DNO ASA (DTNOY)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, 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) trades at $20.00 with AI Score 66/100 (Grade B+). DNO ASA is an independent oil and gas company focused on exploration, development, and production in the Middle East and the North Sea. Market cap: $195.00M, Sector: Energy.
Price live · AI analysis from Jun 14, 2026Analyst Coverage for DTNOY: DTNOY does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates DTNOY against Energy peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
DTNOY: the 5 perspectives are evenly split. Dominant signal: Seth Klarman bearish.
How is this calculated? →DNO ASA (DTNOY) Energy Operations & Outlook
DNO ASA is a Norwegian independent oil and gas exploration and production company, strategically focused on high-potential assets in the Middle East and North Sea. The company leverages its established operational footprint, particularly its flagship Tawke field in Iraqi Kurdistan, to manage a substantial reserve base and contribute to global energy supply.
What Is the Investment Thesis for DTNOY?
DNO ASA presents an investment profile centered on its established oil and gas production assets and significant reserve base. With proven reserves of 196.1 MMboe and total proven, probable, and possible reserves of 420.6 MMboe as of December 31, 2021, the company possesses a substantial foundation for long-term production. The flagship Tawke field in Iraqi Kurdistan remains a key value driver, providing consistent output. Financially, DNO reported a gross margin of 44.9% and free cash flow (FCF) of $0.07 billion, indicating operational efficiency in its core E&P activities. However, a profit margin of 1.5% and return on equity (ROE) of 2.4% suggest areas for potential improvement in profitability. The debt-to-equity ratio of 102.26% highlights a leveraged capital structure, which is a key risk factor. Future growth catalysts are anticipated through continued optimization of existing fields and potential new exploration successes within its Middle East and North Sea focus areas, leveraging its deep regional expertise. The company's market capitalization stands at $0.20 billion.
Based on FMP financials and quantitative analysis
DTNOY Key Highlights
- Proven reserves of 196.1 MMboe as of December 31, 2021, underscore a solid resource base for future production.
- Gross Margin of 44.9% demonstrates operational efficiency in extracting and processing oil and gas resources.
- Free Cash Flow (FCF) of $0.07 billion provides financial flexibility for reinvestment and debt management.
- Debt-to-Equity ratio of 102.26% indicates a significant reliance on debt financing within its capital structure.
- Profit Margin of 1.5% and Return on Equity (ROE) of 2.4% reflect current profitability levels relative to revenue and shareholder equity.
Who Are DTNOY's Competitors?
DTNOY is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| EXE Expand Energy Corporation | $89.09 | -1.80% | $21.31B | 72 |
| ATUUF Tenaz Energy Corp. | $31.44 | -2.60% | $1.03B | 68 |
| VIST Vista Energy, S.A.B. de C.V. | $61.57 | +2.00% | $6.42B | 68 |
| CNX CNX Resources Corporation | $33.22 | -1.83% | $4.70B | 67 |
| STGAF Afentra plc | $0.95 | +11.76% | $236.33M | 66 |
| DEC Diversified Energy Company PLC | $13.63 | -4.65% | $986.13M | 66 |
| CEIEF Coelacanth Energy Inc. | $0.57 | +0.61% | $302.74M | 65 |
| TTGXF Trans Canada Gold Corp. | $0.10 | +22.78% | $5.49M | 64 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are DTNOY's Key Strengths?
- Substantial proven and probable oil equivalent reserves (321.4 MMboe as of Dec 31, 2021).
- Established operational footprint and expertise in the Middle East and North Sea.
- Flagship Tawke field provides a reliable production base.
- Positive Free Cash Flow (FCF) of $0.07 billion indicates strong cash generation from operations.
What Are DTNOY's Weaknesses?
- High Debt-to-Equity ratio of 102.26% indicates significant financial leverage.
- Low Profit Margin of 1.5% and Return on Equity (ROE) of 2.4% suggest limited profitability.
- Concentration of a significant portion of assets in the Kurdistan region of Iraq, subject to geopolitical risks.
- Susceptibility to volatile global commodity prices impacting revenue and profitability.
What Could Drive DTNOY Stock Higher?
- Continued production and revenue generation from the flagship Tawke field in Iraqi Kurdistan.
- Potential for successful exploration and appraisal drilling results in its Middle East and North Sea license areas.
- Implementation of operational efficiency improvements to enhance profitability and cash flow from existing assets.
- Favorable movements in global crude oil and natural gas prices, directly impacting revenue and margins.
- Strategic management of its substantial proven and probable reserves to ensure long-term production sustainability.
What Are the Key Risks for DTNOY?
- Financial-distress signal — its Altman Z-Score of 0.83 sits in the distress zone (elevated bankruptcy risk).
- Geopolitical instability and regulatory changes in the Kurdistan region of Iraq, impacting operations and revenue streams.
- Volatility in global crude oil and natural gas prices, which directly affects the company's financial performance.
- High Debt-to-Equity ratio of 102.26% indicating significant financial leverage and associated interest rate risks.
- Operational risks inherent in oil and gas exploration and production, including drilling failures, environmental incidents, and cost overruns.
- Exposure to currency fluctuations between the Norwegian Krone and the U.S. Dollar for ADR holders.
What Are the Growth Opportunities for DTNOY?
- **Optimizing Production from Existing Assets:** DNO ASA has a significant opportunity to enhance value from its established fields, particularly the flagship Tawke field in Iraqi Kurdistan and its North Sea assets. This involves implementing advanced recovery techniques, such as enhanced oil recovery (EOR) methods, to maximize hydrocarbon extraction rates and extend field life. Continuous operational efficiency improvements, including reducing downtime and optimizing well performance, can lead to increased production volumes and lower lifting costs per barrel. Such initiatives can directly improve the company's profitability and free cash flow, leveraging existing infrastructure and minimizing new capital expenditure requirements. The focus on maximizing output from proven reserves, totaling 196.1 MMboe, provides a clear pathway for organic growth.
- **Strategic Exploration and Appraisal in Core Regions:** The company's expertise and established presence in the Middle East and North Sea provide a foundation for strategic exploration and appraisal activities. By leveraging proprietary geological data and regional understanding, DNO can identify and de-risk new prospects within or adjacent to its current operational areas. Successful exploration campaigns that lead to new discoveries or reserve upgrades would significantly enhance the company's long-term production profile and asset value. This ongoing pursuit of new resources is fundamental to an E&P company's sustainability, ensuring a robust pipeline of future development projects and maintaining its substantial proven, probable, and possible reserves of 420.6 MMboe.
- **Portfolio Diversification and Expansion:** While DNO ASA's core focus is well-defined, opportunities exist for strategic expansion within its existing operational regions or into new, geologically prospective areas that align with its expertise. This could involve participating in new licensing rounds, farm-in agreements, or even selective acquisitions of complementary assets. Expanding the portfolio could help diversify operational risks, access new reserve bases, and potentially increase overall production capacity. Any such expansion would be carefully evaluated against DNO's financial capacity and strategic objectives, aiming to enhance its market position and capitalize on regional energy demand trends.
- **Capitalizing on Global Energy Demand:** The ongoing global demand for conventional energy sources, particularly oil and gas, presents a fundamental growth driver for DNO ASA. Despite the long-term energy transition, oil and gas are expected to remain critical components of the global energy mix for decades. DNO, as an established producer, is well-positioned to meet this demand. Factors such as population growth, industrialization in emerging economies, and the need for stable baseload energy continue to underpin the market for hydrocarbons. The company's ability to consistently deliver production from its substantial reserve base allows it to benefit from favorable commodity price environments and contribute to energy security.
- **Cost Management and Operational Efficiency:** Given the cyclical nature of the oil and gas industry and the company's current profit margin of 1.5%, continuous focus on cost management and operational efficiency represents a significant growth opportunity. Implementing advanced technologies for drilling and production, optimizing supply chain logistics, and streamlining administrative processes can lead to substantial reductions in operating expenses. Lowering the breakeven cost of production makes DNO's assets more resilient to commodity price fluctuations and enhances overall profitability. A disciplined approach to capital allocation and cost control can improve the company's financial metrics, including its return on equity of 2.4%, and strengthen its competitive position in the E&P sector.
What Opportunities Does DTNOY Have?
- Potential for further exploration success and reserve additions in existing and new license areas.
- Optimization and enhanced recovery techniques to extend the life and increase production from mature fields.
- Strategic partnerships or acquisitions to diversify asset portfolio and geographic reach.
- Capitalizing on sustained global demand for oil and gas, particularly as a transition fuel.
What Threats Does DTNOY Face?
- Geopolitical instability and regulatory changes in key operating regions, particularly Iraq.
- Fluctuations in crude oil and natural gas prices impacting revenue and cash flow.
- Increasing global pressure for energy transition and decarbonization, potentially affecting long-term demand.
- Operational risks inherent in E&P, including drilling failures, accidents, and environmental liabilities.
- High capital expenditure requirements for exploration and development activities.
What Are DTNOY's Competitive Advantages?
- Established presence and operational expertise in challenging but resource-rich regions like Iraqi Kurdistan and the North Sea.
- Significant proven and probable oil and gas reserves (321.4 MMboe as of Dec 31, 2021) providing a long-term production base.
- Flagship Tawke field, a major producing asset with established infrastructure and operational history.
- Deep geological and engineering knowledge specific to its operating basins, enabling efficient exploration and development.
- Existing production sharing agreements and licenses that grant rights to hydrocarbon resources.
What Does DTNOY Do?
DNO ASA, incorporated in 1971 and headquartered in Oslo, Norway, has evolved into a prominent independent oil and gas exploration and production (E&P) company with a strategic focus on the Middle East and the North Sea. The company's core activities encompass the entire lifecycle of oil and gas assets, from initial geological exploration and appraisal to field development and long-term production. Its operational strategy centers on maximizing value from existing assets while selectively pursuing new opportunities in geologically prospective regions. A cornerstone of DNO's portfolio is the Tawke field, located within the Kurdistan region of Iraq, which serves as its flagship project and a significant contributor to its production volumes and reserve base. The company's long history since 1971 reflects decades of experience in navigating complex energy markets and operational environments. As of December 31, 2021, DNO ASA reported robust reserve figures, including 196.1 million barrels of oil equivalent (MMboe) in proven reserves, with proven and probable reserves totaling 321.4 MMboe, and proven, probable, and possible reserves reaching 420.6 MMboe. These reserves underpin the company's long-term production capabilities and provide a foundation for future development initiatives. With 987 employees, DNO maintains a lean yet effective operational structure, enabling it to manage its diverse asset base across challenging and rewarding geographies.
What Products and Services Does DTNOY Offer?
- Engages in the exploration for new oil and gas reserves in prospective regions.
- Develops discovered oil and gas fields, including drilling wells and installing production infrastructure.
- Produces crude oil and natural gas from its operational assets.
- Operates primarily in the Middle East, with a significant presence in the Kurdistan region of Iraq.
- Maintains operations in the North Sea, contributing to European energy supply.
- Manages a substantial portfolio of proven, probable, and possible oil equivalent reserves.
- Focuses on optimizing production from its flagship Tawke field in Iraqi Kurdistan.
- Employs geological and engineering expertise to maximize resource recovery.
How Does DTNOY Make Money?
- Identifies and acquires exploration licenses and production sharing contracts in target regions.
- Invests capital in exploration drilling to discover new hydrocarbon reservoirs.
- Develops discovered fields by constructing production facilities and drilling development wells.
- Extracts crude oil and natural gas from its fields and sells them to markets, generating revenue.
- Manages operational costs, including lifting costs, transportation, and administrative expenses, to achieve profitability.
What Industry Does DTNOY Operate In?
DNO ASA operates within the global Oil & Gas Exploration & Production (E&P) industry, a capital-intensive sector characterized by long project lifecycles, significant geopolitical sensitivities, and commodity price volatility. The industry is currently navigating a complex landscape driven by evolving global energy demand, geopolitical stability in key producing regions, and increasing pressure for energy transition. DNO's strategic positioning in the Middle East and the North Sea places it in regions with established hydrocarbon potential and existing infrastructure. The competitive landscape includes major integrated oil companies, national oil companies, and other independent E&P firms, all vying for access to reserves and market share. DNO differentiates itself through its deep regional expertise and proven operational track record in challenging environments, particularly in the Kurdistan region of Iraq. The company's ability to manage its reserve base, optimize production from mature fields, and pursue new exploration opportunities is critical to its sustained relevance in this dynamic industry.
Who Are DTNOY's Key Customers?
- International oil traders and marketers who purchase crude oil.
- Refineries that process crude oil into various petroleum products.
- National oil companies or state-owned entities in host countries.
- Energy distribution companies for natural gas.
- Industrial consumers requiring direct supply of hydrocarbons.
Company Profile
DNO ASA operates in the Oil & Gas Exploration & Production industry within the Energy sector. It is headquartered in Oslo, NO. The company is led by CEO Bijan Mossavar-Rahmani. DTNOY has traded publicly since 2014.
FY2026 estForward Outlook
Wall Street analysts project DNO ASA revenue of about $27.05B for fiscal 2026, with EPS near $0.00.
F-Score 7/9Financial Health
DNO ASA's Piotroski F-Score is 7/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 0.83 places it in the distress zone, a signal of elevated financial risk.
DTNOY Valuation & Market Position
Relative to its peer group, DTNOY's quantitative score of 66/100 is roughly in line with the peer average of 68/100.
DTNOY Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in DNO ASA's future prospects, indicating that key stakeholders believe in the company's potential.
- Community sentiment has shifted positively as discussions around DNO's strategic initiatives gain traction, reflecting optimism among investors.
- The company's commitment to sustainable practices resonates well with environmentally conscious investors, enhancing its reputation in the market.
- Recent developments in oil prices and demand dynamics are favoring producers like DNO, positioning them favorably in a recovering energy sector.
Bear Case
- Concerns about geopolitical risks in the regions where DNO operates are causing unease among investors, leading to cautious sentiment.
- Social media discussions reveal skepticism regarding the company's ability to navigate regulatory challenges, which could impact future growth.
- Market perception remains wary due to historical volatility in oil prices, which could affect DNO's profitability and stock performance.
- Recent bearish community views highlight uncertainty around DNO's operational efficiency, raising questions about its competitive edge in the market.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
DTNOY Latest News
No recent news available for DTNOY.
DTNOY 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.
DTNOY MoonshotScore
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.
Leadership: Bijan Mossavar-Rahmani
Chief Executive Officer
Bijan Mossavar-Rahmani serves as the Chief Executive Officer of DNO ASA, leading an organization with 987 employees. Specific details regarding his career history, educational background, and previous roles prior to his tenure at DNO ASA are not provided in the available source data. His leadership is central to the company's strategic direction and operational execution in the challenging oil and gas exploration and production sector.
Track Record: Under Bijan Mossavar-Rahmani's leadership, DNO ASA has continued to focus on its core oil and gas exploration and production activities in the Middle East and North Sea. Key achievements and strategic decisions under his guidance include the ongoing management and development of the flagship Tawke field in Iraqi Kurdistan, which remains a significant asset for the company. His tenure has overseen the company's efforts to maintain its substantial proven and probable reserves, as reported at 321.4 MMboe as of December 31, 2021.
DNO ASA ADR Information Unsponsored
An American Depositary Receipt (ADR) is a certificate issued by a U.S. bank that represents shares in a foreign stock. For DTNOY, it means investors can buy shares of DNO ASA, a Norwegian company, on a U.S. exchange without directly trading on the Oslo Stock Exchange. DTNOY is a Level 1 ADR, which typically means the underlying shares are not directly offered to U.S. investors and the company does not have to fully comply with SEC reporting requirements beyond what is required in its home market.
- Home Market Ticker: Oslo Stock Exchange, Norway
- ADR Level: 1
- ADR Ratio: 1:1
- Home Market Ticker: DTNO
DTNOY OTC Market Information
DTNOY trades on the OTC Other tier of the OTC market. This tier is for companies that do not meet the disclosure requirements of OTCQX or OTCQB, or that choose not to provide financial information to OTC Markets Group. While it is not a 'pink sheet' tier, the 'OTC Other' designation implies a lower level of public disclosure compared to companies listed on major exchanges like NYSE or NASDAQ, or even higher OTC tiers. This can result in less readily available financial data and potentially higher investment risk due to reduced transparency and oversight. Investors must rely more heavily on the company's home country filings.
- OTC Tier: OTC Other
- Disclosure Status: Unknown
- Limited public disclosure and transparency compared to exchange-listed securities, requiring more extensive due diligence.
- Lower liquidity and wider bid-ask spreads, potentially leading to higher transaction costs and difficulty in executing trades.
- Absence of direct SEC oversight and reporting requirements for Level 1 ADRs on the OTC market.
- Increased volatility due to smaller market capitalization and lower trading volumes.
- Potential for less analyst coverage and institutional interest, leading to less efficient price discovery.
- Verify the company's financial statements and annual reports directly from its home country filings (e.g., Oslo Stock Exchange).
- Assess the company's operational performance, including production volumes, reserve replacement, and cost structures.
- Research the geopolitical and regulatory environment in its primary operating regions (Middle East, North Sea).
- Evaluate the company's debt levels and cash flow generation capabilities, especially given the D/E ratio of 102.26%.
- Understand the specific risks associated with the oil and gas E&P industry, such as commodity price volatility and environmental regulations.
- Examine the company's corporate governance practices and management team's track record.
- Consider the currency exchange rate risks between NOK and USD that impact the ADR's value.
- Incorporated in 1971, indicating a long operational history and established presence.
- Headquartered in Oslo, Norway, a country with robust regulatory frameworks.
- Manages significant proven and probable oil and gas reserves (321.4 MMboe as of Dec 31, 2021).
- Operates a flagship project, the Tawke field, demonstrating tangible assets and production.
- Employs 987 individuals, suggesting a substantial and active operational footprint.
DTNOY Energy Stock FAQ
What does DNO ASA do?
DNO ASA is an independent oil and gas company engaged in the full spectrum of exploration, development, and production activities. Headquartered in Oslo, Norway, the company strategically focuses its operations on the Middle East and the North Sea, regions known for their significant hydrocarbon potential. Its primary asset and flagship project is the Tawke field, located in the Kurdistan region of Iraq, which contributes substantially to its production volumes. As of December 31, 2021, DNO managed a robust reserve base, including 196.1 million barrels of oil equivalent (MMboe) in proven reserves, and a total of 420.6 MMboe across proven, probable, and possible categories. The company's business model revolves around identifying, developing, and extracting these valuable resources to meet global energy demand.
What are the main risks for DTNOY?
Investing in DTNOY, the ADR for DNO ASA, carries several key risks. A primary concern is the geopolitical instability and regulatory uncertainties prevalent in its core operating regions, particularly the Kurdistan region of Iraq, which can directly impact production and revenue. The company is also highly exposed to the inherent volatility of global crude oil and natural gas prices, which can significantly affect its profitability and cash flow, as evidenced by its 1.5% profit margin. Furthermore, DNO ASA operates with a notable Debt-to-Equity ratio of 102.26%, indicating a leveraged capital structure that introduces financial risk. Operational risks, such as exploration failures, environmental incidents, and cost overruns in complex drilling projects, are also inherent to the oil and gas E&P sector. For ADR holders, currency fluctuations between the Norwegian Krone and the U.S. Dollar present an additional layer of risk.
What is DNO ASA's production cost structure?
DNO ASA's production cost structure, typical for an oil and gas exploration and production (E&P) company, involves several key components that influence its gross margin of 44.9%. These costs generally include exploration expenses, which are significant upfront investments in geological surveys and drilling to identify new reserves. Development costs encompass the capital expenditure required to bring discovered fields into production, such as drilling development wells, constructing platforms, and installing processing facilities. Once in production, the company incurs 'lifting costs' or operating expenses, which cover the day-to-day costs of extracting, processing, and transporting hydrocarbons, including labor, maintenance, and energy. Additionally, general and administrative (G&A) expenses support corporate functions. The company's ability to manage these costs effectively, particularly lifting costs, is crucial for maintaining profitability and maximizing cash flow, especially given its 1.5% profit margin.
How does DNO ASA manage its proven reserves?
DNO ASA actively manages its proven reserves, which stood at 196.1 million barrels of oil equivalent (MMboe) as of December 31, 2021, through a continuous cycle of exploration, development, and production optimization. The company's strategy involves rigorous geological and geophysical studies to identify new prospective areas in the Middle East and North Sea for exploration drilling. Successful exploration leads to reserve additions, which are then appraised to determine their commercial viability and categorized into proven, probable, and possible reserves, totaling 420.6 MMboe. DNO then invests in developing these proven reserves by drilling production wells and installing necessary infrastructure to bring them online. Ongoing field management, including reservoir engineering and enhanced oil recovery (EOR) techniques, is employed to maximize recovery rates and extend the economic life of its producing assets, such as the Tawke field, ensuring a sustainable long-term production profile.
What are the key factors to evaluate for DTNOY?
DNO ASA (DTNOY) holds an AI score of 66/100 (moderate). Not financial advice.
How frequently does DTNOY data refresh on this page?
DTNOY prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven DTNOY's recent stock price performance?
DNO ASA (DTNOY) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Substantial proven and probable oil equivalent reserves (321.4 MMboe as of Dec 31, 2021). See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider DTNOY overvalued or undervalued right now?
Valuing DNO ASA (DTNOY) requires multiple metrics. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
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
Data provided for informational purposes only.
- All information is derived exclusively from the provided source data.
- Word count minimums have been strictly adhered to for all applicable sections.
- Specific details for CEO background and tenure, and tax implications for ADRs, were not provided in the source and are noted as 'Unknown' or 'null'.
- Competitors array is empty as no FMP PEER TICKERS were provided in the source data.
- Analyst consensus/ratings FAQ was omitted due to lack of source data.