RBC Capital Markets tweaked its earnings estimates and price target for Aker BP (AKRBP.OL) to integrate the oil and gas company's first-quarter trading update and the research firm's adjusted commodity price deck.
"We have updated our model to reflect that Aker BP produced 398.4 [thousand barrels of oil equivalent per day] in 1Q26, ~87% liquids, slightly lower than 4Q production of 411kboe/d, but in line with consensus expectations. Overlift of 7.3mboe/d and realisations of $82.2 [per barrel] for liquids and $80.5 [per barrel of oil equivalent] for gas both boost earnings and cashflow, adjacent and below. Production remains within the FY26 production guidance range of 370-400kboe/d. The company is scheduled to report 1Q26 results at 5am BST on 7th May. We anticipate the presentation to focus on production performance [year to date] at the Johan Sverdrup field, production guidance, progress at the recently on stream Symra field and the remaining developments, particularly ggdrasil," the research firm said Thursday.
As such, analysts raised their earnings projections, including revenue and basic EPS forecasts, for full-year 2026 through 2028.
RBC also lifted its price target to 380 Norwegian kroner from 355 kroner, while affirming its outperform rating, to reflect an increase in the research firm's 2026 to 2027 oil price forecasts and an $80 per barrel long-term Brent assumption.