Cantor Global Investment Bank said March 3 that it has initiated coverage on six publicly listed companies affiliated with Abu Dhabi National Oil Company, assigning each a positive “heavyweight” rating and forecasting strong long-term performance for the UAE’s energy sector.
The bank said the move reflects its view that the fundamentals underpinning the UAE energy market remain robust over the long term. The “heavyweight” rating indicates Cantor expects the companies to outperform sector peers based on its analysis of financial and operational fundamentals.
The six companies covered are:
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ADNOC Distribution
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ADNOC Drilling
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ADNOC Gas
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ADNOC Logistics & Services
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Borouge
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Fertiglobe
Cantor set price targets for the six stocks that imply an average upside of about 30% from their trading levels at the start of coverage. The projections are based on what the bank described as favorable long-term trends and the UAE’s central role in the global energy value chain.
The initiation of coverage comes as the UAE continues to position itself as a key energy and petrochemicals hub, with ADNOC and its listed subsidiaries playing a pivotal role in upstream, midstream and downstream segments.
Cantor did not disclose the specific timeframe for its price targets but said its outlook reflects a long-term investment horizon.
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