Panoro Energy ASA

OB:PEN Stock Report

Market Cap: NOK 4.2b

Panoro Energy Future Growth

Future criteria checks 6/6

Panoro Energy is forecast to grow earnings and revenue by 65.6% and 23.9% per annum respectively. EPS is expected to grow by 67% per annum. Return on equity is forecast to be 29.3% in 3 years.

Key information

65.6%

Earnings growth rate

67.03%

EPS growth rate

Oil and Gas earnings growth3.6%
Revenue growth rate23.9%
Future return on equity29.27%
Analyst coverage

Low

Last updated28 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 19

PEN: Extended Gabon Contract And Buybacks Will Sustain An Overstretched Outlook

Analysts now see Panoro Energy's fair value moving slightly from NOK 23.03 to around NOK 22.93, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. What's in the News CEO transition announced, with long serving Group Chief Executive Officer John Hamilton set to retire at the annual general meeting after a period of leave, and current Chief Operating Officer and President Eric d'Argentré expected to take over as CEO from 1 January 2027 (Key Developments).
Narrative Update • May 03

PEN: Equity Issuance And Cash Returns Will Sustain An Overstretched Outlook

Analysts have trimmed their price target on Panoro Energy to NOK23.03 from NOK24.12, reflecting updated views on higher forecast revenue growth, a slightly stronger profit margin, and a lower expected future P/E multiple. What's in the News CEO transition: John Hamilton plans to retire as Group Chief Executive Officer at the AGM after a leave of absence.
Narrative Update • Apr 19

PEN: Extended License And Capital Returns Will Support Attractive Future Upside

Analysts have trimmed their price target for Panoro Energy by roughly NOK1 to reflect updated fair value assumptions, along with revised expectations for revenue growth, profit margins and future P/E levels. What's in the News Government approval granted to amend the Dussafu Marin Production Sharing Contract offshore Gabon, extending the PSC to 2053 with three five year option periods from 2038.
Narrative Update • Apr 05

PEN: Equity Issuance And Cash Returns Will Sustain An Overstretched Outlook

The analyst price target for Panoro Energy has been nudged higher to NOK 24.12 from NOK 23.65, with analysts pointing to updated assumptions for revenue growth, profit margins, and a lower future P/E multiple as key drivers of the change. What's in the News Panoro Energy ASA completed a follow on equity offering of NOK 466.999977 million, issuing 11,694,400 and 8,305,599 common shares at NOK 23.35 through a Regulation S placement and subsequent direct listing (company event filing).
Narrative Update • Mar 22

PEN: Future Cash Returns From Equity Raise And Buybacks Look Compelling

Analysts have lifted their price target on Panoro Energy from NOK47.86 to NOK55.69, reflecting updated assumptions for higher revenue growth, a lower discount rate, a revised profit margin profile and a higher future P/E multiple. What's in the News Completed follow-on equity offering of NOK 467.00m, issuing 19,999,999 shares in total at NOK 23.35 per share under Regulation S with a subsequent direct listing feature (Key Developments).
Narrative Update • Mar 08

PEN: Share Issuance And Cash Returns Will Temper An Overstretched Outlook

Analysts have reduced their price target on Panoro Energy from NOK 24.20 to NOK 23.65, citing updated assumptions about revenue growth, profit margins, and a higher future P/E multiple. What's in the News Panoro Energy ASA completed a follow on equity offering of NOK 466,999,977 million, issuing 11,694,400 shares and 8,305,599 shares at NOK 23.35 per share under a Regulation S structure with a subsequent direct listing (Key Developments).
Narrative Update • Feb 22

PEN: Share Buybacks And Stable Output Will Support Future Upside

Analysts have nudged their price target on Panoro Energy slightly lower from about NOK 32.71 to around NOK 32.59, reflecting updated assumptions on discount rate, fair value and future P/E, while keeping revenue growth and profit margin expectations essentially unchanged. What's in the News The company completed a share buyback program announced on June 2, 2025, repurchasing a total of 4,277,900 shares.
Narrative Update • Feb 07

PEN: Share Buybacks And Production Profile Will Shape A Balanced Outlook

Analysts have reduced their fair value estimate for Panoro Energy from $25.40 to $24.20, citing slightly softer revenue growth assumptions, a marginally higher discount rate, and a small uplift in expected profit margins and future P/E multiples. What's in the News Panoro Energy completed a share buyback program announced on June 2, 2025, repurchasing a total of 4,277,900 shares, representing 3.79% of the company, for NOK 106.05m (Key Developments).
Narrative Update • Jan 23

PEN: Share Buybacks And Steady Production Will Support Future Upside

Analysts have trimmed their price target for Panoro Energy to around $32.71 from about $33.76, reflecting slightly more cautious assumptions on future revenue growth and profit margins, while leaving the longer term P/E outlook broadly unchanged. What's in the News Completed a share buyback of 4,277,900 shares, equal to 3.79% of outstanding shares, for a total of NOK 106.05 million under the program announced on June 2, 2025 (company buyback update).
Narrative Update • Jan 09

PEN: Future Production And Higher P/E Assumptions Will Support Bullish Outlook

Analysts have modestly adjusted their price outlook for Panoro Energy, citing updated assumptions around a slightly higher discount rate, softer profit margin expectations and a higher future P/E multiple as key drivers of the revised target. What's in the News Reported third quarter 2025 average working interest production of 8,811 bopd and crude oil liftings of 863,402 barrels.
Narrative Update • Dec 18

PEN: Future Production Strength Will Support Bullish Outlook Despite Leadership Change

Analysts have trimmed their price target on Panoro Energy by approximately 5 percent to about $25.40. This reflects a more cautious view on future revenue growth and valuation multiples, despite relatively stable profit margin expectations.
Narrative Update • Dec 04

PEN: Future Cash Flows Will Support Upside Despite Leadership Change

Analysts have trimmed their price target for Panoro Energy by approximately NOK 1.20 per share, citing slower expected revenue growth, lower projected profit margins and a higher future price-to-earnings multiple in their updated valuation model. What's in the News Reported third quarter 2025 working interest production of 8,811 barrels of oil per day and crude oil liftings of 863,402 barrels, highlighting steady operational activity despite revised growth expectations (company announcement) Delivered nine month 2025 working interest production of 10,611 barrels of oil per day and total crude oil liftings of 2,010,192 barrels, underscoring a solid production base supporting future cash flow generation (company announcement) Announced that Group CEO John Hamilton has taken an immediate leave of absence for personal family reasons.
Narrative Update • Nov 20

PEN: Upcoming Management Transition Will Drive Continued Oil Production Momentum

Panoro Energy's analyst price target has been revised downward from $38.07 to $34.95, as analysts cite adjustments to revenue growth and discount rate assumptions in their updated valuations. What's in the News Panoro Energy ASA announced operating results for Q3 and the first nine months of 2025.
Analysis Article • Aug 29

Panoro Energy's (OB:PEN) Sluggish Earnings Might Be Just The Beginning Of Its Problems

The market rallied behind Panoro Energy ASA's ( OB:PEN ) stock, leading do a rise in the share price after its recent...
Analysis Article • May 14

Increases to CEO Compensation Might Be Put On Hold For Now at Panoro Energy ASA (OB:PEN)

Key Insights Panoro Energy to hold its Annual General Meeting on 21st of May Total pay for CEO John Hamilton includes...
Analysis Article • Apr 04

Does Panoro Energy (OB:PEN) Have A Healthy Balance Sheet?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analysis Article • Feb 28

The Consensus EPS Estimates For Panoro Energy ASA (OB:PEN) Just Fell Dramatically

Market forces rained on the parade of Panoro Energy ASA ( OB:PEN ) shareholders today, when the analysts downgraded...
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New Narrative • Jan 24

New Wells In Gabon And Equatorial Guinea Will Boost Future Oil Output

Increased production targets and well online achievements could significantly boost future revenue through higher oil output.
Analysis Article • Aug 24

There Is A Reason Panoro Energy ASA's (OB:PEN) Price Is Undemanding

Panoro Energy ASA's ( OB:PEN ) price-to-earnings (or "P/E") ratio of 5.9x might make it look like a buy right now...
Analysis Article • May 24

A Piece Of The Puzzle Missing From Panoro Energy ASA's (OB:PEN) 25% Share Price Climb

Panoro Energy ASA ( OB:PEN ) shares have continued their recent momentum with a 25% gain in the last month alone. The...

Earnings and Revenue Growth Forecasts

OB:PEN - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20284611201312094
12/31/2027466124992074
12/31/202636071-491383
3/31/2026215-433473N/A
12/31/2025199-133474N/A
9/30/202523931-355N/A
6/30/202521135-3546N/A
3/31/202521835-1572N/A
12/31/2024268619112N/A
9/30/202422329-1581N/A
6/30/20242945753136N/A
3/31/202422631-1863N/A
12/31/2023218331280N/A
9/30/20232363543114N/A
6/30/20232254254126N/A
3/31/20232254259126N/A
12/31/20221801948113N/A
9/30/20221932038108N/A
6/30/2022100-35-5123N/A
3/31/2022118353398N/A
12/31/2021114421570N/A
9/30/202147312049N/A
6/30/202151495668N/A
3/31/202133-11-100N/A
12/31/202024-2-130N/A
9/30/202030-2-22-6N/A
6/30/2020312-23-4N/A
3/31/20203215-213N/A
12/31/2019435N/A12N/A
9/30/2019259N/A8N/A
6/30/2019184N/A7N/A
3/31/201917-4N/A-5N/A
12/31/20183-5N/A-5N/A
9/30/20189-10N/A-4N/A
6/30/20189-8N/A-5N/A
3/31/20185-35N/A-4N/A
12/31/20176-36N/A-2N/A
9/30/20176-72N/A3N/A
6/30/20177-74N/A0N/A
3/31/20177-47N/A-1N/A
12/31/20165-62N/A-3N/A
9/30/20163-23N/A-8N/A
6/30/2016N/A-23N/A-5N/A
3/31/2016N/A-56N/A-5N/A
12/31/2015N/A-39N/A-7N/A
9/30/2015N/A-40N/A-4N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: PEN is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (3.3%).

Earnings vs Market: PEN is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: PEN is expected to become profitable in the next 3 years.

Revenue vs Market: PEN's revenue (23.9% per year) is forecast to grow faster than the Norwegian market (2.3% per year).

High Growth Revenue: PEN's revenue (23.9% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: PEN's Return on Equity is forecast to be high in 3 years time (29.3%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/03 08:20
End of Day Share Price 2026/06/03 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Panoro Energy ASA is covered by 10 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Stephane Guy FoucaudAuctus Advisors LLP
Oddvar BjørganCarnegie Investment Bank AB