Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Jefferies upgrades Genel to 'buy', lifts price target

(Sharecast News) - Jefferies upgraded Genel to 'buy' from 'hold' on Wednesday and lifted the price target to 100p from 85p. It noted that the shares have been volatile in the past couple of months as various media reports suggesting an imminent Iraq-Türkiye export pipeline reopening have proved incorrect.

"Having initiated at hold, we now upgrade to buy, seeing re-opening risk as over-sold, and a solid balance sheet with net cash to remain above $100m throughout 2024 supported by local sales, even if exports do not restart," it said.

Jefferies said there are a number of catalysts this year which could impact Genel's share price: the resumption of exports via IraqTürkiye pipeline; clarity on the recovery of $107m of Kurdistan Regional Government (KRG) receivables; potential M&A; and a successful Miran & Bina Bawi arbitration result.

"While there may be upside to shares from catalyst successes, we believe long-term shareholder value is dependent on a resumption of pipeline exports and payments framework," it said.

"This should allow for more certainty in the company cash flows and optionality for growth via M&A, which we believe is a key variable for E&P stock performance."

At 1040 GMT, the shares were up 2.2% at 84.82p.

Share this article

Related Sharecast Articles

Tesla lays off 285 workers in Buffalo as job cuts continue
(Sharecast News) - Electric carmaker Tesla is to lay off 14% of its staff across two plants in New York, the company said in a regulatory filing on Thursday, following large-scale job cuts announced earlier in the week.
Blackstone first-quarter earnings narrowly beat forecasts
(Sharecast News) - Blackstone, the world's largest private equity firm, reported marginally better than expected first-quarter earnings on Thursday.
TSMC forecasts jump in second-quarter sales
(Sharecast News) - Taiwan Semiconductor Manufacturing Co said on Thursday it expects sales to jump in the second quarter on strong demand.
Empire Metals completes third phase of drilling at Pitfield
(Sharecast News) - Empire Metals announced the successful conclusion of its third phase of reverse circulation (RC) drilling at the Pitfield Project in Western Australia on Thursday.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.