Tres alicientes para seguir invirtiendo en Repsol, según Barclays

Repsol's shares continue to rise along with the Ibex index, nearing a 100% increase this year, with oil prices breaching the 100 dollars per barrel barrier for the first time since late July, according to Barclays analysts. The investment bank maintains its recommendation to overweight Repsol's investment and cites three key bullish catalysts as the reason behind the optimism.

Firstly, the energy giant benefits from a resilient refining business, with margins of around 38 dollars per barrel in the current quarter, excluding premium costs. This resilience is supported by a strong demand for products and favorable market conditions. Barclays predicts that these elevated margins could continue for the next three to four quarters if the narrow of Ormuz reopens soon.

Secondly, Repsol's refining system is considered one of the strongest in Europe due to its high flexibility, allowing the company to process nearly 80 types of crude and adjust its energy product mix to capitalize on current market opportunities, thereby minimizing supply interruptions and maximizing profitability.

Thirdly, the investment bank highlights Repsol's upstream business growth potential, with the firm focusing on building a more concentrated and profitable upstream portfolio. Favorable conditions in Alaska, Brazil, Venezuela, Libya, and the Gulf of Mexico are expected to drive growth until 2028, while new projects entering operation are expected to offer higher profitability and stronger cash flow generation compared to the assets they replace.