Santos share price (ASX: STO) hit a multi-year high today, adding 2.47% to A$8.31 after touching A$8.42 intraday. The move pushes Santos shares to their highest level since 2022, and comes off the back of the half year financials.
The company reported (in US$) $2.62bn in revenue, on NPAT of $355million, with an 11.6 cents unfranked dividend. A 19% drop in statutory NPAT, a 13% dividend trim, and 2% revenue growth lines do not exactly scream bullish. Yet with production rising, and the guide for the FY26 suggesting a further ramp in volume over the second half, the forward looking nature of markets once again kicked into action.
First oil out of the Pikka Phase 1 project, and 97% of planned rates at Barossa since the end of June suggest there is plenty more to come from Santos through the remainder of the year.
The technical setup supports the breakout without being overly stretched, with Santos shares trading above its 50-day simple moving average of A$7.61, which itself sits above the 200-day average of A$7.15. More immediately, the stock has pushed above the upper Bollinger Band, a level that had capped the prior move, indicating range expansion and a trend-acceleration phase.
A sustained hold above A$8.24, the prior 52-week high, would also be technically meaningful as a new base, and will be a level to watch in the sessions ahead.
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