[20 August 2024]
Today, Tuesday 20 August 2024, StockCharts365.com has taken a closer look at one of the oil companies on the Oslo Stock Exchange.
The company that StockCharts365.com has taken a closer look at today is: DNO ASA (ticker on the Oslo Stock Exchange: DNO).
Read more under the technical analysis of the DNO share below in the case here.
First here a little about the company DNO ASA (ticker på Oslo Børs: DNO)
DNO ASA is a Norwegian oil and gas operator active in the Middle East, the North Sea and West Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Norway, the United Kingdom, Côte d’Ivoire, Netherlands and Yemen.
Our mission is to deliver attractive returns to shareholders by finding and producing oil and gas at low cost
and at an acceptable level of risk in a socially responsible and environmentally sensitive manner.
DNO's DNA is to be first, fair and firm. We are driven to stay ahead of our competition – and ahead of the opportunities. We treat stakeholders fairly by adhering to high standards of governance, business conduct and corporate social responsibility. We meet our commitments efficiently and transparently and expect the same of our suppliers, contractors, partners and host governments.
At DNO, we focus our efforts on areas where we have in-depth knowledge of the subsurface, playing to our technical and operational strengths as a fractured carbonate specialist, notably in Kurdistan. Wherever we operate, we look to minimize risk and maximize success through smart exploration, and, when a discovery is made, fast-track production.
Looking ahead, we will continue to actively pursue opportunities in high potential basins across the Middle East, the North Sea and West Africa with the goal of transforming resources into reserves at a low unit cost.
We are agile. We are flexible. We are resilient. We are DNO.
For more information about the company, visit their website here:
DNO: ARCTIC UPGRADES PRICE TARGET TO 15 (14), RETURNS BUY
20 August 2024 - at 08:09 ∙ TDN Finance
Oslo (Infront TDN Direkt): Arctic Securities raises the price target on DNO to NOK 15, from NOK 14, and repeats the buy recommendation.
This appears from an analysis from the brokerage house on Tuesday.
"As the local sales strategy has proven to be increasingly cash-generating and robust over the past year, and as shareholder distribution has clearly gained higher priority on the company's agenda, we are increasing our price target", the brokerage house writes.
Technical Analysis of DNO ASA (ticker på Oslo Børs: DNO)
Technical Analysis of DNO ASA (ticker på Oslo Børs: DNO):
DNO has triggered several positive technical signals recently, and further growth is signaled for the share in the short and medium term.
Among other things, a strong technical buy signal for the share has been triggered from a large inverted head and shoulders formation.
The potential indicated for the stock from this inverted head and shoulders formation is around NOK 15.00 - 17.00.
Furthermore, the stock has broken above both the 50-day and 200-day moving averages, and the 50-day moving average is above the 200-day moving average.
This also confirms that both the short-term and long-term trend for the share is now positive.
Both StockCharts365.com's own analysis models 'The TradingList' and 'The SignalList' are in a buy signal for the DNO share.
Based on this overall positive technical picture that the DNO share now shows, the share is considered an interesting buy candidate at today's price level.
The potential for the share is therefore assessed to be around NOK 15.00 - 17.00, and a stop-loss can, for example, be set in the event of a possible break below the 50-day moving average (which is currently around NOK 11.00).
NB! Remember to have read and understood the disclaimer.
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