RBC upgrades Santos to outperform

RBC CAPITAL Markets has upgraded Santos from sector perform to outperform based on a rising oil price, the company’s recovering finances, the offer of a dividend by possibly August, and a suite of growth opportunities across its projects.

RBC upgrades Santos to outperform RBC upgrades Santos to outperform RBC upgrades Santos to outperform RBC upgrades Santos to outperform RBC upgrades Santos to outperform

RBC upgrades Santos

 
 
The Harbour Energy rebuff of May is almost forgotten as RBC sees the "heat" from that $14.4 billion offer largely gone, with Santos now able to leverage its organic growth opportunities.
 
RBC thinks the company's target of less than US$2 billion net debt by the end of next year is "very much achievable", with the bank's own estimate sitting at around $1 billion by then.
 
And despite Energy News' own Slugcatcher pouring cold water on Santos' new ‘sustainable' dividend plan RBC has been remarkably impressed with the promise of a cash flow-based dividend promise, and the first promise of payment to shareholders since 2015.
 
It is Santos' undeveloped and...