APA (APA) has an average rating of hold and mean price target of $42.11, according to analysts polled by FactSet.
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The U.S. Treasury Department sanctioned nine companies, including four each based in Hong Kong and the United Arab Emirates, for helping Iran ship oil to China, according to a Monday press release.Hong Kong-based Hong Kong Blue Ocean, Hong Kong Sanmu, Jiandi HK, and Max Honor International Trade helped Golden Globe, said to be a cover company arranging oil sales for Iran, the Office of Foreign Assets Control said.UAE-based Ocean Allianz Shipping, Atic Energy FZE, Blanca Goods Wholesaler, and Universal Fortune Trading, as well as Oman's Zeus Logistics, also helped the Islamic Revolutionary Guard Corps with oil purchases.The U.S. Treasury "will continue to cut the Iranian regime off from the financial networks it uses to carry out terrorist acts and to destabilize the global economy," Secretary Scott Bessent said in a statement.
BofA Global Research is optimistic on Adnoc Drilling (ADX:ADNOCDRILL) amid the United Arab Emirates' plans to boost its oil production capacity over the medium term."ADNOC Drilling delivered another inline quarter and reiterated its 2026E guidance despite ongoing regional conflict. However, the earnings call was dominated by questions around the company's medium-term growth outlook, particularly if UAE increases its oil production capacity to 6mb/d. While management refrained from providing explicit targets, we believe such a scenario is likely to be incorporated into 2027-31 business plan," analysts said Tuesday. "In parallel, the second phase of the unconventional is also likely to be announced in the coming months, given that progress on Phase 1 is ahead of schedule and key project risks have largely been de-risked."As such, the price objective was bumped up to 6.90 Emirati dirhams from 6.80 dirhams, with an unchanged buy rating on the stock.In terms of earnings forecasts, the research firm raised its projected EPS for the drilling company by 3% for 2026, 5% for 2027 and 4% for 2028. Sales and EBITDA estimates over the three-year period were also upwardly adjusted.
BofA Global Research raised its forecasts for Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, as it incorporated the company's stronger-than-anticipated first-quarter results."We update our model post 1Q26 results to reflect better than expected upstream EBIT, which came 7% higher than BofAe as well as lower taxes. As a result, our FY26E net income has increased by c.3% vs our old estimates, while FY27E and 28E net income remain broadly unchanged," analysts wrote in a Tuesday note. "We believe Aramco is well positioned for production ramp post conflict resolution. To get from 10mb/d to 12mb/d, it contractually has 90 days, but it usually takes about 3 weeks. It can sustain 12mb/d production for up to 12 months without additional investments."The 2026 EPS estimate was upwardly revised to 2.13 Saudi riyals from 2.07 riyals, while the projection for 2028 was nudged higher to 2.14 riyals from 2.13 riyals.The buy rating on the stock and price objective of 34.50 riyals were both maintained.