EnQuest is in a better position than the headline figures in the interims might suggest, Buy
By Gary Newman | Thursday 7 September 2023
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
The Energy Profit Levy tax on oil and gas companies with operated assets in the UK has had a big impact on the sector, and the share prices of the companies operating here have reacted accordingly. The market is also nervous of what Labour might do if it were to win the next general election, as there has been much talk from its MPs of increasing taxes even more and also on restrictions to the development of new assets. The latest such company to see its share price hammered upon the release of its financial results has been EnQuest (ENQ) this week, with it trading at almost 15% down at one point and close to the low that it hit back in June prior to oil prices rising sharply.
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