The oil company reported a refining margin of $36.2 per barrel in the third quarter, a 311% year-on-year increase. Barclays raises its target price to 38 euros.
Shares of Repsol are focusing on the support zone of 28.45 euros as the company announced a refining margin of 36.2 dollars per barrel in the third quarter, according to elespanol.com. This level represents an increase of 311% compared to the same period last year and a 158.6% rise from the previous quarter.
The refining margin measures the difference between the cost of crude oil and the selling price of processed derivatives, such as gasoline and diesel, and is the key profitability indicator for the oil company's industrial business. With this figure, Repsol significantly surpasses the 23.3 dollars per barrel it reached at the peak of the energy crisis in 2022 following the invasion of Ukraine.
The international context supports the sector: oil prices are once again hovering around 100 dollars per barrel due to the threat of a storm in the Gulf of Mexico and the escalating violence in Yemen led by the Houthis. Investors are closely monitoring maritime traffic in the Strait of Hormuz, a strategic route for global supply.
“The stock is in an optimal price zone to experience a technical rebound”
Analysts at Barclays have raised Repsol's target price from 32 to 38 euros per share, maintaining their “overweight” recommendation. The upward revision reflects the company's operational improvement in the last quarter.
From a technical standpoint, the shares have maintained a long-term upward trend since April 2025, when they were trading around 8.50 euros. After surpassing the resistance of 24.30 euros in mid-July, the stock hit an intraday all-time high of 31.63 euros on September 24. It is now undergoing a correction phase that analysts consider normal within the main trend.
The short, medium, and long-term moving averages maintain an upward slope. The immediate control range is between 28.50 and 28.80 euros, an area where buyers will attempt to halt sales. Only a deep and prolonged correction of crude oil below 100 dollars would force a loss of the 50-session moving average, something that is not currently happening.
The Ibex 35 starts this Thursday at 19,444.2 points after rising 0.75% in the previous session, with the first objective being to defend the technical support of 19,350 points. Repsol is trading close to that immediate support of 28.45 euros, the level that investors are watching to confirm the stock's reaction.
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