Barclays also lowered the estimate of the largest oil and gas companies of the Russian Federation on 5-17%


Moscow. January 15. Barclays Capital lowered its price forecasts Depositary receipts “Gazprom”, “LUKOIL”, “NOVATEK” and “Rosneft” on 5-17%, according to investment Bank review.

Evaluation receipts “Gazprom” decreased by 10% (to $4.5), “LUKOIL” – on 17% (up to $50), NOVATEK by 5% (to $105), “Rosneft” – on 13% (to $3.9)

Recommendations for these securities has not changed.

Analysts still recommend ‘ buy ‘ American Depositary receipts (ADR) of LUKOIL and to sell global Depositary receipts (GDR) Rosneft.

ADR “Gazprom” and GDR “NOVATEK” have confirmed the recommendation “hold”.

“We conducted a sensitivity analysis of the financial results of four major oil and gas companies to changes in oil prices. According to our estimates, at an oil price of $30 per barrel FCF (free cash flow) will remain positive in 2016, “Gazprom”, “LUKOIL” and “NOVATEK”. Meanwhile, Rosneft’s FCF will be negative due to its ambitious investment program. Part of the cash flow will be left for dividends, but their size, we believe, will largely depend on the ratio of the level of oil prices and the ruble”, – stated in the review.