Weekly news, topics & discussion

In the past week, we published an update on Equinor; we expect lowered renewables targets and capex guidance at the upcoming Capital Markets Update to be overshadowed by limited will or capacity for attractive shareholder distributions beyond 2025. We see significant downside risk for the stock to trade in line with peers on 2026e total shareholder yields. In other news, Panoro Energy released its Q3 results; we consider the report fairly neutral. Finally, production at Johan Sverdrup is back to...

Valuation update

In this note, we show updated valuation statistics for the E&P sector

BP: 1 director

A director at BP bought 12,000 shares at 4.815USD and the significance rating of the trade was 55/100. 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 Clo...

Energy Morning - 18 November 2024

Equinor (Sell, TP: NOK200.00) - Running out of energy

We expect lowered renewables targets and capex guidance at its Q4 results and Capital Markets Update to be overshadowed by limited will or capacity for attractive shareholder distributions beyond 2025, with a soft production outlook and still-rising capex weighing on FCF. Based on having to fund buybacks from net debt from 2026e, we see significant downside risk for Equinor shares to trade in line with peers on 2026e total shareholder yields. We have downgraded to SELL (HOLD) and cut our target ...