OSH 0.00% $4.04 oil search limited

brokers report-buy

  1. 1,035 Posts.
    Oil Search

    Shares in the Papua New Guinea oil producer added 1.4 per cent, or 1¢, to 70¢ one day after surging gold and oil prices, lower borrowing costs and its merger with Orogen helped it to a 268 per cent jump in net profit for the 2002 calendar year. Brokers said Wednesday's result and plans by Oil Search to buy back up to 10 per cent of its issued capital demonstrate how leveraged the company is to oil and gold prices. ``The next signpost for PNG Gas is the end of March where Gove alumina smelter is to choose its preferred gas supplier,'' analysts at Deutsche Bank said, lowering their earnings per share forecast for fiscal 2003 by 8.2 per cent to 6 per share in line with lower production targets. ``Gearing is now a modest 14 per cent giving the company plenty of financial flexibility to pursue growth,'' Merrill Lynch noted, maintaining a ``buy'' rating and a $1.05 share price target.

watchlist Created with Sketch. Add OSH (ASX) to my watchlist

Currently unlisted public company.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.