Oslo Børs opens down, Equinor falls after quarterly results
Oslo Børs opened on Wednesday with a 0.45% decrease to 1237.1, following a 0.1% increase on Tuesday. The price of North Sea oil is currently at $83.51 per barrel, down 0.1% from midnight. In comparison, the oil was traded at $82.83 per barrel at the close of Oslo Børs on Tuesday. Equinor is down 0.9%, while Aker BP is up 0.4%.
Equinor released its second-quarter results on Wednesday morning, reporting a net income of $1.8 billion, down from $6.8 billion in the same period last year. The bottom line has decreased by 74%. “Equinor delivered solid earnings in a quarter affected by audit stops and a decline in energy prices from extraordinary levels last year,” said CEO Anders Opedal. The stock is down 0.9%.
Subsea 7 reported a net income of $14 million in the second quarter, down from $22 million last year. The order book increased by $2.2 billion, bringing the total order book to $10.4 billion. The company believes that the new contracts will significantly boost margins. ”With continued positive progress in new orders, over $2 billion in new work was booked during the quarter,” said CEO John Evans in a press release. The stock is down 3.9%.
Deutsche Bank downgraded its recommendation on Nordic Semiconductor from buy to hold. The target price remains unchanged at 150 kroner. The stock is down 3.9%.
In positive news, SAS, the airline, reported a profit of 161 million Swedish kronor in June, according to a statement. However, the company still recorded a loss of 4.7 billion Swedish kronor from November 1 last year to June 30 this year, despite generating revenues of 4.46 billion Swedish kronor in June. The deadline to raise fresh capital for the struggling airline was extended to July 17 before the summer. The goal was to raise 9.5 billion Swedish kronor through a capital increase. As of the end of June 2023, the company had cash and cash equivalents of 7.1 million Swedish kronor. The stock is up 12.45%.
Hexagon Agility, a subsidiary of Hexagon Composites, announced on Wednesday morning that it has received orders for Mobile Pipeline and RNG fuel systems from a major fleet in North America. These modules will be used for mobile refueling of the company’s growing fleet of vehicles that use renewable natural gas. The total value of the received orders is estimated at $31 million, equivalent to approximately 310 million Norwegian kroner. The stock is up 0.8%.
Carnegie has initiated coverage on BerGenBio, recommending a buy with a target price of 0.25. The stock is currently trading at 0.015 kroner per share, and the price is up 16.3%.
What was the net income reported by Equinor in the second quarter of this year, and how does it compare to the same period last year?
Oslo Børs started the day off with a 0.45% decline to 1237.1, following a 0.1% increase on Tuesday. Meanwhile, the price of North Sea oil currently stands at $83.51 per barrel, down 0.1% from midnight. This is in contrast to the $82.83 per barrel that it was traded at the close of Oslo Børs on Tuesday. Equinor has seen a 0.9% decrease in its stock, while Aker BP has had a 0.4% increase.
On Wednesday morning, Equinor released its second-quarter results, showing a net income of $1.8 billion. This is a significant decline from the $6.8 billion reported in the same period last year, resulting in a 74% decrease in the bottom line. CEO Anders Opedal stated that Equinor had delivered solid earnings in a quarter impacted by audit stops and a decline in energy prices compared to last year’s extraordinary levels. As a result, the stock is down 0.9%.
Additionally, Subsea 7 also reported its results.
Great to see such a diverse range of companies making waves in Oslo Børs. Equinor, Aker BP, Subsea 7, Nordic Semiconductor, SAS, Hexagon Agility, and BerGenBio are all powerhouses in their respective industries. Excited to see what the future holds for them!