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I am considering adding STO to holdings. There is rather mixed comment, and would appreciate your advice on whether they are a BUY at current price of $4.56. I note from Switzer Report on 9 April that their target price is $5, however I feel that could be a little low? Appreciate your view.
A: The brokers are favourably disposed to Santos (STO), seeing it as one of the stocks that can survive a tough and depressed oil market. According to FN Arena, of the 7 major brokers, there are 5 buy recommendations and 2 neutral recommendations.
Target prices vary from UBS with a low of $3.60, to Ord Minnett with a high of $7.00. The consensus is $5.32, 21% higher than today’s close of $4.39.
I thought that OPEC and the other exporting nations would do a much better job at “managing” supply to boost prices. My hunch says that there is more pain to come, so I can’t get excited by this sector.
