BOE has underperformed as it commissions the Honeymoon project. That is not a significant surprise, and BOE has been our least preferred company in the sector for most of the past year. It is still not cheap relative to peers, and we would prefer Peninsula Energy (PEN), at the speculative end of the curve, which provides a similar exposure for a fraction of the price.
- We see no reason to buy BOE, but a bounce towards $3.25 looks likely in line with a sector recovery.
MM is neutral towards BOE
Add To Hit List
