Morgans Blog | Morgans

All posts by Adrian Prendergast

Senior Analyst

Sectors Covered: Mining, Energy

Woodside Petroleum: Plans on having its cake and eating it too

03 December 2019, 1:48 PM

Following Woodside’s recent investor day we have carried out a review of our assumptions across its business. The key question we have considered: is Woodside’s balance sheet strong enough to fund both significant growth and support a high dividend payout?

Oil Search: Tackling new key hurdles

By Adrian Prendergast

23 October 2019, 4:13 PM

Oil Search has had a steady Q3, with stable LNG and weaker liquids volumes of which have already been flagged. A new key hurdle for the PNG expansion has emerged, the P'nyang Gas Agreement talks. OSH is trading at an attractive discount and and we maintain our ADD rating.

BHP Group: Iron ore could give better opportunity

By Adrian Prendergast

22 October 2019, 1:06 PM

BHP has announced it will spend US$345m on Jansen, ahead of a decision on the project going to the board in February 2021. Weakening demand could see short-term iron ore price volatility. We recommend holding fire to see if iron ore price volatility unfolds and provides a better entry point into BHP.

Rio Tinto: Tracking to plan

By Adrian Prendergast

17 October 2019, 11:30 AM

RIO is trading near fair value, but we expect near-term iron ore volatility could uncover a better entry point

Santos: Makes another solid acquisition

By Adrian Prendergast

15 October 2019, 3:13 PM

Santos (ASX:STO) has announced it is acquiring ConocoPhillip's northern Australian business. We do not view the acquisition as significantly impacting STO's corporate appeal and we maintain our Add rating, with an increased price target.