June 11, 2023


Complete News World

Triple collapse in oil services stocks after a lost arbitration case

Quantafuel’s stake rose 14.3 percent to NOK 6.29 per share after falling more than 60 percent in the past year.

coloring It signed a service agreement with US biotech company Inari, which is increasing the stock by 1.6 percent.

Gram vectors for cars It extended its rally on Friday after the auto shipper delivered a strong quarterly report. The share rose 2.4 percent.

Norwegian It joins Norsk e-Fuel to build its first full-scale electric fuel production plant in Musjon, and is up 1.3 percent after a solid 38 percent rise since the new year.

Standard width It reports earnings and dividends in the first quarter of the year and strengthened by 1.8 percent.

Karasent Changes strategy and announces writedown of 40 million. The share rose 1.8 percent.

computer chip company North Semiconductor It fell 17 percent on Thursday and 4.9 percent on Friday, but rebounded 1 percent on Monday. Many analysts have revised their price target lower after the resulting bombshell last week.

oil price

Since midnight, Brent oil has fallen 1.3% to $80.62 a barrel, while WTI has fallen 1.3% to $76.86 a barrel.

By comparison, the price of a barrel of North Sea oil was 81.59 at the stock exchange close in Oslo on Friday. Over the weekend, the price of oil fell by $1.

Viewed in isolation, it is positive for commodity markets that the Chinese economy is expected to rebound strongly this year, notes analyst Roger Berntsen of Nordnet.

On the other hand, growth drivers from other important regions of the world remain weak due to high inflationary pressure and “high” interest rates. And the price of oil, one of the most sensitive commodities in terms of global growth, woke up around $80 on Monday morning, which are high levels from a historical perspective, but well below last year’s extreme levels.

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Revenues fell and profits shrank our energy in the first quarter. However, the oil and gas company delivered in line with expectations. The share rose 4 percent to NOK 26.27 after declining more than 20 percent this year so far.

“Overall, a strong quarter, well above our expectations, and without operating surprises, which is good news for the stock,” Fearnley Securities wrote according to TDN Direkt.

Sparebank 1 Markets expects limited changes in estimates following the report and confirms the stock’s valuation is attractive with a dividend yield of 18 percent and production growth forecasts of 50 percent in the coming years.

However, we assume that the market needs to see more evidence that Balder’s development is on the right track. Going through September without a Balder alert would be encouraging, in our opinion. Vår Energi must submit any updated budget/schedule to the government during September if there are significant changes,” Sparebank 1 Markets notes.

Equinor It decreases 0.5 percent, while Aker BP It strengthened by 0.4 per cent.