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BofA Keeps Saudi Aramco at Buy After Q2 Adjusted Net Income Beat

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BofA Global Research maintained its buy rating on Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, after the oil giant's second-quarter adjusted net income topped market forecasts.

"The net income beat was mainly driven by lower-than-expected taxes / Zakat at US$24.5bn (43% tax rate) vs BofAe: US$28.1bn (49% tax rate) driven by strong gas and downstream performance where tax rate is 20% vs upstream at 50%. Management commentary focused on continued infrastructure readiness to transfer crude to the West Coast of Saudi both to refineries domestically (2mb/d) as well as for exports," analysts wrote in a Tuesday note.

Saudi Aramco delivered a 33% year-over-year surge in adjusted net income, including minority interests, to $33.4 billion in the quarter, surpassing BofA's $29.7 billion projection and the consensus net income median of $31.6 billion.

The stock's price objective stands at 34 Saudi riyals.

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