reports
- Steffen Evjen
Mixed risk for dividend cuts
Following the recent sharp oil price drop to ~USD70/bbl, we see increased investor concerns about the robustness of shareholder distributions. Historically, disappointments related to dividends and/or buybacks have triggered meaningful negative share-price reactions. For our large-cap NCS coverage, we believe oil prices would have to move below USD60/bbl for any negative surprises to unfold for Aker BP and Equinor, as both have strong balance sheets, enabling dividend flexibility. On the other h...
- Steffen Evjen
Equinor ASA: Buy-back of shares to share programmes for employees
Equinor ASA: Buy-back of shares to share programmes for employees Please see below information about transactions made under the buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR) for shares to be used in the share-based incentive programmes for employees and management. Date on which the buy-back programme was announced: 7 February 2024. The duration of the buy-back programme: 15 February 2024 to 15 January 2025. Size of the buy-back programme: The total purchase amount under the programme is NOK 1,156,000,000 and the maximum shares to be acquired is 16,800,000 shares, of wh...
Equinor ASA: Kjøp av aksjer til aksjeprogram for ansatte
Equinor ASA: Kjøp av aksjer til aksjeprogram for ansatte Nedenfor følger informasjon om transaksjoner knyttet til tilbakekjøpsprogrammet for Equinor ASA (OSE:EQNR, NYSE:EQNR) til bruk i aksjebaserte insentivprogrammer for ansatte og ledelse. Dato for annonsering av tilbakekjøpsprogrammet: 7. februar 2024. Varighet av tilbakekjøpsprogrammet: 15. februar 2024 til 15. januar 2025. Størrelse av tilbakekjøpsprogrammet: Samlet kjøpesum i tilbakekjøpsprogrammet er inntil NOK 1.156.000.000 og det maksimale antall aksjer som kan erverves er 16.800.000, hvorav opp til 7.400.000 aksjer kan er...
Equinor ASA: Share buy-back
Equinor ASA: Share buy-back Please see below information about transactions made under the third tranche of the 2024 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO). Date on which the third tranche of the 2024 programme was announced: 24 July 2024. The duration of the third tranche of the 2024 programme: 25 July to no later than 22 October 2024. Further information on the tranche can be found in the stock market announcement on its commencement dated 24 July 2024, available here: From 9 September until 13 September 2024, Equinor ASA has pu...
Equinor ASA: Tilbakekjøp av egne aksjer
Equinor ASA: Tilbakekjøp av egne aksjer Nedenfor følger informasjon om transaksjoner foretatt under tredje transje av Equinor ASAs (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO) tilbakekjøpsprogram for 2024. Dato for når tredje transje av 2024-programmet ble annonsert: 24. juli 2024. Varigheten til tredje transje av 2024-programmet: 25. juli til senest 22. oktober 2024. Ytterligere informasjon om transjen kan finnes i børsmelding om dens oppstart datert 24. juli 2024, tilgjengelig her: Fra 9. september til 13. september 2024, har Equinor ASA kjøpt tilbake totalt 1.200.000 egne aksjer...
Equinor ASA: Buy-back of shares to share programmes for employees
Equinor ASA: Buy-back of shares to share programmes for employees Please see below information about transactions made under the buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR) for shares to be used in the share-based incentive programmes for employees and management. Date on which the buy-back programme was announced: 7 February 2024. The duration of the buy-back programme: 15 February 2024 to 15 January 2025. Size of the buy-back programme: The total purchase amount under the programme is NOK 1,156,000,000 and the maximum shares to be acquired is 16,800,000 shares, of wh...
Equinor ASA: Kjøp av aksjer til aksjeprogram for ansatte
Equinor ASA: Kjøp av aksjer til aksjeprogram for ansatte Nedenfor følger informasjon om transaksjoner knyttet til tilbakekjøpsprogrammet for Equinor ASA (OSE:EQNR, NYSE:EQNR) til bruk i aksjebaserte insentivprogrammer for ansatte og ledelse. Dato for annonsering av tilbakekjøpsprogrammet: 7. februar 2024. Varighet av tilbakekjøpsprogrammet: 15. februar 2024 til 15. januar 2025. Størrelse av tilbakekjøpsprogrammet: Samlet kjøpesum i tilbakekjøpsprogrammet er inntil NOK 1.156.000.000 og det maksimale antall aksjer som kan erverves er 16.800.000, hvorav opp til 7.400.000 aksjer kan er...
- Steffen Evjen
Weekly news, topics & discussion
This week, we published an update on DNO, seeing significant value potential from its Norwegian portfolio. As one of the most successful NCS exploration companies in recent years, the company has discovered net resources of ~135mmboe. In other news, we upgraded Aker BP to BUY (HOLD), viewing its recent underperformance as an attractive entry point. Also, a gas market update with Equinor left us slightly more bullish with regards to the near- and long-term gas market outlook.
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Ana Arjona-Martinez
- Chaima Ferrandon
- Sven Edelfelt
- Stephane Foucaud
AUCTUS ON FRIDAY -136/09/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price £0.40 per share: Anchois-3 encounters gas in the appraisal targets but one of the exploration target is dry – The Anchois-3 well has 3 objectives. While the initial pilot hole encountered the targeted reservoirs at the Anchois Footwall prospect, they were interpreted as water wet. Our ReNAV for this prospect was £0.03/sh. The well was sidetracked in the B sands which are the main appraisal targets. Prel...
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : IEA report: a surplus in 2025 that is acting as a drag on price...
>Growth in demand slowing due to China - The IEA has just published its monthly report in which it has revised further down its demand growth estimates by 70kb/d to +900 kb/d for 2024 and by 30 kb/d to +950 kb/d for 2025. This level compares with +1.2 Mb/d pre-Covid and a record of +2.1 Mb/d in 2023, an exceptional year marked by a catch-up effect. This decline is mainly due to the slowdown in China, which contributes to the tune of ~60% to growth in global demand....
- Ahmed Ben Salem
- Thijs Berkelder
ODDO : Rapport AIE : un surplus en 2025 qui pèse sur les cours. Scénar...
>La croissance de la demande ralentit à cause de la Chine - L’AIE vient de publier son rapport mensuel et révise une nouvelle fois en baisse ses estimations de croissance de la demande de 70 kb/j à +900 kb/j pour 2024 et de 30 kb/j à +950 kb/j pour 2025. Ce niveau se compare à +1.2 Mb/j avant le COVID et un record de +2.1 Mb/j en 2023, une année exceptionnelle marquée par un effet rattrapage. Cette baisse s’explique pour l’essentiel par le ralentissement en Chine, ...
- Steffen Evjen
DNO (Buy, TP: NOK16.00) - Significant NCS value potential
With a solid NCS exploration track record, DNO has discovered net resources of over 135mmboe. We estimate a NCS production CAGR of ~10% throughout this decade, with additional upside potential if discoveries are sanctioned. Despite the Iraq-Turkey pipeline uncertainty, we expect sufficient cash flow to cover dividends until 2030, even if oil is sold locally at mid-USD30/bbl. We reiterate our BUY and have raised our target price to NOK16 (12)
- Steffen Evjen
Equinor ASA: Share buy-back
Equinor ASA: Share buy-back Please see below information about transactions made under the third tranche of the 2024 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO). Date on which the third tranche of the 2024 programme was announced: 24 July 2024. The duration of the third tranche of the 2024 programme: 25 July to no later than 22 October 2024. Further information on the tranche can be found in the stock market announcement on its commencement dated 24 July 2024, available here: From 2 September until 6 September 2024, Equinor ASA has purchased a...
Equinor ASA: Tilbakekjøp av egne aksjer
Equinor ASA: Tilbakekjøp av egne aksjer Nedenfor følger informasjon om transaksjoner foretatt under tredje transje av Equinor ASAs (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO) tilbakekjøpsprogram for 2024. Dato for når tredje transje av 2024-programmet ble annonsert: 24. juli 2024. Varigheten til tredje transje av 2024-programmet: 25. juli til senest 22. oktober 2024. Ytterligere informasjon om transjen kan finnes i børsmelding om dens oppstart datert 24. juli 2024, tilgjengelig her: Fra 2. september til 6. september 2024, har Equinor ASA kjøpt tilbake totalt 1.500.000...
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