10/03/2026 09:11

Santos Ltd (STO) $7.64

STO has followed a similar path to WDS in the last few weeks but with much less conviction, it couldn’t even get above its 2025 high on Monday - we rarely like stocks that cannot react positively to bullish tailwinds. Outside of takeover interest, of which there has been much over recent years, it's hard to see what will meaningfully drive STO through $8, also putting it in the too-hard basket at this stage.

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09/09/2025 09:23

Santos Ltd (STO) $7.71

STO is currently “in play” following a bid from a consortium led by Abu Dhabi’s National Oil Company (ADNOC) and private equity firm Carlyle, the non-binding all-cash offer of $8.89 per share, which values STO Santos at approximately $30 billion, a 15% premium to yesterdays close.

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26/06/2025 09:44

Santos Ltd (STO) $7.57

STO has received a bid from Abu Dhabi National Oil (ADNOC), equivalent to $8.89/sh. The more MM reads about the offer, the greater the possibility that it might receive FIRB approval.

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17/06/2025 09:48

Santos Ltd (STO) $7.72

STO has received a bid from Abu Dhabi National Oil (ADNOC), equivalent to $8.89, a 28% premium to Friday's close - we mentioned the possibility of a STO suitor in May. At a glance, yesterday's $7.72 close looked disappointing, especially considering Santos’ board have recommended the cash offer, but there are a few hurdles still to jump:

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16/06/2025 16:58

Santos (STO) $7.72

STO +10.92%: has been bid up by Abu Dhabi National Oil Co (Adnoc), via its investment unit XRG, making an all-cash $28.8 billion offer to acquire all outstanding shares at $8.89 per share - a 28% premium to Santos' last closing price. 

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06/05/2025 09:25

Santos Ltd (STO) $5.84

Santos has outperformed its peers in 2025, only declining 12.5%, still not good, but we often prefer to buy strength in a particular sector. The companies' trading update in mid-April was well received by the market, aided by STO reiterating 2025 guidance—no negative surprises is good news.

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28/11/2024 09:54

Santos Ltd (STO) $6.64

STO is currently testing its 2-year low, and we see no reason to fade the current weakness. However, further M&A activity is possible with Saudi Arabia and the UAE touted as potential suitors, but this is not a stand-alone reason to start accumulating STO into fresh lows.

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29/10/2024 09:30

Santos Ltd (STO) $6.89

STO has noticeably outperformed heavyweight WDS in 2024 so far, slipping less than 9%. In a similar fashion to WDS, Santos is a play on oil/gas prices.

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20/09/2024 09:14

Santos Ltd (STO) $7.09

STO has outperformed its peers through 2024, only slipping 6.7%, aided by a lack of offshore selling; Santos' (STO) US holdings have held relatively steady, only declining from 15% to 14% since Jan-23. However, recently, STO’s share price performance has not been helped by their 1H24 net cash flow from operations coming in below expectations due to higher production & corporate costs, royalties and restoration spending.

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06/09/2024 09:25

Santos Ltd (STO) $7.02

STO has traded sideways for over 3 ½ years, begging the question of why 2024/5 will be any different. The company’s result disappointed last month, seeing the stock quickly retreat towards $7, although the whole sector struggled. After failing to agree on a merger deal with WDS earlier this year, the $22.8bn oil and gas company has garnered some further takeover speculation, with Saudi Arabia and the UAE touted as potential suitors.

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