Barclays raises its price target for the Israeli energy company Delek Group Ltd. (TASE:DLEKG). Barclays sees a potential 54% upside in Delek’s share price and a 24% upside in the share price of Delek’s Mediterranean energy exploration and production unit. NewMed Energy (TASE: NWMD).
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Barclays analysts cite Delek’s strong financial performance and inelastic demand for gas from Israel’s Leviathan offshore gas field, where NewMed Energy holds a 45.34% stake. Barclays also cited the approval in principle given last week by Israel’s oil commissioner at the Ministry of Energy and Infrastructure, indicating that Leviathan’s partners would be allowed to significantly increase their gas production, from 12 billion cubic meters (bcm) to 21 bcm per year, in order to boost their exports.
Delek’s stock price is 3.9% higher on the TASE today while NewMed Energy’s stock price is 1.08% higher.
Published by Globes, Israeli business news – fr.globes.co.il – July 3, 2024.
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