reports
Subsea7: Subsea Integration Alliance awarded contract offshore Türkiy...
Subsea7: Subsea Integration Alliance awarded contract offshore Türkiye Luxembourg – 10 May 2024 - Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a large1 contract by Turkish Petroleum Offshore Technology Center AS (TP-OTC) relating to the Sakarya field development in the Black Sea, offshore Türkiye. The award will be booked in backlog in Q2 2024. An initial contract was awarded in May 2023 to a consortium including SLB, Subsea Integration Alliance2 and Saipem for the engineering, procurement, construction and installation of the second development phase (2a) of t...
- Louis Boujard
- CFA
- Philippe Ourpatian
- Louis Boujard
- CFA
- Philippe Ourpatian
- Stephane Foucaud
AUCTUS ON FRIDAY - 10/05/2024
AUCTUS PUBLICATIONS ________________________________________ GeoPark (GPRK US)C; target price of US$26 per share: More favourable offtake contract in Colombia – GeoPark has signe da new offtake contract with Vitol for a minimum of 20 mbbl/d. The agreement improves GeoPark’s price realizations by US$0.15/bbl vs the current agreement. As part of this transaction, GeoPark will obtain immediate access to committed funding from Vitol for up to US$300 mm, with an option to increase by another US$200 m...
GPRK GEOPARK
EGY VAALCO ENERGY INC.
A2PAZ7 TETHYS PETROLEUM
GENL GENEL ENERGY
ENI ENI S.P.A.
PXT PAREX RESOURCES INC.
ALVOF ALVOPETRO ENERGY LTD
SNM SHAMARAN PETROLEUM CORP.
VLE VALEURA ENERGY INC.
DNO DNO ASA CLASS A
FEC FRONTERA ENERGY CORP
BP. BP P.L.C.
DGOC DIVERSIFIED GAS & OIL
CNE CANACOL ENERGY LTD
KOS KOSMOS ENERGY LTD.
TAL PETROTAL (TAL)
HBR HARBOUR ENERGY PLC
PLSR CN PULSAR HELIUM INC.
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP : Q1 2024 a shade below forecasts, excluding non-recurring element...
>Outperform recommendation and target price of € 6.0 maintained - Recurring performances in Q1 2024 fell short of our forecasts. On a reported basis, Q1 2024 was in line with consensus. Activity in the first quarter was driven by the return to a more normal situation in terms of hydropower on the Iberian Peninsula and the positive trajectory of EDPR's activities, but offset by unfavourable price effects and marketing margins returning to more normal levels. Clearly, Q...
- Louis Boujard
- CFA
- Philippe Ourpatian
Enel : Q1 24 slightly better, with unchanged trajectory for 2024
>Outperform rating and € 9.20 target price maintained - Enel’s Q1 24 performances just beat expectations. Q1 was, as expected, driven by generation and marketing but it also benefited from investments in grids and price revisions. Management confirmed the group’s compliance with the 2024-2026 trajectory given last November. In view of this confirmation, we are leaving our estimates unchanged. We maintain our Outperform rating and target price of € 9.20, still based on...
PGS Contract Award in West Africa
PGS Contract Award in West Africa May 10, 2024, Oslo, Norway: PGS is awarded a 4D contract in West Africa for an international energy company. Mobilization is scheduled for early September. The contract has a total duration of approximately 65 days, with an option to extend. “We are very pleased with this contract award, securing visibility for another of our vessels well into the fourth quarter. After completion of scheduled acquisitions programs during the Northern Europe summer season we will steam a vessel to West Africa to commence this contract. By combining the Ramform acquisition p...
- Louis Boujard
- CFA
- Philippe Ourpatian
EDP : Un T1 2024, hors éléments non récurrents, un peu en deçà des att...
>Opinion Surperformance et OC 6.0 € maintenus - Les résultats récurrents du T1 24 sont ressortis un peu en deçà de nos attentes. Sur une base publiée, le T1 24 est en ligne avec le consensus. L’activité du premier trimestre est certes portée par le retour à une situation plus normale en termes d’hydroélectricité sur la péninsule ibérique et la trajectoire positive des activités d’EDPR, mais compensée par des effets de prix défavorables et des marges de commercialisati...
- Louis Boujard
- CFA
- Philippe Ourpatian
Enel : Un T1 24 un peu meilleur avec une trajectoire 2024 inchangée
>Opinion Surperformance et OC 9.20 € maintenus - Le groupe a publié des performances au T1 24 un peu au-dessus des attentes. Le premier trimestre est, comme attendu porté par les activités de génération et de commercialisation mais bénéficie également des investissements dans les réseaux et des révisions tarifaires. Le management a confirmé le respect de la trajectoire 2024-2026 délivrée en novembre dernier. Compte tenu de cette confirmation, nous maintenons inchangé...
- ABGSC Oil & Oil Services Research
- John Olaisen
Transaction in Own Shares
Transaction in Own Shares Transaction in Own Shares 9 May, 2024 • • • • • • • • • • • • • • • • Shell plc (the ‘Company’) announces that on 9 May, 2024 it purchased the following number of Shares for cancellation. Aggregated information on Shares purchased according to trading venue: Date of purchaseNumber of Shares purchasedHighest price paid Lowest price paid Volume weighted average price paid per shareVenueCurrency09/05/2024595,978£29.2350£28.9500£29.0895LSEGBP09/05/2024128,609£29.2350£28.9700£29.0808Chi-X (CXE)GBP09/05/2024100,413£29.2400£28.9750£29.0602BATS (BXE)GBP09/05/2024573,...
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
ALO ALSTOM SA
ELE ENDESA S.A.
VER VERBUND AG CLASS A
BA. BAE SYSTEMS PLC
BC8 BECHTLE AG
FDR FLUIDRA S.A.
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
PRY PRYSMIAN S.P.A.
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ARGX ARGEN-X SE
KBX KNORR-BREMSE AG
NEXI NEXI S.P.A.
ENR SIEMENS ENERGY AG
ARM ARM HOLDINGS PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
Verbund : Positive points in the short term but uncertainties linger o...
>A publication in line with our forecasts - Yesterday morning, Verbund published Q1 2024 results in line with forecasts. EBITDA was € 883m (-9%) vs € 880m expected. Reported EBIT was also down to € 745m (-11.5%), in line with our estimate and attributable net profit was down to € 506m (-4%) vs € 513m forecast (ODDO BHF). The group experienced a far less favourable market price environment than last year with an average captured price on hydro of € 129.5/MWh (-31% y-o-...
- Research Department
IBERIAN DAILY 09 MAY + 1Q’24 RESULTS. HIGHLIGHTS AND REST OF PREVIEWS ...
NEWS SUMMARY: BANKING SECTOR, CAF, REPSOL, TELEFÓNICA. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 1Q’24 results to be released over the coming days in Spain. Europe continues to rally Another session of gains in Europe (except in Italy, which fell slightly), driven by the results campaign and despite the fact that sovereign debt yields widened after several days of tighte...
- Research Department
INFORME DIARIO 09 MAYO + RDOS. ESPAÑA Y EUROPA 1T’24. IDEAS DESTACADAS...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: CAF, REPSOL, SECTOR BANCARIO, TELEFONICA. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 1T’24 que se publicarán en España y Europa en los próximos días. Europa sigue al alza Continuaron una jornada más las subidas en Europa (a excepción de Italia que recortó de forma moderada) impulsadas por la campaña de...
- Louis Boujard
- CFA
- Philippe Ourpatian
Verbund : Du bon sur le court terme mais toujours des incertitudes sur...
>Une publication conforme à nos attentes - Verbund a publié hier matin des résultats T1 24 conformes aux prévisions. L'EBITDA ressort à 883 M€ (-9%) vs 880 M€ attendus. L'EBIT publié a également diminué à 745 M€ (-11.5%), en ligne avec nos estimations et le RNpg est en baisse à 506 M€ (-4%) contre 513 M€ attendus (ODDO BHF). Le groupe a connu un environnement de prix de marché beaucoup moins favorable que l'année dernière avec un prix capturé moyen sur l'hydroélectric...
CGG Launches AI Cloud Solution Powered by NVIDIA for Optimized AI and ...
CGG Launches AI Cloud Solution Powered by NVIDIA for Optimized AI and HPC Workloads Paris, France – May 9, 2024 CGG, a global technology and HPC leader, has announced the launch of its solution, designed to meet the needs of data-intensive industries, including life sciences, digital media, manufacturing and geoscience, that seek to optimize and accelerate their demanding and resource-heavy AI workloads. CGG’s new AI Cloud solution combines the latest high-performance architecture, including cutting-edge GPUs fully configured and optimized for AI fine-tuning and inference, wit...
CGG Lance sa Solution AI Cloud pour Optimiser les Flux de Travail d’IA...
CGG Lance sa Solution AI Cloud pour Optimiser les Flux de Travail d’IA et d’HPC Paris, France – le 9 mai 2024 CGG, un leader mondial en technologies et calcul scientifique de Haute Performance (HPC), annonce ce jour le lancement de sa solution , conçue pour répondre aux besoins des entreprises les plus consommatrices de données, telles celles présentes sur les marchés des sciences de la vie, des médias numériques, de l’industrie automobile et aéronautique et des géosciences, qui cherchent à optimiser et à accélérer leurs flux de production exigeants et consommateurs en ressources utilisa...
- Steffen Evjen
PGS (Hold, TP: NOK8.50) - Negative underlying FCF
Q1 EBITDA was below expectations, on higher costs. While cash conversion appeared exceptionally strong, we believe it was driven by non-recurring items, leaving underlying cash flow much weaker than headline figures suggest. We forecast negative underlying FCF in 2024, adjusting for arbitration proceeds received in Q1. Expecting soft vessel utilisation in Q2 as well, due to steaming and yard stays, we have reduced our 2024e EBITDA by 7%. We reiterate our HOLD, but have cut our target price to NO...
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