OMV Falls as UBS Cuts Rating on ‘Downbeat Outlook:’ Vienna Mover
Shares declined as much as 1.9 percent and were down 1.3 percent at 26 euros by 11:03 a.m. in the Austrian capital, heading for its biggest decline since July 23.
While OMV’s second-quarter profit beat analyst estimates, “we believe quarterly earnings may now have now hit a medium- term peak for the company,” Daniel Ekstein, an analyst at UBS in London, wrote in a note to customers today.
OMV’s executive board, headed by Chief Executive Officer Gerhard Roiss, sees refining margins weaken in the second half. Additionally, it said it expected a “significant deterioration” in EconGas earnings, UBS said.
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