BofA Highlights Adnoc Gas' 'Material' Q3 Earnings Beat, FY26 Outlook Upgrade; Price Objective, Forecasts Updated

06:26 AM EST, 11/11/2026 (MT Newswires) -- BofA Global Research updated its price objective and earnings forecasts for Adnoc Gas (ADX:ADNOCGAS) after the Abu Dhabi-listed natural gas distribution company delivered a "material" third-quarter earnings beat and raised its full-year 2026 outlook. "ADNOC Gas delivered a strong 3Q26 rebound, with EBITDA of US$2.03bn, 11% above BofA and 13% above company-compiled consensus, while net income of US$1.34bn beat both BofA and consensus by 20%. EBITDA/net income increased 70%/101% QoQ, driven by recovering shipping activity, stronger domestic gas sales and exceptional sulphur pricing. Domestic volumes increased 20% QoQ, with stronger seasonal power demand also pushing sales into higher pricing tiers and supporting margins, while export and LNG volumes rebounded 72% QoQ. September shipping volumes recovered to just below pre-war levels," according to a Wednesday note. Against this backdrop, Adnoc Gas raised its 2026 net income outlook to "at least" $4 billion, compared with the previous target range of $3.5 billion to $4 billion. With shipping volumes offering potential upside, the research firm considers the revised guidance as "conservative" and forecasts net income of $4.4 billion. Analysts also boosted their 2026 EPS forecast to $0.06 from $0.05, while trimming both their 2027 and 2028 EPS projections to $0.07 from $0.08. BofA lifted its price objective to 4.20 Emirati dirhams from 4.10 dirhams, while keeping the stock's rating at buy.