Santos (STO) Stock Overview
Explores, develops, produces, transports, and markets hydrocarbons in Australia and Papua New Guinea. More details
| Snowflake Score | |
|---|---|
| Valuation | 2/6 |
| Future Growth | 3/6 |
| Past Performance | 1/6 |
| Financial Health | 5/6 |
| Dividends | 3/6 |
STO Community Fair Values
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Analyst Price Targets
Top Community Narratives
Santos Limited Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | AU$8.73 |
| 52 Week High | AU$8.75 |
| 52 Week Low | AU$5.90 |
| Beta | -0.088 |
| 1 Month Change | 8.45% |
| 3 Month Change | 19.10% |
| 1 Year Change | 14.12% |
| 3 Year Change | 13.38% |
| 5 Year Change | 38.35% |
| Change since IPO | 198.98% |
Recent News & Updates
Narrative Update • Sep 04
STO: Future Returns Will Depend On Dividend Discipline And Project Execution
Analysts have lifted their price target on Santos slightly, with fair value moving from A$8.54 to A$8.80. The increase reflects updated assumptions around profit margins, revenue growth and future P/E expectations.
Narrative Update • Aug 21
STO: Fair Outlook As Papua LNG And Alaska Oil Underpin Rebased Expectations
Analysts have raised their Santos price target by A$0.23, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin, and a lower future P/E multiple in their models. What's in the News for Santos Santos is targeting a final investment decision on the Papua LNG project in Papua New Guinea in the December quarter, following the recent completion of two multibillion dollar projects in Australia and Alaska.Recent updates
Narrative Update • Sep 04
STO: Future Returns Will Depend On Dividend Discipline And Project Execution
Analysts have lifted their price target on Santos slightly, with fair value moving from A$8.54 to A$8.80. The increase reflects updated assumptions around profit margins, revenue growth and future P/E expectations.Narrative Update • Aug 21
STO: Fair Outlook As Papua LNG And Alaska Oil Underpin Rebased Expectations
Analysts have raised their Santos price target by A$0.23, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin, and a lower future P/E multiple in their models. What's in the News for Santos Santos is targeting a final investment decision on the Papua LNG project in Papua New Guinea in the December quarter, following the recent completion of two multibillion dollar projects in Australia and Alaska.Narrative Update • Aug 07
STO: Future Upside Will Depend On Barossa And Pikka Project Execution
Analysts have trimmed their price target for Santos to A$8.54 from A$9.09 as they factor in slightly lower revenue growth and profit margin assumptions, along with a modestly higher P/E outlook. What’s in the News for Santos Santos shipped the first sales cargo of condensate from the Barossa gas project in the Northern Territory to SK Incheon Petrochem’s refinery in South Korea, with about 300,000 barrels in the inaugural load.
New Narrative • Jul 25
Is Santos Cooking with Gas?
At A$9.427 per share, Santos (ASX: STO) appears reasonably valued when considering its existing operations and the expected contribution from the Barossa and Pikka projects. Santos reported 2025 revenue of US$4.9 billion, underlying profit of US$898 million and free cash flow of US$1.8 billion.
Narrative Update • Jul 24
STO: Higher Fair Value View Will Rely On Barossa Project Delivery
Analysts have raised their fair value estimate for Santos from A$9.63 to A$10.69, citing updated assumptions for revenue growth, profit margins and future P/E that support a higher price target. What’s in the News for Santos The Australian federal government has announced a mandatory east coast gas reservation from July 2027, requiring large LNG exporters such as Santos to reserve 20% of production for the domestic market, according to recent reporting.Narrative Update • Jul 10
STO: Fair Outlook As Barossa Progress Supports Rebased Earnings Expectations
Analysts have adjusted their price target on Santos to A$7.65 from A$5.95, reflecting updated assumptions around revenue growth, profit margins and the stock’s future P/E profile. What’s in the News for Santos Santos shares moved sharply on July 8, 2026, with the stock up 5.78%, as investors reacted to progress at the Barossa gas development project, according to recent news reports.Narrative Update • Jun 26
STO: Future Returns Will Hinge On Papua LNG Sanction And Cash Generation
Analysts have modestly lifted their Santos price target to A$9.09 from A$8.81, reflecting updated assumptions around fair value, profit margins and future P/E expectations. What’s in the News for Santos Santos reports strong quarterly production, with first oil achieved at Pikka Phase 1 in Alaska and initial LNG cargoes shipped from the Barossa project, supporting its maintained full-year 2026 production guidance.Analysis Article • Jun 16
Santos (ASX:STO) Shares Could Be 16.2% Undervalued After Pikka First Oil
Santos (ASX:STO) is back in focus after reaching first oil at the Alaska Pikka project, a milestone that puts the upcoming third quarter production ramp and the company’s debt reduction plans under closer investor scrutiny. See our latest analysis for Santos. Despite the Pikka milestone and focus on higher production, Santos shares have eased in recent weeks, with a 30 day share price return of 5.46% and a 1 year total shareholder return of 0.62%. This suggests momentum has cooled after a...Narrative Update • Jun 06
STO: Future Returns Will Depend On Papua LNG Sanction And Cash Flow
Analysts have adjusted their A$ fair value estimate for Santos to A$8.81, a move supported by updated views on revenue growth, profit margins, and the stock's forward P/E profile. What's in the News Santos has reaffirmed its full year 2026 guidance, with recent updates pointing to higher quarterly production and stable free cash flow generation.Narrative Update • May 01
STO: Future Returns Will Depend On Low Costs And Papua LNG Execution
Analysts have nudged their price target on Santos higher to A$8.59 from A$8.56, citing updated fair value work that reflects its low cost operating model and planned production growth, supported by expectations around Papua LNG reaching final investment decision by mid 2026. Analyst Commentary Analysts reacting to the recent update on Santos are highlighting both supports and pressure points for the equity story, with views clustering around execution on growth projects, cash generation and how much of the medium term outlook is already reflected in the share price.Narrative Update • Apr 16
STO: Future Upside Will Rely On Low Costs And Papua LNG Progress
Analysts have nudged their price targets for Santos higher, with fair value moving from A$8.49 to A$8.56. This reflects updated assumptions around revenue growth, margins and production outlook tied to recent research that highlights Santos' low cost model and planned production expansion supported by progress at Papua LNG.Narrative Update • Apr 02
STO: Future Returns Will Reflect Low Costs And Papua LNG Execution Risk
The analyst fair value estimate for Santos has shifted from A$7.95 to A$8.49. The change is linked to recent upgrades that highlight the company's low cost model and planned production growth as key supports for higher price targets around A$7.30 to A$7.50.Narrative Update • Mar 11
STO: Future Returns Will Reflect Low Costs And Asset Review Execution Risk
Analysts have lifted their average price target for Santos to about A$7.95, up from roughly A$7.55, citing a solid in line result, expectations for more than 25% production growth by 2027 and a supportive low cost operating model, along with updated Street views that factor in more moderate assumptions for future commodity prices. Analyst Commentary Bullish Takeaways Bullish analysts point to Santos' low cost operating model as a key support for margins and cash generation potential, which they see as helping to underpin the higher A$7.30 to A$7.50 price targets.
New Narrative • Mar 06
Santos: Undervalued After Takeover Fallout
Santos (ASX: STO) experienced a sharp share price drop after the failed A$36 billion takeover by a consortium led by ADNOC. While the deal’s withdrawal removed a near-term premium, it highlighted the strategic value of Santos’ LNG and gas assets.Narrative Update • Feb 25
STO: Future Returns Will Reflect Low Costs And Papua LNG Execution Risk
The analyst price target for Santos has moved from A$6.75 to A$7.50, with analysts pointing to a solid in line result, a low cost operating model, and expectations for production growth and Papua LNG progress as key supports for the higher fair value and slightly adjusted discount rate, revenue growth, profit margin, and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts see the move in price targets to A$7.30 to A$7.50 as better aligning the stock with their updated fair value assumptions after a solid in line result and a reaffirmed low cost operating model.Narrative Update • Feb 10
STO: Future Returns Will Reflect Less Bearish 2026 Commodity Assumptions
Narrative Update on Santos Analysts have trimmed their Santos price target slightly to A$7.29 from A$7.38, reflecting updated views on fair value, discount rate and future P/E as they factor in expectations for 2026 oil and gas prices that are less bearish than broader consensus. Analyst Commentary Recent research has seen a shift in tone around Santos, with bullish analysts lifting their stance even while building in lower oil and gas price assumptions for 2026.Narrative Update • Jan 26
STO: Future Share Momentum Will Reflect Less Bearish 2026 Commodity Assumptions
Analysts have trimmed their price target on Santos to about A$7.38 from roughly A$7.56, reflecting updated assumptions for slightly softer revenue growth and profit margins, along with a modestly higher expected future P/E. They still view the shares more positively relative to consensus expectations for oil and gas prices into 2026.Narrative Update • Jan 12
STO: Future Share Momentum Will Reflect Firmer 2026 Pricing Expectations
Analysts have nudged their fair value estimate for Santos to A$7.56 from A$7.53, reflecting slightly higher assumptions for revenue growth, profit margins and future P/E, as some now expect oil and gas prices in 2026 to be less weak than broader forecasts. Analyst Commentary Bullish Takeaways Bullish analysts view the upgrade alongside a A$7.30 price target as support for the revised fair value, suggesting current assumptions on revenue growth, margins and P/E are within a range some investors may find reasonable.Narrative Update • Dec 14
STO: Future Share Momentum Will Reflect Takeover Clarity And Rising Free Cash Flows
Analysts have trimmed their price target for Santos by A$0.29 to A$7.53, reflecting a slightly lower fair value and profit margin outlook, while also highlighting improving long term free cash flow prospects and a supportive valuation following the withdrawal of the XRG takeover proposal. Analyst Commentary Bullish Takeaways Bullish analysts see the withdrawal of the XRG takeover proposal as removing a key overhang, allowing the market to refocus on Santos fundamentals and intrinsic valuation support.Narrative Update • Nov 28
STO: Share Momentum Expected As Takeover Uncertainty Ends And Cash Flows Improve
Analysts have slightly raised their price target for Santos from A$7.77 to A$7.82. They highlight an improved outlook following the withdrawal of the XRG consortium’s takeover bid and expectations for increased free cash flow as major projects advance.Narrative Update • Nov 14
STO: Free Cash Flow Growth Expected As Key Projects Reach Completion
The analyst price target for Santos has increased slightly from A$7.76 to A$7.77. This reflects analysts' view that the withdrawal of a takeover proposal and expectations for improved cash flow from major projects support a higher valuation.Narrative Update • Oct 31
STO: Focus Will Shift To Project Delivery Following Takeover Withdrawal
The analyst price target for Santos has been modestly reduced from A$7.88 to A$7.76. Analysts are factoring in adjusted expectations for revenue growth and profit margins following the withdrawal of the XRG takeover proposal and continued focus on future project execution.Narrative Update • Oct 17
Barossa LNG And CCS Initiatives Will Drive Future Energy Transition
Analysts have trimmed their average price target for Santos from A$8.10 to A$7.88. This reflects more cautious assumptions on revenue growth and profit margins.Narrative Update • Oct 03
Barossa LNG And CCS Initiatives Will Drive Future Energy Transition
Analysts have revised Santos' fair value estimate downward from A$8.37 to A$8.10. This change reflects updated expectations for stronger revenue growth and profit margins, along with sector valuation considerations after the XRG takeover proposal was withdrawn.Narrative Update • Sep 16
Barossa LNG And CCS Initiatives Will Drive Future Energy Transition
Analysts have lowered Santos’s price target from A$8.51 to A$8.37 primarily due to concerns over risks to the completion of XRG's acquisition proposal. Analyst Commentary Bearish analysts cite potential risks to the completion of XRG's acquisition proposal as a reason for the downgrade and reduced price target.Narrative Update • Aug 27
Securing Long-Term LNG Agreements Will Sustain Cash Flows Beyond 2029
Analysts have revised Santos’ price target upward to A$8.58, primarily reflecting concerns over risks to the XRG acquisition proposal, which has prompted a more cautious outlook. Analyst Commentary Concern over potential risks to XRG's acquisition proposal completing, leading to a more cautious outlook and lower price target.
New Narrative • Feb 23
Securing Long-Term LNG Agreements Will Sustain Cash Flows Beyond 2029
Santos's production is set to increase significantly with new projects, boosting revenue and lowering costs.Shareholder Returns
| STO | AU Oil and Gas | AU Market | |
|---|---|---|---|
| 7D | 2.5% | -1.0% | -2.9% |
| 1Y | 14.1% | 22.1% | -3.7% |
Return vs Industry: STO underperformed the Australian Oil and Gas industry which returned 22.1% over the past year.
Return vs Market: STO exceeded the Australian Market which returned -3.7% over the past year.
Price Volatility
| STO volatility | |
|---|---|
| STO Average Weekly Movement | 3.5% |
| Oil and Gas Industry Average Movement | 10.5% |
| Market Average Movement | 9.5% |
| 10% most volatile stocks in AU Market | 16.5% |
| 10% least volatile stocks in AU Market | 3.8% |
Stable Share Price: STO has not had significant price volatility in the past 3 months compared to the Australian market.
Volatility Over Time: STO's weekly volatility (4%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1954 | 4,028 | Kevin Gallagher | www.santos.com |
Santos Limited explores, develops, produces, transports, and markets hydrocarbons in Australia and Papua New Guinea. The company’s assets are located in the Alaska, Cooper Basin, Queensland and New South Wales, Papua New Guinea, Northern Australia, Timor-Leste and Western Australia. It also engages in the development of decarbonization technologies.
Santos Limited Fundamentals Summary
| STO fundamental statistics | |
|---|---|
| Market cap | AU$27.70b |
| Earnings (TTM) | AU$1.03b |
| Revenue (TTM) | AU$6.99b |
27.5x
P/E Ratio4.0x
P/S RatioIs STO overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| STO income statement (TTM) | |
|---|---|
| Revenue | US$4.98b |
| Cost of Revenue | US$3.60b |
| Gross Profit | US$1.38b |
| Other Expenses | US$643.00m |
| Earnings | US$734.00m |
Last Reported Earnings
Jun 30, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 0.23 |
| Gross Margin | 27.65% |
| Net Profit Margin | 14.74% |
| Debt/Equity Ratio | 38.0% |
How did STO perform over the long term?
See historical performance and comparisonDividends
3.8%
Current Dividend Yield88%
Payout RatioDoes STO pay a reliable dividends?
See STO dividend history and benchmarks| Santos dividend dates | |
|---|---|
| Ex Dividend Date | Aug 24 2026 |
| Dividend Pay Date | Sep 23 2026 |
| Days until Ex dividend | 24 days |
| Days until Dividend pay date | 6 days |
Does STO pay a reliable dividends?
See STO dividend history and benchmarksCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/09/16 14:28 |
| End of Day Share Price | 2026/09/16 00:00 |
| Earnings | 2026/06/30 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
Learn about the who designed and built the Simply Wall St analysis model.
Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
Santos Limited is covered by 20 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Uwan Minogue | Barrenjoey Markets Pty Limited |
| Dale Koenders | Barrenjoey Markets Pty Limited |
| NEIL BEVERIDGE | Bernstein |