Galp Energia SGPS SA

Galp Energia is a holding company. Through its subsidiaries, Co. operates in the following segments: exploration and production, with activities relating to exploration, development and production of hydrocarbons, particularly in Angola, Brazil and Mozambique; refining and marketing, which owns refineries in Portugal and also includes activities relating to the retail and wholesale commercialization of oil products; and gas and power, which covers the purchasing, commercialization, distribution and storage of natural gas and electric and thermal power production. As of Dec 31 2014, Co. had proved and probable reserves of 638.0 million barrels of oil equivalent.
  • TickerGALP
  • ISINPTGAL0AM0009
  • ExchangeEuronext Lisbon
  • SectorOil & Gas Producers
  • CountryPortugal
Ahmed Ben Salem

ODDO : IEA report – over the worst but still uncertainties over a second wave

>Improving demand after a poor Q2 - The IEA has again revised its demand estimates upwards, by +400 kb/d for 2020, with Q2 demand proving better than expected. It now expects a decline in 2020 of -7.9 Mb/d on average vs -9.3 Mb/d forecast initially in April at 92.1 Mb/d. With the decline set to ease gradually to -6.5 Mb/d in Q3 and to -3.7 Mb/d in Q4, the worst now looks to be over. For 2021, demand is expected to recover by +5.3 Mb/j to 97.4 Mb/d, while still remain...

Ahmed Ben Salem

ODDO : Rapport AIE – Le pire est passé mais les incertitudes d’une deuxième vague planent

>Une demande qui s’améliore après un mauvais T2 - L’AIE a une nouvelle fois revu en hausse ses estimations de la demande de +400 kb/j pour 2020 avec un T2 meilleur que prévu. Elle prévoit désormais une baisse en 2020 en moyenne de -7.9 Mb/j vs -9.3 Mb/j prévu initialement en avril à 92.1 Mb/j. Cette baisse s’atténue progressivement à -6.5 Mb/j au T3 et à -3.7 Mb/j au T4, le pire semble donc derrière nous. Pour 2021 la demande devrait rebondir de +5.3 Mb/j à 97.4 Mb...

Ahmed Ben Salem

ODDO BHF Small & MIDCAP MORNING NEWS - 06/17/2020

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. Cf. report published last evening. - ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Laurence Hofmann
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/17/2020

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. Cf; report ppublished last evening. - ...

Ahmed Ben Salem

ODDO BHF Small & MIDCAP MORNING NEWS - 17/06/2020

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. Cf. étude publiée hier soir. - ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Breakout -- Add Exposure The laundry list of market characteristics consistent with historical bull markets continues to grow, helping support our ongoing belief that global equities are in the early stages of a broad-based advance. • US Dollar; EM Equities. The US dollar (DXY) exhibits signs of rolling over, something we outlined as increasingly likely in our 12/10/19 Int'l Macro Vision strategy. This is bullish for global equities -- especially EM -- and has paved the way for the MSCI EM index to break above key resistance. Add exposure... see chart below and page 2. • Europe and Japan...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

The Pause that Refreshes? We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several international markets that are breaking out to new highs or making bullish inflections since our previous Int'l Compass (10/31/19). While developments continue to lean bullish, global equities have rallied substantially since the start of October, making it perfectly reasonable to expect some consolidation of recent gains which would allow for a more meaningful move higher. • New Highs or Bullish Inflections. The number of in...

Matthieu DRIOL

Short term view - Galp Energia SGPS SA-B SHRS : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €15.038. The bearish trend would be challenged above €17.704.

Matthieu DRIOL

Analyse court terme - Galp Energia SGPS SA-B SHRS : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 15,038 €. La tendance baissière serait remise en cause au-dessus de 17,704 €.

Matthieu DRIOL

Analyse court terme - Galp Energia SGPS SA-B SHRS : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 15,038 €, puis 14,459 €. Le franchissement de 17,704 € remettrait en cause la suite de la baisse.

Galp Energia Sgps: 2 directors bought

Two Directors at Galp Energia Sgps bought 12,500 shares at between 8.524EUR and 8.639EUR. The significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing ru...

Ahmed Ben Salem

ODDO : IEA report – over the worst but still uncertainties over a second wave

>Improving demand after a poor Q2 - The IEA has again revised its demand estimates upwards, by +400 kb/d for 2020, with Q2 demand proving better than expected. It now expects a decline in 2020 of -7.9 Mb/d on average vs -9.3 Mb/d forecast initially in April at 92.1 Mb/d. With the decline set to ease gradually to -6.5 Mb/d in Q3 and to -3.7 Mb/d in Q4, the worst now looks to be over. For 2021, demand is expected to recover by +5.3 Mb/j to 97.4 Mb/d, while still remain...

Ahmed Ben Salem

ODDO : Rapport AIE – Le pire est passé mais les incertitudes d’une deuxième vague planent

>Une demande qui s’améliore après un mauvais T2 - L’AIE a une nouvelle fois revu en hausse ses estimations de la demande de +400 kb/j pour 2020 avec un T2 meilleur que prévu. Elle prévoit désormais une baisse en 2020 en moyenne de -7.9 Mb/j vs -9.3 Mb/j prévu initialement en avril à 92.1 Mb/j. Cette baisse s’atténue progressivement à -6.5 Mb/j au T3 et à -3.7 Mb/j au T4, le pire semble donc derrière nous. Pour 2021 la demande devrait rebondir de +5.3 Mb/j à 97.4 Mb...

Ahmed Ben Salem

ODDO : Rapport AIE – Une note d’optimisme malgré les incertitudes

>Une baisse de la demande moins forte qu’initialement prévu - L’AIE a une nouvelle fois revu en hausse ses estimations de la demande de +500 kb/j. Elle estime désormais que la demande baissera en 2020 de -8.1 Mb/j vs -8.6 Mb/j prévus en mai et -9.3 Mb/j prévu en avril. Cette baisse reste, néanmoins, un record historique. Le S1 a été lourdement impacté (-11.4 Mb/j) et en particulier le T2 (-17.8 Mb/j) avec -12.9 Mb/j en juin et -7.4 Mb/j en juillet puis une décéléra...

Ahmed Ben Salem

ODDO : IEA report - a note of optimism despite the uncertainty

>A smaller fall in demand than initially expected - The IEA once again revised up its estimate for demand by +500k b/d, estimating that demand would fall by -8.1 Mb/d in 2020 vs -8.6 Mb/d forecast in May and -9.3 Mb/d forecast in April, though this is still a record fall. H1 was heavily affected (-11.4 Mb/d) and in particular Q2 (1e17.8 Mb/d) but the fall in demand is expected to ease to -12.9 Mb/d in June and -7.4 Mb/d in July and then decelerate to just -3.8 Mb/d i...

Stephane Houri

Ageas : Digitalisation post-COVID : quelles conséquences sur nos secteurs et valeurs ?

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. - >Digitalisation accélérée, pas de retour en arrière - La crise du COVID-19 va sans aucun doute accélérer l’utilisation du numérique dans la société en général. Le télétravail a ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 22/10/2019 - Teva - EN

TP ICAP - Europe - Morning CreditUpdate 22/10/2019 - Teva - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 22/10/2019 - Teva - FR

TP ICAP - Europe - Morning CreditUpdate 22/10/2019 - Teva - FR

SCHOELLER ALLIBERT - RATING REPORT

Schoeller Allibert has launched a €210m 5NC2 secured notes offering. The net proceeds will be used mainly to repay existing bank indebtedness and shareholder loans. Along with the transaction, the group has signed a 5-year €30m super senior RCF.

GALP ENERGIA RATING REPORT

Our rating is supported by Galp’s scale of operation as an integrated oil & gas company with strong market share in downstream activity in Portugal. Refining & Marketing (R&M) as well as Gas & Power (G&P) are generating free cash flow to invest in Exploration & Production (E&P) for the development of oil production in Brazil.

Ahmed Ben Salem

ODDO BHF Small & MIDCAP MORNING NEWS - 06/17/2020

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. Cf. report published last evening. - ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Laurence Hofmann
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/17/2020

This cross-sector report from ODDO BHF equity research aims to identify the sectors and stocks positively affected by or at risk from an acceleration in the digitisation of society and the economy post COVID-19. We arrive at a list of 16 attractive stocks and 12 stocks that we see as being at risk. Cf; report ppublished last evening. - ...

Ahmed Ben Salem

ODDO BHF Small & MIDCAP MORNING NEWS - 17/06/2020

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. Cf. étude publiée hier soir. - ...

Ahmed Ben Salem ...
  • Benoit Valleaux
  • Laurence Hofmann
  • Martial Descoutures
  • Sebastien Malafosse

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/06/2020

Cette note transversale du bureau d’étude ODDO BHF a pour but d’identifier les secteurs et valeurs positivement impactés ou en risque face à une accélération de la digitalisation de la société et de l’économie post COVID-19. Nous ressortons avec 16 valeurs attractives et 12 valeurs en risque. Cf. étude publiée hier soir. - ...

Ahmed Ben Salem ...
  • Alain William
  • Charles Lepetitpas
  • Fehmi Ben Naamane
  • Florent Laroche-Joubert
  • Geoffroy Michalet
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Philippe Ourpatian
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 05/15/2020

...

GALP ENERGIA SGPS sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of GALP ENERGIA SGPS (PT), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 9, 2020, the closing price was EUR 11.48 and its potential was estimated at EUR 12.49.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Expert Corporate Governance Service (ECGS)

Galp Energia, SGPS, S.A. – AGM 24 April 2020

In item 2, the Board of Directors proposes to distribute a total dividend per share of €0.70 on 2019 results, corresponding to a pay-out ratio of 149% of consolidated net earnings. The proposed dividend is 10.7% higher than that distributed last year, despite the 47.5% reduction of consolidated net income. In view of the recent events relating to Covid-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their survival. Thus, although we acknowledge that the proposed distribution is...

Expert Corporate Governance Service (ECGS)

Galp Energia April 12th, 2019

In item 6, shareholders are called to an advisory vote on the remuneration policy statement proposed by the Remuneration Committee. We have concerns over the Committee's composition, as it includes 2 representatives of Amorim Group and only 1 independent member. The overall executive remuneration amount is reasonable (the aggregate variable remuneration is capped at 60% of the base salary) and performance conditions are disclosed. However, the portion of variable components depending on a qualitative assessment (35%) is too high and there are no equity-based incentives. Furthermore, we regret...

Galp energia – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

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