Last checked at (Sharecast News) - RBC Capital slashed its target price shares of Kurdistan-focused Genel Energy on the back of the heightened geopolitical tensions in the Middle East.
The military strike against Iranian commander Qasem Soleimani during the week before had resulted in a "significant" escalation in tensions in the Kurdistan.
Hence, they saw fit to raise their estimate of the weighted average cost of capital for all names operating in the region and told clients they also now expected a slower pace of activity on the part of those companies.
Their target price fell from 250.0p to 160.0p and their recommendation was downgraded from 'sector perform' to 'underperform'.
4 Nov 2021 08:32
Genel hikes interim payout but guides lower on full-year oil production
(Sharecast News) - Genel Energy hiked its interim dividend by 20% on the back of rising oil prices and burgeoning cash flow, even as it reported delays to testing programmes at the Sarta and Qara Dagh oil fields and guided lower for full-year output.
Read more