Wall Street Analysts, Investors Split on Aramco

Saudi Aramco shares have sunk to record lows, but Wall Street analysts remain bullish. Of the 19 banks actively covering the oil giant, 13 — including Bank of America, Citigroup, Goldman Sachs, and JPMorgan — rate the stock a buy, Matthew Martin reported for Semafor.

Aramco’s commitment to its dividend is seen as the backbone of optimism. (Photo: aramco Facebook)

None recommend selling.

Price targets range from 25.4 riyals ($6.77) to 34.7 riyals, with even the low end suggesting a 7% upside. Analysts point to Aramco’s commitment to its dividend — $42.3 billion in the first half of 2025, partly funded by borrowing — as the backbone of their optimism.

Additional upside could come from higher oil prices, expanded gas production, or asset deals such as last month’s $11 billion BlackRock partnership.