Repsol's shares have shown a 90% increase so far in 2026. This remarkable growth is due to the recent rise in oil prices, which have reached $100 per barrel.
Shares of Repsol have stood out in the market, with a revaluation exceeding 90% since the beginning of 2026, compared to the 14% recorded by the Ibex index in the same period. This increase is driven by the recent rise in oil prices, which have reached $100 per barrel, a level not seen since July, according to expansion.com.
Analysts at Barclays have reaffirmed their confidence in the company following a conversation with its CFO, Antonio Lorenzo. The British firm recommends overweighting investment in Repsol, highlighting three key factors contributing to their optimism: resilience in the refining business, growth in upstream, and shareholder returns.
In the refining area, Repsol's margins are approximately $38 per barrel thanks to solid demand and favourable market conditions. Barclays expects these elevated margins to remain for three to four quarters before normalising, depending on the situation in the Strait of Hormuz.
Regarding the upstream segment, Barclays notes that Repsol is focused on building a more profitable and concentrated portfolio, with growth potential in Alaska and Brazil until 2028, and additional opportunities in Venezuela, Libya, and the Gulf of Mexico.
Finally, shareholder returns remain a significant attraction for investors. Cash flow generation in the third quarter of 2026 is expected to benefit from increased production and higher refining margins. Barclays estimates that between 30% and 40% of cash flow will be allocated to shareholder returns.
You may also like
