Why Oil & Gas Major Equinor Shares Are Higher Premarket Thursday
Equinor ASA First Quarter FY24 Results:
- Adjusted revenue and other income declined 13% Y/Y to $24.79 billion, exceeding consensus.
- Equity liquids production increased by 2% Y/Y, while equity gas production fell by 1% Y/Y.
- Operating cash flow decreased by 39% Y/Y to $9.0 billion in the quarter.
- The company declared a first-quarter ordinary cash dividend per share of $0.35 and an extraordinary cash dividend of $0.35.
- Equinor reaffirmed its FY24 outlook with stable production and around $13 billion in organic capital expenditures.
Share Buyback Program and Dividend:
- Equinor initiated the second tranche of the share buyback program for 2024 worth up to $1.6 billion.
- The board disclosed a two-year share buyback program for 2024-2025 totaling $10 billion-$12 billion.
- A first-quarter ordinary cash dividend per share of $0.35 and an extraordinary cash dividend of $0.35 were announced.
Renewable Energy Production:
- Equinor generated 774 GWh from renewables, marking a 48% increase Y/Y.
- The company emphasized a value-driven approach to renewable growth and achieved better terms for projects like Empire Wind 1 in the US.
CEO Statements:
- Anders Opedal, President and CEO of Equinor, highlighted cost and emission reductions from projects like Eirin, Sleipner, and Gudrun.
- He mentioned the company's focus on renewables growth, including commercial production from Mendubim solar plants in Brazil.
Stock Performance and Investment Opportunities:
- EQNR shares rose by 4.02% to $28.19 premarket.
- Investors can access the stock through Macquarie ETF Trust Macquarie Energy Transition ETF PWER and Pacer Developed Markets International Cash Cows 100 ETF ICOW.
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Noteworthy ETF Outflows: ICOW
ICOW Stock Performance: ICOW's stock has a 52-week low of $27.43 and a high of $34.41, with the last trade recorded at $34.20, indicating its current position within this range.
ETFs Trading Dynamics: ETFs function similarly to stocks but involve trading "units" that can be created or destroyed based on investor demand, affecting the underlying holdings and market flows significantly.
ICOW Makes Notable Cross Below Critical Moving Average
ICOW Stock Performance: ICOW's stock has a 52-week low of $28.50 and a high of $33.14, with the last trade recorded at $30.70.
Market Analysis Note: The article mentions other ETFs that have recently fallen below their 200-day moving average, indicating potential market trends.
Equinor Unveils $5 Billion Buyback, Trims Renewables Spending As Oil & Gas Output Rises
Fourth Quarter Results: Equinor ASA reported a 5% decline in revenue year-over-year to $27.654 billion, with adjusted operating income of $7.90 billion and an adjusted EPS of $0.63, slightly beating estimates. The company also announced a cash dividend and initiated a share buyback program totaling up to $1.2 billion.
Future Outlook: Equinor aims for over 10% growth in oil and gas production from 2024 to 2027, while reducing investments in renewables to $5 billion. The company targets total capital distributions of up to $9 billion in 2025 and expects to strengthen free cash flow significantly by cutting costs and capex.
Equinor Powers Up Empire Wind 1 Project With Financing Package: Details
Equinor's Project Financing: Equinor ASA has secured over $3 billion in financing for its Empire Wind 1 offshore wind project, which aims to power 500,000 homes in New York and is set to begin operations in 2027.
Recent Developments: The company has exited upstream businesses in Azerbaijan and Nigeria for up to $2 billion, enhancing cash flow, and discovered a new oil field in the North Sea with estimated reserves of 2 to 12 million barrels.
Vodafone, Google Expand Partnership With Billion+ Dollar Deal: Details
Expanded Partnership: Vodafone Group has entered a 10-year collaboration with Alphabet Inc. to enhance services and devices in Europe and Africa, utilizing Google Cloud and AI technologies, including Gemini models.
AI Integration and Future Plans: The partnership will improve Vodafone TV personalization and security services while expanding access to Google’s AI-powered Pixel devices, with plans to offer Google One AI Premium subscriptions by 2025.
ICOW Crosses Above Key Moving Average Level
ICOW Stock Performance: ICOW's stock has a 52-week low of $28.34 and a high of $33.14, with the last trade recorded at $31.30.
Market Analysis: The article mentions other ETFs that have recently crossed above their 200-day moving average, indicating potential market trends.
Noteworthy ETF Outflows: ICOW
ICOW Stock Performance: ICOW's stock has a 52-week low of $27.43 and a high of $34.41, with the last trade recorded at $34.20, indicating its current position within this range.
ETFs Trading Dynamics: ETFs function similarly to stocks but involve trading "units" that can be created or destroyed based on investor demand, affecting the underlying holdings and market flows significantly.
ICOW Makes Notable Cross Below Critical Moving Average
ICOW Stock Performance: ICOW's stock has a 52-week low of $28.50 and a high of $33.14, with the last trade recorded at $30.70.
Market Analysis Note: The article mentions other ETFs that have recently fallen below their 200-day moving average, indicating potential market trends.
Equinor Unveils $5 Billion Buyback, Trims Renewables Spending As Oil & Gas Output Rises
Fourth Quarter Results: Equinor ASA reported a 5% decline in revenue year-over-year to $27.654 billion, with adjusted operating income of $7.90 billion and an adjusted EPS of $0.63, slightly beating estimates. The company also announced a cash dividend and initiated a share buyback program totaling up to $1.2 billion.
Future Outlook: Equinor aims for over 10% growth in oil and gas production from 2024 to 2027, while reducing investments in renewables to $5 billion. The company targets total capital distributions of up to $9 billion in 2025 and expects to strengthen free cash flow significantly by cutting costs and capex.
Equinor Powers Up Empire Wind 1 Project With Financing Package: Details
Equinor's Project Financing: Equinor ASA has secured over $3 billion in financing for its Empire Wind 1 offshore wind project, which aims to power 500,000 homes in New York and is set to begin operations in 2027.
Recent Developments: The company has exited upstream businesses in Azerbaijan and Nigeria for up to $2 billion, enhancing cash flow, and discovered a new oil field in the North Sea with estimated reserves of 2 to 12 million barrels.
Vodafone, Google Expand Partnership With Billion+ Dollar Deal: Details
Expanded Partnership: Vodafone Group has entered a 10-year collaboration with Alphabet Inc. to enhance services and devices in Europe and Africa, utilizing Google Cloud and AI technologies, including Gemini models.
AI Integration and Future Plans: The partnership will improve Vodafone TV personalization and security services while expanding access to Google’s AI-powered Pixel devices, with plans to offer Google One AI Premium subscriptions by 2025.
ICOW Crosses Above Key Moving Average Level
ICOW Stock Performance: ICOW's stock has a 52-week low of $28.34 and a high of $33.14, with the last trade recorded at $31.30.
Market Analysis: The article mentions other ETFs that have recently crossed above their 200-day moving average, indicating potential market trends.
