The shares of oil company OMV Petrom (SNP) have in recent monthsgot close to the value that analysts view as "accurate", and asignificant increase above current levels is unlikely, despite therising first half figures.
KBC Securities analysts consider that one of the main risk factorsfor the trend of Petrom stock in the coming period is the state'sintention to sell a 9.8% stake in the company on the StockExchange, which could create an oversupply on the market, thoughOMV has voiced its interest in this stake.
Also, stalling production of hydrocarbons after 2010 is anotherfactor that could hinder Petrom progress.
The company is also facing the risk of rising royalties paid to theRomanian state for oil production, starting 2013.
Moreover, Petrom's plan to restructure the refining and marketing(R&M) segment, which partially paid off in the first half, isquite slow, analysts believe.
Petrom stock has risen by 35% since the start of the year, one ofthe highest increases on the Bucharest Stock Exchange. In the pastyear, SNP stock has gained 31%, way above other companies in thesector.
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