26/05/2026 09:20

Santos Ltd (ASX: STO) $7.94

Santos has walked hand in hand with Woodside through 2026, closing up +29% year-to-date on Monday, with the stock finally appearing to have shrugged off the disappointment of an Abu Dhabi-led consortium walking away from a takeover bid (around $8.90) last September. Santos is primarily a gas and LNG producer, making it more leveraged to LNG contract pricing and Asian gas markets than the day-to-day moves in crude oil that have dominated the headlines in recent months.

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04/05/2026 09:16

Chart of the Week – Crude and related Stocks

Energy stocks have lagged the move in oil prices, and the reason comes down to how the market prices future earnings. The Iran conflict and disruption to Persian Gulf supply drove a sharp spike in near-term oil prices—a clear windfall for producers, but longer-dated futures moved less aggressively, even though they did rise.

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16/04/2026 09:33

Santos Ltd (ASX:STO) $7.73

STO has lagged WDS gaining just 25% compared to WDS’s +40%, with the stock struggling to fully recover from an Abu Dhabi-led consortium walking away from a takeover deal last September. Similar to WDS, we would consider STO into weakness, ideally below $7.50, only 3-5% lower, but there’s no hurry yet.

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31/03/2026 09:39

Santos Ltd (STO) $8.05

STO has followed a similar path to WDS through 2026, but with much less gusto, only gaining 32% year to date. The main issue has been the stock struggling to fully recover from an Abu Dhabi-led consortium walking away from a takeover deal last September after months of negotiations, sending the stock down more than 10% in one session.

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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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