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

$8.06

27 Aug
2026

0.010

OPEN

$8.05

0.12%

HIGH

$8.16

7,448,374

LOW

$8.02

TARGET
$8.32 3.2% upside
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) 70.6 xxx
DPS (cps) 48.1 xxx
EPS Growth N/A xxx
DPS Growth N/A xxx
PE Ratio 11.5 xxx
Dividend Yield 5.9% xxx
Div Pay Ratio(%) 68.0% 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: 4.31%

DIVIDEND YIELD CALCULATOR

Dividend Yield Today On Last Actual Payout :

 4.07

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

Macquarie

xx/xx/xxxx

1

xxxxxxxxxx

$xx.xx

xx.xx%

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xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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UBS

xx/xx/xxxx

1

xxx

$xx.xx

xx.xx%

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Morgan Stanley

20/08/2026

1

Overweight

$7.67

-4.84%

Santos' pre-guided 1H26 result was broadly in line, with EBITDA of US$1.53bn matching Morgan Stanley and consensus, while underlying NPAT beat the broker by 7% and consensus by 18%.

The USD11.6cps interim DPS was also ahead of expectations, representing around 100% of pre-growth free cash flow despite the formal 40% payout policy.

The analyst highlights continued progress at Barossa and Pikka, with Pikka targeting around 80kbbl/d gross production this quarter, while the Moomba optimisation project is expected to deliver more than US$600m in net capex savings.

The next major catalyst is Papua LNG FID targeted for 4Q2026.

Overweight rating and $7.67 target. Industry view In-Line.

FORECAST
Morgan Stanley forecasts a full year FY26 EPS of 73.99 cents.
Morgan Stanley forecasts a full year FY27 EPS of 79.81 cents.

Ord Minnett

xx/xx/xxxx

3

xxxx

$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

5.46%

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
Australian Broker Call *Extra* Edition – Aug 24, 2026

Aug 24 2026 - Daily Market Reports
2
FNArena Corporate Results Monitor – 19-08-2026

Aug 19 2026 - Australia
3
Weekly Ratings, Targets, Forecast Changes – 31-07-26

Aug 03 2026 - Weekly Reports
4
Australian Broker Call *Extra* Edition – Jul 27, 2026

Jul 27 2026 - Daily Market Reports
5
Rudi’s View: Pre-August Picks In Resources, Retail & Small Caps

Jul 23 2026 - Rudi's View

Latest NatGas News

1
Rudi’s View: Best Buys & Conviction Calls In July

Jul 02 2026 - Rudi's View
2
Buying The Santos Dip

Mar 24 2026 - Technicals
3
Woodside Shares Readying to Target $38

Feb 24 2026 - Technicals
4
A Major Low For Santos Shares (?)

Jan 27 2026 - Technicals
5
Compare The Pair: Woodside Versus Santos

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Nov 12 2025 - Commodities
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Sep 24 2025 - Commodities
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