Following a ~20% share price drop since mid-January, primarily driven by lower oil prices, we see firm signs of an improving seismic market. Q1 streamer vessel demand is shaping up to be ~25% higher YOY, and TGS is set to deploy three vessels on the NCS in Q2–Q3, which would be its busiest level since 2014. This, along with low-hanging merger-related fruit, looks set to drive a significant YOY increase in 2025e FCF, implying a ~15% yield. We reiterate our BUY and NOK140 target price.
TGS: Delivery of Shares from Vested 2023 Restricted Share Units Oslo, Norway (13 March 2025) – with reference to the stock exchange release published on 4 March 2025 “Vesting of 2023 Restricted Share Unit Award.” Of the 15,000 Restricted Share Units granted to Carel Hooijkaas, he received 12,536 shares in TGS today. The fair market value of the remaining shares is used to cover withholding obligations and other necessary deductions that arise in connection with the vest. The shares transferred to Carel Hooijkaas are taken from TGS treasury shares. After the transaction, Carel Hooijkaas ...
TGS: MANDATORY NOTIFICATION OF TRADES Oslo, Norway (13 March 2025) – In February 2019, TGS implemented an Employee Share Purchase Plan (ESPP) pursuant to which eligible employees can purchase TGS common shares at a discount through payroll deductions. The ESPP operates in six-month periods, and at the end of each period, employees in eligible jurisdictions (United States, United Kingdom and Canada) have the option to purchase stock at a 15% discount to the market price at the time of purchase. The plan sets a maximum purchase of shares per employee per six-month period and ESPP dividends ar...
TGS: VESTING OF 2023 RESTRICTED SHARE UNIT AWARD Oslo, Norway (4 March 2025) – On 1 March 2025, 15,000 Restricted Share Units (RSUs) granted to Carel Hooijkaas on 1 March 2023, in accordance with the terms of his employment agreement, as approved by the Board of Directors of TGS ASA, and TGS Remuneration Policy, approved by the shareholders of TGS ASA, vested. Each vested RSU represents the right to receive one share of the Company’s common stock, with the shares to be issued from the Company’s treasury stock. The vested RSUs may be partially settled in cash using the fair market value of ...
TGS: Mandatory Notification of Trade OSLO, NORWAY (4 March 2025) - Christopher Finlayson, Chairman of the Board of TGS, has today purchased 5,000 shares in TGS ASA at a price of NOK 102.1937 per share. Following the transaction he owns 38,000 shares in TGS. Attachment
TGS: MANDATORY NOTIFICATION OF TRADE Oslo, Norway (1 March 2025) – TGS has issued an award of 15,000 Restricted Share Units (RSUs) to Carel Hooijkaas in accordance with the terms of his employment agreement, as approved by the Board of Directors of TGS ASA, and TGS Remuneration Policy, approved by the shareholders of TGS ASA. Each RSU represents the right to receive one share of the Company’s common stock upon vesting in accordance with the terms of the award. The RSUs are secured by the Company’s treasury stock. The schedule attached reflects the holdings of the primary insider. Abou...
Q4 EBITDA was 8% below consensus, while cash flow was solid. Net debt has declined to a level where DOF should reach its target leverage ratio of 1.5–2.0x without further deleveraging needed (current NIBD to 2025e EBITDA is 1.8x), with focus shifting to shareholder returns after the expected refinancing is completed. The stock is trading at 2025–2026 EV/EBITDAs of 4.4–3.3x and an annualised DPS yield of 14% from Q2. We reiterate our BUY and NOK135 target price.
A director at TGS ASA bought 7,000 shares at 110.300NOK and 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 showi...
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