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Tag: Equinor ASA

  • Financial Results Lifted Equinor (EQNR) Stock

    Financial Results Lifted Equinor (EQNR) Stock

    Equinor ASA (NYSE: EQNR) shares displayed a notable upturn of 1.91% as they concluded the Friday trading session, settling at a price of $33.59. This modest gain in Equinor’s stock value followed the publication of its quarterly financial performance.

    On Friday, Equinor (EQNR) revealed its financial results for the third quarter of 2023. In the reported period, Equinor demonstrated robust adjusted earnings of USD 8.02 billion, with a post-tax figure of USD 2.73 billion. These figures, while substantial, marked a decrease compared to the same quarter in the previous year. The primary factor contributing to this decline was the reduction in gas prices from the remarkable levels experienced in 2022.

    Within Equinor’s corporate landscape, the Marketing, Midstream & Processing (MMP) division excelled, yielding impressive results with adjusted earnings amounting to USD 876 million. These earnings surpassed the anticipated range for adjusted earnings. The commendable performance in this sector was predominantly propelled by strong sales and trading activities related to oil and oil products, efficient optimization of the shipping portfolio, and the presence of favorable refining margins.

    During the third quarter, Equinor recognized net impairments totaling USD 971 million. These impairments mainly encompassed assets within the Norwegian Continental Shelf (NCS) and the MMP segment, amounting to USD 588 million and USD 346 million, respectively. Furthermore, an impairment of USD 300 million was acknowledged in the Renewables segment, though it was partially offset by a USD 290 million reversal of impairment for an asset situated in the US Gulf of Mexico.

    Regarding the company’s financial operations, cash flow derived from operational activities, excluding taxes and working capital items, reached USD 11.3 billion in the third quarter. Equinor made a tax installment payment of USD 3.67 billion to the NCS, based on anticipated 2023 earnings. In October, an additional installment of USD 930 million was disbursed, with two ordinary installments of USD 3.75 billion scheduled for the fourth quarter.

    The third quarter saw organic capital expenditure totaling USD 2.64 billion, with the overall capital expenditures amounting to USD 3.21 billion. Following taxes, capital distribution to shareholders, and various investments, the net cash flow for this quarter concluded at USD 1.48 billion.

    Importantly, Equinor maintains a robust financial position, as evidenced by its adjusted net debt-to-capital employed ratio, which stood at negative 22.9% by the close of the third quarter. This represents a notable improvement from the negative 35.1% ratio reported at the end of the second quarter in 2023.

  • 15 Key Players from OIL Sector

    15 Key Players from OIL Sector

    For the first time since March, Brent crude topped $50 a barrel last week, a landmark for an oil market that has been working its way back out of a severe recession for months.

    Things are not quite back to usual, but there are gaining traction optimistic signs. The immense fuel surplus that accrued on anything from tiny barges to gigantic supertankers is continuously being drained.

    While the coronavirus pandemic is stronger than ever in the U.S., as the second round of lockdowns eases, demand in Europe is roaring back, and Asia continues to take in big volumes of oil.

    Cabot Oil & Gas Corporation (NYSE:COG) shares were trading down -3.68% at $17.00 at the time of writing on Friday.

    Cabot Oil & Gas Corporation (NYSE:COG) share price went from a low point around $13.06 to briefly over $22.67 in past 52 weeks, though shares have since pulled back to $17.00. COG market cap has remained high, hitting $7.03B at the time of writing, giving it price-to-sales ratio of more than 4.

    If we look at the recent analyst rating COG, Siebert Williams Shank upgraded coverage on COG shares with a Buy rating and a $22.16 price target, which implies room for 5.16% upside momentum this year.

    Tellurian Inc. (TELL) last closed at $1.30, in a 52-week range of $0.67 to $8.69. The company on November 30, 2020 announced the appointments of Octávio Simões as President and Chief Executive Officer (CEO), and Jonathan Gross and Jean Abiteboul as new independent Board members.

    Cenovus Energy Inc. (CVE) stock soar by 0.16% to $6.21. On December 2, 2020, the company and Headwater Exploration Inc. (TSX:HWX) declared the closing of the acquisition by Headwater of Cenovus’s assets in the Marten Hills area of Alberta. The most recent rating by Morgan Stanley, on December 11, 2020, is at an Equal-weight.

    Suncor Energy Inc. (NYSE:SU) Shares headed falling, lower as much as -1.01%. The firm on December 1, 2020 released its 2021 corporate guidance. The most recent rating by CIBC, on October 26, 2020, is at a Sector outperform.

    PBF Energy Inc. (NYSE:PBF) fall -7.36% after losing more than -$0.65 on Friday.

    Devon Energy Corporation (DVN) last closed at $16.16, in a 52-week range of $4.60 to $26.42. On December 2, 2020, Devon Energy revealed that its board of directors has declared a quarterly cash dividend on Devon’s common stock for the first quarter of 2021. Analysts have a consensus price target of $17.07.

    Plains All American Pipeline L.P. (PAA) stock drop by -1.13% to $8.76. Plains All American Pipeline L.P. (PAA) and Plains GP Holdings reported on December 2, 2020, transfer of stock exchange listings to Nasdaq. The most recent rating by Morgan Stanley, on September 25, 2020, is at an Overweight.

    Baker Hughes Company (NYSE:BKR) Shares headed falling, lower as much as -1.95%. On December 8. 2020, Aramco and Baker Hughes announced the commencement of construction on non-metallics joint venture in Saudi Arabia. The most recent rating by HSBC Securities, on December 10, 2020, is at a Hold.

    EnLink Midstream LLC (NYSE:ENLC) fall -6.50% after losing more than -$0.26 on Friday.

    Antero Midstream Corporation (AM) last closed at $8.42, in a 52-week range of $1.69 to $8.43. Analysts have a consensus price target of $6.45.

    TechnipFMC plc (FTI) stock drop by -3.59% to $9.67. The most recent rating by HSBC Securities, on December 10, 2020, is at a Hold.

    Amplify Energy Corp. (NYSE:AMPY) Shares headed falling, lower as much as -20.67% after declaration of pricing of secondary public offering of common stock for selling stockholders. The most recent rating by ROTH Capital, on November 22, 2019, is at a Buy.

    National Oilwell Varco Inc. (NYSE:NOV) fall -2.32% after losing more than -$0.34 on Friday.

    Equinor ASA (EQNR) last closed at $16.87, in a 52-week range of $8.41 to $21.04. On behalf of Equinor, DNB has on 10 December 2020 purchased 734,253 shares for use in the group’s Share saving plan. Analysts have a consensus price target of $19.26.

    Ovintiv Inc. (OVV) stock soar by 0.92% to $15.38. The firm on November 19, 2020, declared that Meg A. Gentle has been named as an independent member of its board of directors, effective December 16, 2020. The most recent rating by CIBC, on October 26, 2020, is at a Sector underperform.