Berenberg nudges up target price on Kosmos Energy
Kosmos Energy (DI)
280.00p
11:44 13/11/24
Analysts at Berenberg slightly raised their target price on deepwater exploration and production company Kosmos Energy from 710.0p to 735.0p on Tuesday, citing "good progress" seen in the group's third-quarter results.
Oil & Gas Producers
7,910.60
09:00 14/11/24
Berenberg said Kosmos Energy's Q3 results highlighted "generally good" operational progress, including important projects in Ghana, Senegal/Mauritania, and the US.
The German bank noted that underlift in the period generated some misses through profit and loss but noted that reported cash flow was strong and the balance sheet continued to improve, with leverage now at 1.5x.
"We adjust our net asset value to incorporate the third-quarter results and minor adjustments to guidance," said the analysts.
"We retain our 'buy' rating and continue to believe Kosmos has multiple levers which could generate incremental long-term value from the portfolio. On our updated forecasts, Kosmos is trading on FY22/23 EV/EBITDA 4.2x/2.4x, EV/DACF of 5.7x/3.5x, and an FCF yield of 12%/27% respectively."
Reporting by Iain Gilbert at Sharecast.com