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Citi cuts Q2 net profit estimate on Saudi Aramco

Citi cuts Q2 net profit estimate on Saudi Aramco

Zawya3 days ago
Citi Research has cut its estimate on Saudi Aramco's Q2 net profit to $22.8 billion, from $27.8 billion earlier, as lower crude prices offset the benefits of increased oil production and strengthening refining margins.
Analyst Alastair Syme and others have lowered the target price on the stock 25.50 riyals ($6.80) from SAR 29.50. On Thursday the share opened at SAR 24.21.
The report said recent underperformance sees the dividend yield at 5.5%. Corporate debt spread widen to 100 basis points, 'but the context is an oil market that appears to be on the cusp of significant oversupply into 4Q'.
Citi views the equity as fairly priced given this overhang and retain a Neutral rating, the analysts said.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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