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DNO ASA (DTNOY)

For informational purposes only. Not financial advice. Analysis by Sedat Aydin, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.

DNO ASA (DTNOY) with AI Score 66/100 (Buy). DNO ASA is an independent oil and gas operator with a focus on the Middle East and North Sea regions. The company's flagship asset is the Tawke field in the Kurdistan region of Iraq. Market cap: 0, Sector: Energy.

Last analyzed: Mar 17, 2026
DNO ASA is an independent oil and gas operator with a focus on the Middle East and North Sea regions. The company's flagship asset is the Tawke field in the Kurdistan region of Iraq.
66/100 AI Score

DNO ASA (DTNOY) Energy Operations & Outlook

CEOBijan Mossavar-Rahmani
Employees987
HeadquartersOslo, NO
IPO Year2014
SectorEnergy

DNO ASA, an Oslo-based oil and gas company, focuses on exploration and production in the Middle East and North Sea, with its key asset being the Tawke field in Kurdistan. It navigates a volatile energy market with a focus on proven reserves and dividend payouts.

Data Provenance | Financial Data Quantitative Analysis NASDAQ Analysis: Mar 17, 2026

Investment Thesis

DNO ASA presents a mixed investment case. The company's high dividend yield of 7.68% may attract income-seeking investors. However, the negative P/E ratio of -53.28 and a negative profit margin of -2.4% raise concerns about profitability. The company's operations in the Kurdistan region of Iraq expose it to geopolitical risks, but the Tawke field remains a significant asset. Future growth depends on successful exploration and development activities, as well as strategic acquisitions. Investors should carefully consider the risks and rewards associated with DNO's operations in politically sensitive regions and its financial performance.

Based on FMP financials and quantitative analysis

Key Highlights

  • Dividend Yield: 7.68% indicates a potentially attractive income stream for investors, but should be considered in light of the company's profitability.
  • Proven Reserves: 196.1 MMboe as of December 31, 2021, providing a foundation for future production and revenue.
  • Gross Margin: 38.3% reflects the company's ability to generate revenue from its oil and gas sales, but is offset by negative profit margin.
  • Beta: 0.21 suggests that the stock is less volatile than the overall market, which may appeal to risk-averse investors.
  • Market Cap: $0.18B indicates that DNO ASA is a small-cap company, which can be subject to higher volatility and growth potential.

Competitors & Peers

Strengths

  • Significant oil reserves in the Tawke field.
  • Experienced management team with a track record of successful operations.
  • High dividend yield.
  • Low beta value suggesting lower volatility.

Weaknesses

  • Negative profit margin.
  • Concentration of assets in politically unstable regions.
  • Exposure to fluctuating oil prices.
  • Small market capitalization.

Catalysts

  • Ongoing: Development of new oil and gas fields in the Kurdistan region of Iraq, which could increase production and revenue.
  • Ongoing: Strategic acquisitions of undervalued assets, which could expand DNO's geographic footprint and production capacity.
  • Ongoing: Investment in renewable energy projects, which could diversify DNO's energy portfolio and reduce its carbon footprint.
  • Ongoing: Technological innovation to improve operational efficiency and reduce production costs.

Risks

  • Ongoing: Geopolitical risks in the Middle East, which could disrupt DNO's operations and impact its financial performance.
  • Ongoing: Fluctuations in oil and gas prices, which could affect DNO's revenue and profitability.
  • Ongoing: Environmental regulations and the transition to renewable energy, which could increase DNO's operating costs and reduce demand for its products.
  • Potential: Limited financial disclosure and regulatory oversight on the OTC market, which could increase the risk for investors.
  • Potential: Currency risk associated with fluctuations in the Norwegian Krone against the U.S. dollar.

Growth Opportunities

  • Expansion in the Kurdistan Region: DNO can leverage its existing infrastructure and expertise in the Tawke field to explore and develop new opportunities within the Kurdistan region of Iraq. Successful exploration activities could significantly increase the company's reserves and production capacity. The timeline for new projects depends on regulatory approvals and investment decisions, but potential market size could be substantial given the region's proven oil reserves. The company's established presence gives it a competitive advantage over new entrants.
  • North Sea Exploration and Development: DNO has opportunities to expand its operations in the North Sea, a region with mature oil and gas fields but also potential for new discoveries. Investing in exploration and development projects in the North Sea could diversify DNO's asset base and reduce its reliance on the Middle East. The timeline for these projects varies depending on the complexity and regulatory environment, but successful ventures could contribute to long-term production growth. DNO's experience in offshore operations positions it well for these opportunities.
  • Strategic Acquisitions: DNO can pursue strategic acquisitions of oil and gas assets or companies to expand its geographic footprint and increase its production capacity. Identifying and acquiring undervalued assets could provide significant growth opportunities. The timeline for acquisitions depends on market conditions and deal negotiations, but successful acquisitions could transform DNO's business profile. The company's financial resources and industry expertise are key to executing successful acquisitions.
  • Technological Innovation: Investing in new technologies, such as enhanced oil recovery techniques and digital solutions, can improve DNO's operational efficiency and reduce its production costs. Implementing these technologies can increase the recovery rate from existing fields and optimize production processes. The timeline for technology adoption depends on investment decisions and implementation challenges, but the potential benefits include increased profitability and reduced environmental impact. DNO's commitment to innovation can drive long-term growth.
  • Renewable Energy Investments: DNO can diversify its energy portfolio by investing in renewable energy projects, such as solar and wind power. These investments can reduce the company's carbon footprint and position it for the transition to a low-carbon economy. The timeline for renewable energy projects depends on regulatory incentives and investment opportunities, but the potential market size is significant given the growing demand for clean energy. DNO's diversification into renewables can enhance its long-term sustainability.

Opportunities

  • Expansion into new oil and gas fields.
  • Strategic acquisitions of undervalued assets.
  • Investment in renewable energy projects.
  • Technological innovation to improve operational efficiency.

Threats

  • Geopolitical risks in the Middle East.
  • Environmental regulations and the transition to renewable energy.
  • Competition from major oil companies.
  • Fluctuations in oil and gas prices.

Competitive Advantages

  • Established presence in the Kurdistan region of Iraq, providing access to significant oil reserves.
  • Operational expertise in managing and operating oil and gas fields in challenging environments.
  • Strategic partnerships with local governments and other industry players.

About DTNOY

DNO ASA, founded in 1971 and headquartered in Oslo, Norway, is an independent oil and gas company engaged in the exploration, development, and production of resources primarily in the Middle East and the North Sea. The company's most significant asset is the Tawke field in the Kurdistan region of Iraq, which has been a major source of revenue and production. DNO operates in both offshore and onshore environments, managing a diverse portfolio of licenses and assets. The company's strategy involves organic growth through exploration and development of existing fields, as well as strategic acquisitions to expand its asset base. DNO's activities include seismic surveys, drilling, well management, and production operations. The company is committed to responsible resource management and adheres to environmental and safety standards in its operations. DNO aims to deliver shareholder value through sustainable production growth and strategic investments in promising oil and gas opportunities. As of December 31, 2021, DNO reported proven reserves of 196.1 million barrels of oil equivalent (MMboe), proven and probable reserves of 321.4 MMboe, and proven, probable, and possible reserves of 420.6 MMboe.

What They Do

  • Explores for oil and gas reserves in the Middle East and North Sea.
  • Develops oil and gas fields to bring them into production.
  • Produces oil and gas from its operated fields.
  • Manages and operates the Tawke field in the Kurdistan region of Iraq.
  • Conducts seismic surveys to identify potential drilling locations.
  • Drills wells to assess and extract oil and gas resources.
  • Transports and sells the produced oil and gas to customers.

Business Model

  • DNO ASA generates revenue from the sale of crude oil and natural gas.
  • The company's profitability depends on the price of oil and gas, production costs, and operational efficiency.
  • DNO invests in exploration and development projects to increase its reserves and production capacity.

Industry Context

DNO ASA operates within the oil and gas exploration and production industry, a sector characterized by cyclical demand, fluctuating prices, and geopolitical risks. The industry is influenced by global economic conditions, energy demand, and supply dynamics. Companies like DNO face competition from major international oil companies and smaller independent operators. The market is also impacted by environmental regulations and the transition to renewable energy sources. DNO's focus on the Middle East and North Sea positions it in regions with significant oil and gas reserves, but also exposes it to political and operational challenges.

Key Customers

  • Oil refineries that process crude oil into refined products.
  • Natural gas distributors that supply gas to residential and commercial customers.
  • Trading companies that buy and sell oil and gas on the global market.
AI Confidence: 79% Updated: Mar 17, 2026

Financials

Chart & Info

DNO ASA (DTNOY) stock price: Price data unavailable

Latest News

Analyst Consensus

Consensus Rating

Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for DTNOY.

Price Targets

Wall Street price target analysis for DTNOY.

MoonshotScore

66/100

What does this score mean?

The MoonshotScore rates DTNOY's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.

Classification

Sector Energy Industry Oil & Gas Exploration & Production

Latest News

Leadership: Bijan Mossavar-Rahmani

Executive Chairman

Bijan Mossavar-Rahmani has extensive experience in the energy industry. He has held various leadership positions in international oil and gas companies. His expertise spans strategic planning, business development, and financial management. He is known for his deep understanding of the global energy markets and his ability to navigate complex geopolitical landscapes. His career includes roles at several major energy firms, providing him with a broad perspective on the industry's challenges and opportunities.

Track Record: Under Bijan Mossavar-Rahmani's leadership, DNO ASA has focused on expanding its operations in the Middle East and North Sea. He has overseen the development of the Tawke field and other key assets. His strategic decisions have aimed to increase production, reduce costs, and enhance shareholder value. He has also emphasized responsible resource management and adherence to environmental standards.

DNO ASA ADR Information Unsponsored

An American Depositary Receipt (ADR) is a certificate representing shares of a foreign company trading on U.S. stock exchanges. DTNOY is a Level 1 ADR, meaning it trades over-the-counter (OTC) without requiring the same level of regulatory compliance as listed stocks. This allows U.S. investors to invest in DNO ASA without directly dealing with the Oslo Stock Exchange.

  • Home Market Ticker: Oslo Stock Exchange (DTNO), Norway
  • ADR Level: 1
  • ADR Ratio: 1:1
  • Home Market Ticker: DTNO
Currency Risk: As an ADR, DTNOY's value is affected by fluctuations in the Norwegian Krone (NOK) against the U.S. dollar (USD). If the NOK weakens against the USD, the value of DTNOY in USD terms may decrease, and vice versa. This currency risk should be considered by U.S. investors.
Tax Implications: Dividends paid on DTNOY shares may be subject to foreign dividend withholding tax in Norway. The standard withholding tax rate is 25%, but this may be reduced depending on the provisions of any applicable tax treaty between Norway and the United States. Investors should consult a tax advisor for specific guidance.
Trading Hours: The Oslo Stock Exchange operates from 09:00 to 16:30 Central European Time (CET), which is six hours ahead of Eastern Standard Time (EST). This means that there is a period when the Oslo Stock Exchange is closed while the U.S. OTC market is open, potentially affecting trading volume and price discovery for DTNOY.

DTNOY OTC Market Information

The OTC Other tier represents the lowest tier of the over-the-counter (OTC) market, indicating that DTNOY may not meet the minimum financial standards or reporting requirements of higher tiers like OTCQX or OTCQB. Companies in this tier may have limited financial disclosure, which increases the risk for investors compared to companies listed on major exchanges like the NYSE or NASDAQ. The OTC Other tier generally has less liquidity and greater price volatility.

  • OTC Tier: OTC Other
  • Disclosure Status: Unknown
Liquidity: As an OTC Other stock, DTNOY likely has limited trading volume and a wider bid-ask spread compared to stocks listed on major exchanges. This can make it more difficult to buy or sell shares quickly and at a desired price. Investors should be aware of the potential for price volatility and illiquidity when trading DTNOY on the OTC market.
OTC Risk Factors:
  • Limited financial disclosure increases the risk of investing in DTNOY.
  • Lower trading volume and wider bid-ask spreads can lead to price volatility and illiquidity.
  • The OTC Other tier has less regulatory oversight compared to major exchanges.
  • Potential for scams and fraudulent activities on the OTC market.
  • Geopolitical risks associated with DNO ASA's operations in the Middle East.
Due Diligence Checklist:
  • Verify the availability and reliability of financial information.
  • Research the company's management team and their track record.
  • Understand the company's business model and competitive landscape.
  • Assess the geopolitical risks associated with DNO ASA's operations.
  • Monitor trading volume and price volatility.
  • Consult with a financial advisor before investing.
  • Check for any regulatory actions or legal issues involving the company.
Legitimacy Signals:
  • DNO ASA has been in operation since 1971.
  • The company has significant oil reserves in the Tawke field.
  • DNO ASA has a high dividend yield.
  • The company is headquartered in Oslo, Norway, a developed country with a strong regulatory environment.

DTNOY Energy Stock FAQ

What does DNO ASA do?

DNO ASA is an independent oil and gas company focused on exploration, development, and production activities primarily in the Middle East and the North Sea. Its flagship asset is the Tawke field in the Kurdistan region of Iraq, which contributes significantly to its overall production. The company explores for new reserves, develops existing fields, and produces oil and gas for sale to refineries, distributors, and trading companies. DNO aims to create shareholder value through sustainable production growth and strategic investments.

What do analysts say about DTNOY stock?

Analyst coverage of DTNOY is limited due to its OTC listing and smaller market capitalization. However, the consensus view acknowledges the company's significant asset in the Tawke field and its high dividend yield. Key valuation metrics should be interpreted cautiously due to the company's negative profit margin. Growth considerations include successful exploration activities, strategic acquisitions, and diversification into renewable energy. Investors should conduct their own thorough research and consider their risk tolerance before investing.

What are the main risks for DTNOY?

DTNOY faces several key risks, including geopolitical instability in the Middle East, particularly in the Kurdistan region of Iraq, which could disrupt operations. Fluctuations in oil and gas prices can significantly impact revenue and profitability. Environmental regulations and the global transition to renewable energy pose long-term challenges. As an OTC-listed stock, DTNOY is subject to limited financial disclosure and regulatory oversight, increasing investment risk. Currency risk associated with the Norwegian Krone also affects returns for U.S. investors.

What are DNO ASA's environmental and sustainability commitments?

DNO ASA recognizes the importance of environmental stewardship and sustainability in its operations. While specific, detailed ESG targets may not be widely publicized due to its size and OTC listing, the company adheres to environmental regulations and best practices in the regions where it operates. DNO invests in technologies and processes to minimize its environmental impact, reduce emissions, and manage waste responsibly. The company is also exploring opportunities to diversify into renewable energy sources to contribute to a low-carbon future. Further information on DNO's ESG initiatives may be available in its annual reports or through direct engagement with the company.

What is DNO ASA's production cost structure?

DNO ASA's production cost structure is influenced by factors such as operating expenses, royalties, transportation costs, and capital expenditures. The company aims to maintain a competitive cost structure to maximize profitability, even in periods of low oil prices. The breakeven price level for its key assets, particularly the Tawke field, is a critical factor in its financial performance. DNO continuously seeks to improve operational efficiency and reduce costs through technological innovation and process optimization. Specific details on DNO's production cost structure may be available in its financial reports or investor presentations, though disclosure may be limited due to its OTC listing.

What are the key factors to evaluate for DTNOY?

DNO ASA (DTNOY) currently holds an AI score of 66/100, indicating moderate score. Key strength: Significant oil reserves in the Tawke field.. Primary risk to monitor: Ongoing: Geopolitical risks in the Middle East, which could disrupt DNO's operations and impact its financial performance.. This is not financial advice.

How frequently does DTNOY data refresh on this page?

DTNOY prices update in real time during U.S. market hours (9:30 AM-4:00 PM ET, weekdays). Fundamentals refresh after quarterly or annual filings. Analyst ratings and AI insights update daily. News is aggregated continuously from financial sources.

What has driven DTNOY's recent stock price performance?

Recent price movement in DNO ASA (DTNOY) can be influenced by earnings results, analyst revisions, sector rotation, and broader market sentiment. Notable catalyst: Significant oil reserves in the Tawke field.. Check the News and Technical Analysis tabs for the latest drivers. Past performance does not predict future results.

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

Official Resources

Analysis updated AI Score refreshed daily
Data Sources & Methodology
Market data powered by Financial Modeling Prep & Yahoo Finance. AI analysis by Stock Expert AI proprietary algorithms. Technical indicators via industry-standard calculations. Last updated: .

Data provided for informational purposes only.

Analysis Notes
  • Information is based on available data as of 2026-03-17.
  • OTC market data may be less reliable than data from major exchanges.
  • Analyst coverage of DTNOY is limited.
Data Sources

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