OMV: Berenberg initiates with 'buy'
(CercleFinance.com) - Berenberg has started to cover Austrian oil and gas group OMV with a "buy" rating, saying that the company's dividends could drive a re-rating.
"2019 marks the start of the next phase of OMV's evolution under the new management team, one that is focused on dividends and deleveraging," the German broker said in a note on Thursday.
"OMV offers exposure to the most attractive FCF profile among the European integrated oil and gas companies," Berenberg said, setting a target price of 60 euros for the stock.
The broker said delivering on dividend growth will be key to unlocking value.
OMV shares are down 1.7% at 43 euros, just outperforming the broader ATX index, which is down 1.9%.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"2019 marks the start of the next phase of OMV's evolution under the new management team, one that is focused on dividends and deleveraging," the German broker said in a note on Thursday.
"OMV offers exposure to the most attractive FCF profile among the European integrated oil and gas companies," Berenberg said, setting a target price of 60 euros for the stock.
The broker said delivering on dividend growth will be key to unlocking value.
OMV shares are down 1.7% at 43 euros, just outperforming the broader ATX index, which is down 1.9%.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.