Australia’s second-largest oil and gas producer, STO, fell -4.35% on Wednesday after its 1H income missed estimates, sending the stock down to its lowest level in two months.
- 1H revenue of $US2.71bn was down 9%.
- STO 1H net income of $US636mn, down 19% and well below estimates ~$US780mn.
- NPAT was a 5% miss compared to consensus.
- An Interim dividend of $US0.13 per share was announced.
STO has been outperforming peers, though we see nothing in this result that suggests STO will make a meaningful advance above $8; it’s unlikely to be on MM’s Hitlist in 2024.
MM is neutral towards STO
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