A new issue of bonds maturing in 2022 allowed to refinancing part of the debt, reducing the risks of non-repayment of old eurobonds in 2019, and therefore we increase our recommendation on Nostrum Oil and Gas bonds from "SELL" to "HOLD". We also note the prospect of increasing the Company’s production capacity due to the completion of the GTU-3 project. However, current forecasts of the growth in oil prices, in our view, remain restrained and bear the risk of limited growth in cash flows.
- September 08, 2017Nostrum Oil and Gas: 1H2017 results review
Decrease of the 12M TP to GBp502/share, “BUY” recommendation.June 19, 2017Nostrum Oil and Gas - Fixed Income AnalysisMay 26, 2017Nostrum Oil and Gas: 1Q2017 results review
Increase of the 12M TP to GBp539/share, “Hold” recommendation.December 20, 2016Nostrum Oil and Gas: Review of 9M2016 results
Increase of 12M TP to GBp 351/share, recommendation "SELL".December 20, 2016Nostrum Oil and Gas - Fixed Income AnalysisOctober 06, 2016Nostrum Oil and Gas: Review of 1H2016 results
Decrease of 12M TP to GBp 315/share, recommendation "HOLD"May 05, 2016Nostrum Oil and Gas: 2015 financial review and 1st Q2016 operational update
Target price raised to GBp341, maintain Hold