Sales 22.614 Mil RON +21% year on year
Net Income 3.757 Mil RON +71% year on year
Impressive results, and at the share price of today closing of 0.41 having a PER of 6.18, making it a very cheap share.
The announcement that arrived during midday that in partnership with ExxonMobil Exploration they made a deep water gas discovery offshore Romania near Neptun, contributed to the +5,1% gain showed at the end of the day.
The weekly chart looks like this with a big long term descending line, which the buyers has to clear and set the SNP on a definitive ascending trend for years to come.
Knowing the great management they have and also that the major stockholders are the Austrian company OMV with 51%, Romanian Government 20,6% and Property Fund with 20%, with only 8% remaining to transact, any big institutional fund that wants exposure to this company won't find too many shares available to buy, so it will create a big buying pressure.
I think the upward momentum on OMV Petrom (SNP) will continue also for the next days, but first the buyers have to clear the 0.42 resistance.
Have a great day everybody!
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