest issue of the OGV Energy magazine HERE.