Barclays has raised its target price for Israeli energy company Delek Group Ltd. (TASE:DLEKG). Barclays sees a potential upside of 54% in Delek's share price and a 24% upside in the share price of Delek's Mediterranean energy exploration and production unit NewMed Energy (TASE: NWMD). RELATED ARTICLES Regulator signals nod for expansion of Leviathan production Delek unit Ithaca buys Eni's UK assets Barclays analysts cite Delek's strong financial results and the inelastic demand for gas in Israel's Leviathan offshore gas field in which NewMed Energy holds 45.34% of the rights. Barclays also mentioned last week's approval in principle by Israel's petroleum commissioner at the Ministry of Energy and Infrastructure indicating to the Leviathan partners that they will be allowed to expand gas production substantially, from 12 BCM (billion cubic meters) to 21 BCM per year in order to increase exports. Delek's share price is 3.9% higher on the TASE today while NewMed Energy's share price is 1.08% higher. Published by Globes, Israel business news - en.globes.co.il - on July 3, 2024. © Copyright of Globes Publisher Itonut (1983) Ltd., 2024.
