Barclays raises target price on Israeli energy company Delek Group Limited (level:Delicate). Barclays sees a potential 54% upside in Delek’s share price and a 24% upside in Delek’s Mediterranean energy exploration and production unit. Newmed Energy (Level: NWMD).
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Barclays analysts cite Delek’s strong financial results and the inelastic demand for gas from Israel’s Leviathan offshore gas field, in which NewMed Energy holds a 45.34% stake. Barclays also cited the preliminary approval issued last week by Israel’s petroleum commissioner at the Energy and Infrastructure Ministry that signaled to Leviathan’s partners that they would be allowed to significantly expand gas production, from 12 billion cubic meters (bcm) to 21 bcm per year, in order to increase exports.
Delek shares rose 3.9% on the TASE today while NewMed Energy shares rose 1.08%.
This article was published in Globes, Israeli Business News – en.globes.co.il – on July 3, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.