(Obi.en): Equinor la on Wednesday morning until their number 4. quarter. And even if oljegiganten met expectations in some areas, reached, among other things, the operation up to analysts ' expectations.
Parent so was Q4-the numbers are disappointing and weak, with adjusted EBIT of 9 percent under the expectation. Nevertheless, much of the deviation is due to lower realized prices in the third quarter as linked to the phasing and the timing for lifting of oil from the installations, " says the analyst of SEB, Halvor Strand Nygård, to the Obi.no.
- however, This is not something we ekstrapolerer further then that, to a large extent, not related to the operation. So, in isolation, is the Q4-numbers bad, but not horribly scary, points out the analyst.
Nygård says to Obi.no that however, going forward, is the message from the Equinors capital markets day parent positive, with visibilitet on production until 2025, nice cash flow and a boost in dividends.
- the Dividend was a positive surprise how Equinor increases it by 13 per cent, which is 7-8 per cent over the both we and the market had predicted, " he says, and also points out that the company came with a nice cash flow-guiding.
- This is largely related to the lower capex than expected and will give a good cash flow going forward, which will increase mulighetsrommet for further activity, acquisitions, aksjetilbakekjøp and the strengthening of the balance sheet, says the analyst.
Nygård points out towards the Obi.now that it is, however, not only were positive ovverraskelser in today's report.
- Produksjonsutsiktene for 2019 was somewhat weak with an expected flat production compared with 2018, which is 3-5 per cent below expectation. But the company will enjoy the start of Sverdrup so that the prospects for growth are good going forward.
SEB have a kjøpsanbefaling at Equinor, with a price target of 220 million.
Also, the analyst at Fearnley Securities, Trond Omdal, draws in a fresh report up disappointments as adjusted net operating income and the company's produksjonsguiding.
On the positive side, expand the company average organic capex of 11 billion dollars until 2021, and guides a 3% compound annual growth rate from 2019-2025. It indicates a production in 2025 of over 2.5 million barrels per day, against our estimate of 2,425 million barrels, type Omdal in the report.
He also points out that it was not announced any buy back of the shares, but believes the wording of today's report was more positive than in the past, and that it increased the level of dividends indicates a floor of 200 nok for the Equinor-stock.
- We will probably reduce the EBIT estimate for 2019 with 2-3 per cent, but will, however, probably maintain our kjøpsanbefaling and kurmål of the stock of 235 million, writes oljeanalytikeren.
Equinor falls Wednesday morning 2,71 percent to 194,15 nok on the Oslo stock Exchange. The stock has year-to-date climbed 5,66 per cent, while the last twelve months is up 8,92 per cent.
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