By: Economy Middle east

Goldman Sachs has adjusted its price target for Saudi Aramco shares upward to SAR32, from the previous level of SAR29. 

Simultaneously, Kepler Cheuvreux revised its target for Aramco upward to SAR29.5 from SAR27.

The stock finished Monday’s trading session at SAR27.64, marking an increase of 0.8 percent, while its cumulative gains since the start of the year attained 15.99 percent.

J.P. Morgan maintained a buy recommendation with a price target of SAR30, while Barclays issued a buy rating with a target of SAR31. Morgan Stanley established a target of SAR28.4 with a hold recommendation, and UBS set a target of SAR28, also with a hold recommendation.

Aramco’s net income expands

Financial results published on Sunday disclosed that Saudi Aramco’s net income attributable to shareholders reached SAR120.13 billion ($32 billion) for the first quarter of 2026. This represents a 25.55 percent expansion compared to the SAR95.68 billion ($25.51 billion) recorded during the same period in 2025.

On a sequential basis, net income surged by 72.9 percent in the first quarter of 2026, relative to the net profit of approximately SAR69.47 billion reported in the fourth quarter of 2025.

In a regulatory filing on Saudi Tadawul, Aramco clarified that the year-on-year growth in quarterly profits was driven primarily by elevated revenues and other sale-related income. These gains were partially counterbalanced by increased operating expenses, as well as higher income tax and zakat charges stemming from increased taxable income compared to the prior-year quarter.

Adjusted net income totaled SAR125.97 billion ($33.59 billion) for the first quarter of 2026. Total adjustments amounted to SAR3.96 billion ($1.06 billion), comprising mainly replacement cost adjustments, gains or losses from the fair value remeasurement of specific commodity derivatives, and items linked to financing costs.

Aramco generated total revenues of SAR433.10 billion ($115.49 billion) in the first quarter of 2026, a 6.76 percent increase over the SAR405.65 billion ($108.17 billion) realized in the first quarter of 2025.