Saudi Aramco, the state-owned oil and gas behemoth, has emerged as the global profit leader among publicly listed companies for the second consecutive year, with a staggering profit of $121.3 billion in 2023.
Despite a slight decline from its record-breaking profit of nearly $161 billion in 2022, Saudi Aramco has remained resilient in the face of oil price fluctuations, securing its position as the profit leader.
The market’s attention has now shifted to the company’s stock performance, with analysts foreseeing potential growth. Currently trading at $8.55, Saudi Aramco’s shares have appreciated over 20% since its listing in late 2019.
With a market cap exceeding $2 trillion, the company follows Microsoft, Apple, and Nvidia in terms of market capitalization.
InvestingPro’s Fair Value assessment, which aggregates 15 financial models tailored to Saudi Aramco’s specifics, suggests that the stock is fairly valued, with a target price set at $8.53.
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This is a remarkable feat considering the combined profits of four major players on Wall Street’s Magnificent 7, Meta, Amazon, NVIDIA, and Tesla, which totaled $114 billion. However, compared to Saudi Aramco’s earnings alone, this falls short by $7 billion.
