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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Citi understood the concerns of investors of Statoil ASA (ADR) (NYSE: STO) in respect of exposure to European gas. The firm thinks the expectation of low gas prices in the European region was already discounted in valuation.
Pointing out that exposure to possible further weak gas oil price is more than compensated by providing one of the biggest exposures, the brokerage sees a 10 percent growth in gas price expectations would result in earnings growth by c. 8 percent.
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Analysts Michael Alsford and Alastair Syme see long-term outlook for gas as a favorable one when the LNG market is expected to re-balance. They believe that gas price in Europe could move to reflect the rebalances.
In a note, the lead analyst said, "While increasing energy efficiency could temper European gas demand, declines in indigenous supply will require additional volumes from Russia and/or more LNG imports to balance the market."
Citi's Buy rating is based on growth prospects visibility to 2020, robust balance sheet and leverage to increase prices of oil. The firm thinks that valuation continued to remain attractive though it delivered 18 percent returns in terms of USD for the year-to-date period.
At last check, the stock traded at $16.49, down 1.20 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.