At the same time, the securities of the Russian concern still remain among the most popular stocks in the portfolios of Russian private investors, it is noted in RBC’s material. They account for 13.8% of the top 10 most sought-after shares of Russian companies.
Among the reasons for the fall in the value of shares of “Gazprom” analysts call the deteriorating market conditions, the lack of progress in the settlement of the conflict in Ukraine and high uncertainty about the timing of the resumption of dividend payments.
At the same time, experts believe that the worst times for Gazprom are over, and fundamentally the company has already recovered from the shock of the European market loss and demonstrates good financial results. “A combination of all factors has an impact here: the abolition of the increased mineral extraction tax, the maximum load of the Power of Siberia gas pipeline, the increase in domestic tariffs and, of course, the controlling stake obtained in Sakhalin Energy (operator of the Sakhalin-2 oil and gas project – RBC Investments),” RBC quotes the arguments in favor of the growth of Gazprom’s shares by analysts at Tsifra Broker.
A significant event for Gazprom was also the signing in September 2025 of a legally binding memorandum with the Chinese national oil and gas corporation CNPC on the construction of Power of Siberia 2, which in the future may open the way for gas exports from Western Siberia in the amount of up to 50 billion cubic meters per year.
Based on this, most experts have a positive or moderately positive view on Gazprom shares and expect the price of the securities to rise next year compared to current values.
At the same time, they note that the dynamics of the value of Gazprom’s securities will be influenced by gas prices in Europe, which still form a significant part of revenue, ruble oil prices, progress in the settlement of the conflict in Ukraine and export development, especially positive news on the Power of Siberia-2 project. Analysts do not rule out the restoration of gas transit through the Nord Stream-2 pipeline, which could become the strongest growth driver for Gazprom shares. Although this scenario does not have many chances to materialize, it cannot be completely ruled out, analysts say.
At the same time, there are still multiple risks that could play a negative role in the market assessment of the value of Gazprom shares, experts interviewed by RBC warned. Among them are an early complete cessation of gas supplies to Europe and a strong drop in prices on European markets.
