United States

Analyst Research Report Snapshot


Oil & Gas Dev. Company: Volume growth to drive QoQ rebound in earnings; Outperform




Foundation Securities Private Limited


04 Apr 2013





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Event * We see a strong uptick in Oil & Gas Development Company’s 3Q production which should drive concurrent earnings rebound. We estimate 3Q EPS of PKR7.5, up 38% QoQ (9MFY13: PKR19, up 18% YoY). OGDC’s other performance indicators have also staked up well. Drilling record has improved while cash flow position remains comfortable. Two key negatives are build-up of receivables and lack of sizeable discovery in 9M. Reiterate Outperform. Earnings Revision & Target Price * We leave our earnings estimates unchanged. Strong 3Q earnings rebound and likely continuation of the same in 4Q pose upside risk to our estimates. * Jun-13 price target: PKR230.3/share. No change.

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