OMV Draws Two Neutral Ratings in a Single Session While BlackRock Rebuilds a 5% Stake
Published on 11/15/2026 at 06:01 | Editorial boerse-global.de
Two brokers moved OMV to the sidelines on the same Thursday, though they parted company on where they think the stock is headed. Oddo BHF cut its recommendation to "Neutral" from "Outperform" and trimmed its price target to EUR 74 from EUR 75, according to media reports. Erste Biuro Maklerskie made the identical ratings change but went the other way on valuation, lifting its target to EUR 75 from EUR 48.
The two actions therefore agree on the downgrade and diverge on the target, leaving OMV with fresh objectives of EUR 74 and EUR 75. The shares finished Friday's session at EUR 73.55, up 0.9%, below both newly published marks.
BlackRock back above the line
Ownership disclosures also shifted in November. BlackRock reported a combined position of 5.00% of OMV voting rights and financial instruments on 3 November, with the threshold touched on 2 November under the mandatory notification published by OMV. Voting rights attached to shares accounted for 4.53% of the total, while instruments made up the remaining 0.47% — meaning the figure reflects both categories rather than shares alone.
That filing marked a return above the level BlackRock had disclosed in its 2 November notice, when it reported 4.97% following an earlier 5.00%. That disclosure was tied to a threshold contact on 29 October.
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Abu Dhabi expansion under review
On the operational front, OMV is weighing further development phases for the Sarb and Umm Lulu offshore fields in Abu Dhabi, with the aim of sustaining and growing their output, according to media reports. Energy board member Berislav Gaso also pointed to acquisitions as a possible lever for hitting the company's 2030 production target.
Refining has its own tailwinds. CEO Emma Delaney said on 5 November that low oil and fuel inventories are likely to prolong the effect of supply disruptions on refinery markets, speaking in an interview on the sidelines of ADIPEC. OMV has raised its full-year refining margin guidance.
A 68% jump in operating profit
For the third quarter of 2026, OMV posted CCS operating profit before special items of EUR 2.12bn, a rise of 68% year on year according to company figures. Higher refining margins alongside contributions from Energy and Fuels drove the result.
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In lifting its 2026 outlook, OMV raised its Brent assumption to above USD 95/bbl and set the European refinery reference margin at around USD 25/bbl. Trading in Vienna on the following day was described by APA as lacking impetus, though the preceding sessions had already been shaped by a recovery.
Full-year 2026 results for January through December are scheduled for 4 February 2027, a date still subject to final confirmation.
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