Today's Edition
ABU DHABI (WAM)
Barclays Bank, one of the world’s leading financial institutions, announced it has initiated coverage of five of ADNOC’s listed companies, placing a positive “overweight” rating on each, and calling investment in ADNOC’s ecosystem a strategic imperative for global portfolios.
The overweight rating for the five companies – ADNOC Distribution, ADNOC Drilling, ADNOC Gas, ADNOC Logistics & Services, and Fertiglobe – indicates the bank’s belief the stocks will perform better than their industry peer group over the next 12 months.
In its Initiating Coverage Report issued Friday, Barclays said the companies “form a diversified ecosystem poised to deliver robust returns in a dynamic energy landscape.”
As part of their coverage of the stocks, the bank set price targets for each that were on average 35 percent higher than where their shares were trading on May 6, reflecting confidence in their potential upside in the next 12 months.
The bank also highlighted the companies’ world-class assets are ready to scale with rapid AI and technology adoption, and noted that each stock offers a range of different investment cases and an optimal mix of value and momentum.
"The five companies are capitalising on ADNOCs strategic pillars – production growth, decarbonisation and global expansion – whilst offering investors a mix of high yields, stable cash flows and exposure to emerging market trends," Barclays noted.
