SANTOS LIMITED (STO)
Share Price Analysis and Chart

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STO

STO - SANTOS LIMITED

FNArena Sector : NatGas
Year End: December
GICS Industry Group : Energy
Debt/EBITDA: 2.18
Index: ASX50 | ASX100 | ASX200 | ASX300 | ALL-ORDS

Santos is Australia's number one domestic gas supplier and aims to be a leading Asia-Pacific LNG supplier. Santos was founded in 1954 and made its first significant discovery of natural gas in the Cooper Basin in 1963. the name is an acronym of South Australia Northern Territory Oil Search.

LAST PRICE CHANGE +/- CHANGE % VOLUME

$8.67

08 Oct
2026

0.130

OPEN

$8.52

1.52%

HIGH

$8.72

7,792,327

LOW

$8.50

TARGET
$8.60 -0.8% downside
OTHER COMPANIES IN THE SAME SECTOR
AEL . APA . BLU . COI . CRD . CTP . D3E . EXR . GHY . GLL . KAR . ORG . STX . TBN . WDS .
FNARENA'S MARKET CONSENSUS FORECASTS
STO: 1
Title FY26
Forecast		 FY27
Forecast
EPS (cps) 72.2 xxx
DPS (cps) 49.4 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 12.1 xxx
Dividend Yield 5.6% xxx
Div Pay Ratio(%) 68.4% xxx
This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 4.38%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 3.87

Estimated Dividend Growth
(Average Of Past Three Years)

  %

Amount Invested

 $ 

Tell Me The Dividend After This Many Years
Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

Last ex-div: 24/08 - (franking ex-div 16.34c)

HISTORICAL DATA ARE ALL IN AUD
Copyright © 2026 FactSet UK Limited. All rights reserved
Title 202020212022202320242025
EPS Basic xxxxxxxxxxxxxxx39.2
DPS All xxxxxxxxxxxxxxx34.8
Sales/Revenue xxxxxxxxxxxxxxx7,881.3 M
Book Value Per Share xxxxxxxxxxxxxxx725.0
Net Operating Cash Flow xxxxxxxxxxxxxxx3,963.9 M
Net Profit Margin xxxxxxxxxxxxxxx16.10 %

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title 202020212022202320242025
Return on Capital Employed xxxxxxxxxxxxxxx5.22 %
Return on Invested Capital xxxxxxxxxxxxxxx3.68 %
Return on Assets xxxxxxxxxxxxxxx2.59 %
Return on Equity xxxxxxxxxxxxxxx5.22 %
Return on Total Capital xxxxxxxxxxxxxxx6.04 %
Free Cash Flow ex dividends xxxxxxxxxxxxxxx-231.1 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title 202020212022202320242025
Short-Term Debt xxxxxxxxxxxxxxx396 M
Long Term Debt xxxxxxxxxxxxxxx10,911 M
Total Debt xxxxxxxxxxxxxxx11,307 M
Goodwill - Gross xxxxxxxxxxxxxxx2,242 M
Cash & Equivalents - Generic xxxxxxxxxxxxxxx2,582 M
Price To Book Value xxxxxxxxxxxxxxx0.85

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title 202020212022202320242025
Capex xxxxxxxxxxxxxxx3,188.5 M
Capex % of Sales xxxxxxxxxxxxxxx40.46 %
Cost of Goods Sold xxxxxxxxxxxxxxx5,456 M
Selling, General & Admin. Exp & Other xxxxxxxxxxxxxxx290 M
Research & Development xxxxxxxxxxxxxxx16 M
Investments - Total xxxxxxxxxxxxxxx567 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
Display All Commentary

Sentiment Indicator

0.7

No. Of Recommendations

6
BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Ord Minnett

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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Citi

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

04/09/2026

1

Overweight

$8.30

-4.27%

Morgan Stanley highlights Santos' Beetaloo Basin appraisal program as a potentially significant source of resource growth, with two new wells targeting completion and testing during the 2027 dry season.

Santos currently holds a 75% interest in a gross 1.4Tcf 2C resource, with the broker assessing how different well flow rates could support further resource bookings and valuation upside.

Potential routes to market include Santos' Darwin LNG and Gladstone LNG facilities, which the analysts estimate could require around 19Tcf of gas over 20 years.

Santos is targeting final investment decision (FID) readiness in late 2028 and first gas in 2033.

Overweight rating and $8.30 target retained. Industry view In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 EPS of 76.41 cents.
Morgan Stanley forecasts a full year FY27 EPS of 77.86 cents.

UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgans

xx/xx/xxxx

3

xxxx

$xx.xx

xx.xx%

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Access Stockbroker Research History >
EXTRA COVERAGE
Display All Commentary

No. Of Recommendations

1

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER DATE RATING RECOMMENDATION TARGET PRICE % TO REACH TARGET COMMENTARY

Jarden

24/08/2026

2

Overweight

$8.50

-1.96%

Jarden maintains its Overweight recommendation for Santos with its target price increased to $8.50 from $7.90 following first-half FY26 results featuring an underlying EBITDA beat driven by cost savings and the exclusion of one-off expenses.

Underlying net profit after tax benefited from a lower-than-expected tax rate, while management expects both Pikka Phase 1 and Barossa to ramp up towards their nameplate capacities by the end of September.

The analyst remains cautious while forecasting production of 100.6 mmboe, sitting near the low end of the guided 99 to 105 mmboe range.

With major project delivery complete, the broker's estimates anticipate the company will start generating strong free cash flow from second-half FY26, allowing for deleveraging and enhanced shareholder returns.

The analyst increased the target price by 7.6% based on a lower risk-weighting.
Access Extra Coverage Research History >

STO STOCK CHART

FNArena News on STO

1
September In Review: Higher Yields Bite Equities

Oct 05 2026 - Australia
2
Rudi’s View: The Index Is No Longer The Market

Sep 30 2026 - Rudi's View
3
Rudi’s View: Ampol, BlueScope, Evolution, Infratil, Ramelius & More

Sep 24 2026 - Rudi's View
4
Rudi’s View: Australia’s Most Unloved Buy-Rated Stocks

Sep 23 2026 - Rudi's View
5
Next Week At A Glance – 14-18 Sep 2026

Sep 11 2026 - Weekly Reports

Latest NatGas News

1
Woodside Aims To Maximise Shareholder Returns

Sep 09 2026 - Australia
2
Rudi’s View: Best Buys & Conviction Calls In July

Jul 02 2026 - Rudi's View
3
Buying The Santos Dip

Mar 24 2026 - Technicals
4
Woodside Shares Readying to Target $38

Feb 24 2026 - Technicals
5
A Major Low For Santos Shares (?)

Jan 27 2026 - Technicals
6
Compare The Pair: Woodside Versus Santos

Dec 08 2025 - Commodities
7
LGI: ASX’s Most Compelling Decarbonisation Play

Nov 26 2025 - Small Caps
8
Woodside Targets Significant Dividend Increase

Nov 12 2025 - Commodities
9
Santos Setback: Back To Fundamentals

Sep 24 2025 - Commodities
10
Woodside Shares Targeting $30

Aug 12 2025 - Technicals