Date: 2 months ago   Category: Energy

The large American investment fund doubled investments into Rosneft — Rambler News Service


The New Perspective Fund which is under control of one of the Capital Group investment companies, largest in the USA (assets about $1.9 trillion), increased the volume of investment into stocks of Rosneft almost twice in the I quarter 2019, follows from data of fund. According to the reporting, as of December 31 the fund owned 10.04 million GDR of Rosneft (one GDR is equivalent to one action) while as of March 3 this indicator was 19.26 million GDR. The fund estimated package cost in March at $120.94 million. The fund also owns ADR "Lukoil". For the reporting period the position in stocks of the oil company did not change and made 444 thousand ADR (it is equal to one action). The cost of a package of fund in Lukoil as of March 31 was $39.78 million. Earlier Interfax reported with reference to the review of Credit Suisse that investment bank made the recommendation "above the market" for the GDR of Rosneft. Analysts expect that stocks of Rosneft have growth potential from the current $6.73 for the security up to $7.7. According to analysts, positive factors for quotations are decrease in a debt load of the company and possible tax benefits. According to Credit Suisse, the dividend yield on stocks of the company in 2019 is expected at the level of 7.7%, in 2020 - 9.5%, 2021 - 11.2%. In August, 2017 Rosneft made changes to dividend policy, having increased the target level of payments from 35% to 50% of net profit according to IFRS. The sum of dividend payments of the company in the first half of the year 2018 was 154.5 billion rubles while following the results of all 2017 this indicator was 111.1 billion rubles. The dividend yield on stocks of Rosneft is one of key factors of investment attractiveness of the company, the senior analyst of BKS Sergey Suverov considers. "The dividend yield on stocks of Rosneft following the results of a year can make about 7-8%, at the same time the similar indicator at Lukoil and Gazprom is lower — 6-7% and 5-6% respectively. But it is provisional figures" — he told RNS. According to him, the company also has the lowest cost of production among the large companies of the oil and gas sector: "It also promotes its high investment attractiveness. Therefore I believe that stocks of Rosneft are underestimated approximately for 20-25% today that corresponds to their potential of growth in the medium term" — Suverov concluded. Value of the stock of Rosneft at the Moscow Exchange of a vyrol in a year approximately for 26.5% — from 339 rubles to 429 rubles for an action

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