Aramco’s stock is preparing for gains in the wake of announcing the results of the Saudi oil giant’s business, which achieved historical growth rates, which reflected positively on the stock’s performance in the money market.
Aramco 2022 business results, announced by the company today, Sunday, March 12 (2023), showed net profits of $30.7 billion during the fourth quarter, while profits for the entire world recorded $161 billion, compared to about $110 billion during the previous year (2021). ).
And the share price of Saudi Aramco recorded, during today’s transactions, the level of 33 Saudi riyals ($ 8.79), up by about 20 fils from the opening level, according to market data. trade Saudi Arabia.
Analysts and experts, polled by the specialized energy platform, expect business results to reflect positively on Aramco shares and push it higher, especially with the tendency of financial institutions to buy, with the announcement of the historical gains achieved recently.
Aramco share forecast
Hossam Eid, head of the investment sector in a securities company, said that Aramco’s share will witness positive progress, after the Saudi company announced its annual business results, which showed a profit growth of 46.46%, which is an unprecedented boom in results.
He explained that Aramco’s share will witness an upward push, positive performance, and a test of the main resistance level, which is 33 Saudi riyals (8.79 US dollars), supported – also – by the tendency of foreign and Arab financial institutions to buy and open financial centers near the main support level, which is 32.42 riyals (8.63). dollars).
Hossam Eid added, in exclusive statements to the energy platform, that the stock will head with this performance to restore the main resistance level, its penetration and stability above, targeting the second resistance level, which is 33.25 riyals.
He expected Saudi Aramco’s share to continue its positive performance, rise, and achieve significant gains, in conjunction with the company’s announcement of dividends to shareholders, with continued expectations of a recovery in global oil demand, which would increase the company’s exports and continue to achieve high quarterly growth rates.
Cross price channel
Hanan Ramses, a financial market expert in Egypt, expected that Aramco’s share would be able to achieve an occasional price channel, the highest of which would be 35 riyals per share, and the lowest would be at the level of 30 riyals.
And she explained, in statements to the specialized energy platform, that Aramco’s profits announced for the past year 2022 are the highest annual profits for a company listed on the Saudi financial market for this year, and it achieved the highest profit surplus since 2017.
The expert in financial markets attributed Aramco’s increasing profits to the increase in exports, with the rise in average global oil prices during the past year 2022, as it ranged between 95 and 105 dollars per barrel, so the profits were large.
Hanan Ramses indicated that Aramco’s share continued its “strength”, especially with the company announcing dividends of 73.2 billion riyals for the fourth quarter of 2022, to be distributed during the current year 2023, an increase of 4% from the previous quarter.
She added, “Aramco is currently seeking to diversify its fields of activities, so it is no longer limited to expanding oil, gas and chemicals production, but rather is investing in new areas, especially environmental aspects related to improving the business environment and reducing emissions, in preparation for issuing green bonds.”
And she continued: “The energy sector interacted positively with the results of the Saudi company’s business, as Aramco’s share rose by 0.66%, or by about 37 points, to reach 5585 points, and reaches 33 riyals at the beginning of the Sunday sessions, which is the first session of the week.”
(SAR = 0.27 USD)
Aramco business results 2022
Saudi oil giant Aramco announced its business results for the fourth quarter of last year 2022, which recorded profits of $30.7 billion, in addition to $161 billion in profits for the entire year, according to data seen by the specialized energy platform.
The following chart, prepared by the specialized energy platform, shows Aramco’s 2023 dividend schedule:
Cash flows recorded a record level of $148.5 billion, compared to $107.5 billion in 2021, while the company announced dividends to shareholders for the fourth quarter of 73.2 billion Saudi riyals ($19.5 billion), which will be paid on March 20, 2023. .
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