OAO Surgutneftegas (SGTPY:US), Russia’s fourth- largest oil producer, rose the most in three months in U.S. trading after Credit Suisse Group AG raised the stock to “neutral” from “underperform”.
American depositary receipts of Surgutneftegas rose 4.5 percent to $5.42 at 12:53 p.m. in New York, the most since Feb. 24 on a closing basis. The company’s preferred shares in Moscow rose 2.8 percent to 17.74 rubles, or 55 cents. One ADR represents 10 preferred shares. The company’s common shares rose 0.4 percent to 26.06 rubles in Moscow.
Credit Suisse’s analysts led by London-based Zoltan Palfi kept the 12-month target price on the company’s common shares unchanged at 26.50 rubles, according to an e-mailed report today.
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