Jefferies downgraded EnQuest to Hold from Buy with a price target of 14 GBp, down from 20 GBp. The key variable for E&P stock performance is visible, derisked production growth, argues the analyst. EnQuest has delivered production to guidance in both 2022 and 2023, but on declining volumes and overall the stock is down with no direct shareholder return to offset, the analyst tells investors.
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