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GZPFY - Gazprom Neft Delivers Steady Performance Even With Lower Oil Prices
Gazprom Neft PJSC ADR
Gazprom Neft (OTCQX:GZPFY) continues to show consistently solid results despite lower oil prices relative to the same period last year. I still believe the stock is very attractive considering its accelerating dividend yield and retain my bullish rating.
Q3 Results
Even though oil prices in Q3 2019 were 19.5% lower than a year earlier, revenue decreased by only 4.8% Y-o-Y. The company managed to increase production at large projects of the company as well as increase processing efficiency, which allowed to offset the effect of lower oil prices. The ruble exchange rate changes