Goldman Sachs raises HELLENiQ Energy target price to €15.20

Goldman Sachs has raised its target price for HELLENiQ Energy to €15.20 from a previous €13.50, marking the third consecutive increase in approximately four months. The investment bank maintained its ‘Buy’ recommendation, citing a strong second quarter and an even more positive outlook for the third quarter.

Key drivers for this upgrade include higher EBITDA forecasts and an expected faster decline in net debt. The bank highlighted that the company’s refining system, which has a high production share of diesel and jet fuel, is well-positioned to capitalize on international market conditions. Full operation of these units in the second half of the year is expected to maximize exports of products currently in short supply globally.

Furthermore, Goldman Sachs suggests that current market estimates for the company’s 2026 and 2027 performance may be too conservative. This aligns with recent commentary from HELLENiQ Energy CEO Andreas Siamisis, who expressed optimism regarding refining margins remaining high through 2027.