Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Nobia AB: 1 director

A director at Nobia AB bought 89,803 shares at 3.255SEK and the significance rating of the trade was 50/100. 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...

Energy Morning - 30 April 2025

EBITDA 3% above - '25e guidance lifted

Aker Solutions (Hold, TP: NOK30.00) - Downside risk from 2026e

While being above consensus for Q1 and 2025, due to the estimated margin contribution from lucrative Aker BP projects, we believe consensus overestimates revenue capacity from 2026e as oil & gas projects taper off, being replaced by higher-risk renewables projects, in our view. We also see limited cash flow generation ahead due to working capital unwind. We reiterate our NOK30 target price, but have upgraded to HOLD (SELL).

Seafood - Chilean biomass update

Seafood - Chilean biomass update

Better risk-reward elsewhere - Down to HOLD

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Muted 2025 growth expectations

Following Q1 earnings calls by some of the oil service companies, 2025 outlooks appear more challenging than previously. Baker Hughes expects international upstream spending to decline by mid- to high-single digits, while Halliburton sees its international revenues flat to slightly down. Furthermore, Weatherford expects 2025 international revenue to decline by low double- to mid-double digits. Precision Drilling flagged additional rig suspensions by Saudi Aramco, and SLB highlighted a slow start...

ENI capex cut but maintains shareholder returns

Driven by macro headwinds and uncertainty around trade tariffs, ENI was the first large oil company to introduce capex cuts for 2025, contributing to a more challenging business environment for oil services. Over the past five years, we estimate ENI to have been the oil major with strongest offshore spending growth, and it has been considered active and opportunistic while others have been more conservative. Hence, we see its reduction as a soft datapoint for oil services. ENI has optimised its ...

Seafood - Norwegian biomass update

Seafood - Norwegian biomass update

Time to revisit

The unfolding trade war has led us to cut our global 2025–2027e demand and trim our spot price estimates. The negative price effect is partly countered by reduced mortality boosting volumes and lowering costs, leading to net EPS cuts of 11–2%. Given the sector’s solid track record in adapting to past crises and recent share-price declines, we see a significantly improved risk/reward and have a positive stance on the sector. We have upgraded Mowi, Bakkafrost, and Grieg Seafood to BUY (HOLD).

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

E&P spending sensitivity explored

With an oil price at the mid-USD60s/bbl level, focus on the oil major overspending situation, and resulting impact on the outlook for offshore-focused oil services, is set to increase further. While oil companies would likely cut, or even eliminate, buyback programmes first, we expect increased focus on spending reductions and efficiencies, creating a more challenging business environment for oil services. Hence, we see a risk of oil companies taking a more cautious approach, resulting in projec...

Crude Quarterly Q1'25: weaker oil market fundamentals

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Chilean biomass update

Seafood - Chilean biomass update

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Norwegian biomass update

Seafood - Norwegian biomass update

In a mid-cycle plateau

Following recent updates from E&P companies, we have reduced our 2025 offshore spending estimate to 0.5% (from c3% earlier this year). This is driven by a combination of actual 2024 spending being higher than expected (8% versus 4% previously), creating tougher comparables and a reduction in spending plans from Pemex in 2025. Despite growth flattening out, we still see the cycle building in duration, with execution of deepwater developments remaining on the agenda, albeit with a delayed executio...