Enauta strong to face challenging scenario, evaluates Santander


Source: Money Times


By: Renan Dantas



Despite the crisis scenario amid the sharp drop in oil prices, Enauta (ENAT3) stands out in the exploration and production sector, which remains under global pressure, evaluates Santander in a report sent to clients this Monday (27).


Nevertheless, the company’s target price was reduced from R$ 16 to R$ 13. The recommendation remains to buy. This means a potential appreciation of 41.5% over Friday’s closing price (24), R$ 9.19.


According to analyst Rodrigo Almeida, the company has good financial health, with lean costs, conservative level of investments and solid cash generation.


He also highlights the company’s most important asset, Atlanta, which has been able to continue selling its oil, “albeit at a higher discount than during the first quarter since the year, he points out.


“They are looking for ways to further reduce their opex (operational cost) and postpone some capex (investments), with bidding for the full development system platform being postponed for now”, he says.