(Boursier.com) — In a more hesitant market at the opening, Maurel & Prom wins almost 5% at 5 euros. Boosted by strong oil prices, the oil group saw its net profit more than quadruple in the first half to $138 million, while free cash flow reached $155 million, compared to $38 million in the first semester 2021.
Buoyed by the price of Brent, Maurel & Prom recorded very strong growth in its results, which enabled the group to reduce its debt by $148 million over the half-year (net debt of $195 million), underlines Portzamparc, at the purchase’ on the file with a target price of 5.05 euros. Thanks to this lower level of debt, the company will be able to invest again in M&A…
These results benefited from the maintenance of strong financial discipline in a context of rising oil prices. Oddo BHF nevertheless maintains its ‘neutral’ recommendation on the stock, the newsflow should be weak between now and the end of the year, the group starting exploration drilling in Colombia on the COR-15 permit in the fourth quarter of 2022 .
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