BofA Keeps Saudi Aramco at Buy After Q3 Beat

06:09 AM EST, 11/03/2026 (MT Newswires) -- BofA Global Research affirmed its investment opinion on Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, after the state-owned energy giant reported better-than-expected third-quarter results. "Aramco's 3Q26 adjusted net income (including minority interests) came in at US$31.2bn, 2% higher than BofAe / consensus of US$30.6/30.7bn respectively. Adjusted EBIT of US$54.1bn, came in 1% higher than BofAe of US$53.5bn," the research firm said Tuesday. "The beat was driven by better-than-expected downstream business with record high adjusted EBIT of US$10.3bn vs BofAe: US$5.2bn." Analysts also noted management commentary that early-stage engineering work has commenced for the expansion of the East-West Pipeline and that it is growing crude storage capacity in major demand hubs and export routes. Against this backdrop, BofA maintained the stock's buy rating and price objective of 34 Saudi riyals.