BofA Notes Adnoc Gas Q2 Beat, Upgraded FY30 Outlook; Buy Rating Maintained

07:34 AM EDT, 08/10/2026 (MT Newswires) -- BofA Global Research reiterated Adnoc Gas (ADX:ADNOCGAS) at buy, with a price objective of 4.10 Emirati dirhams, highlighting the United Arab Emirates-based integrated gas company's better-than-expected second-quarter performance and upgraded full-year 2030 guidance. "ADNOC Gas now targets c.60% EBITDA growth by 2030 versus 2023 (previously c.40% by 2029), underpinned by c.45% volume growth and [final investment decision on rich gas development's phase 2 and 3]. This is supported by ADNOC's exit from OPEC+ constraints and progression towards 5 [million barrels per day] production capacity, providing greater visibility on feedgas availability and de-risking ADNOC Gas's growth targets. [Capital expenditure] guidance for 2026-30 has increased to US$28bn from US$20bn. Also, pre-FID Bab Gas Cap development is excluded from both the new EBITDA target and capex guidance, providing further potential upside," according to a Monday note. "Despite the heavier investment programme, management expects operating cash flow to more than cover its 5% annual dividend growth policy through 2030, with balance-sheet capacity sufficient to fund capex. We see the upgraded long-term targets as supportive, as it explains the higher capex and de-risk growth and reaffirms estimates," analysts added. The research firm also noted that Adnoc Gas' net income for the three months ended June 30 of $664.6 million came in 5% ahead of consensus and 1% behind BofA's forecast. Meanwhile, the company's revenue for the three months was $3.11 billion, which surpassed consensus and BofA estimates by 9% and 4%, respectively.