In the fourth consecutive upgrade of the target price for the HELLENiQ ENERGY stock over the last 5 months (after March 30), Goldman Sachs proceeded, while at the same time reiterating its recommendation for BUY (“Buy”) on the stock.
In the updated report it issued on European refineries, dated September 3, 2026 and titled “Raising estimates to reflect higher product margins for longer”, Goldman Sachs sets a new target price of 17.80 euros for the HELLENiQ ENERGY stock, from 15.20 euros previously.
Despite the fact that the stock has already recorded a significant rise over the recent period - Goldman Sachs is once again upgrading its forecasts due to higher estimates for EBITDA earnings - as a result of an environment with higher refining margins for a longer period of time.
At the same time, it estimates that cash flows will move higher, while HELLENiQ ENERGY’s net debt will also decline.
As Goldman Sachs notes, the listed company’s refinery system with high diesel and jet fuels production allows it to capitalize on the international climate by maximizing exports.
It is recalled that on May 12, Goldman Sachs had included the stock in the sector’s global top picks, underlining the attractiveness of HELLENiQ ENERGY among a list of similar stocks from the global list of companies whose main activity is Refining.
In its report on European refineries, Goldman Sachs points out that geopolitical uncertainty and increasing attacks on refineries in the Middle East and Russia have further constrained the already reduced global refining capacity, pushing the profit margins of refined products to new highs.
Diesel remains at the center of the rise. At the same time, it estimates that refining margins will remain structurally higher in 2027 as well, as supply recovers only gradually and the increase in refining capacity remains insufficient, while even if there is an immediate de-escalation of tensions in the Middle East, global refinery operations are not expected to normalize until the second half of 2027.