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RBC Adjusts Estimates for Galp Energia After Q1 Trading Update, Commodity Price Deck Revision

RBC Capital Markets revised its forecasts for Galp Energia (GALP.LS) to reflect the Portuguese energy company's strong first-quarter trading update and the research firm's latest commodity price deck."Galp's trading update highlighted production figures above consensus, reflecting strong operational trends and the continued ramp up of Bacalhau," analysts said in a Wednesday note. "In the downstream, Galp's $14.8/bbl refining margin for the quarter reflects the elevated margins in March, although this will be offset in part by hedged volumes, lower volumes earlier in the quarter (weather related) and a negative accounting effect related to timing impacts. We also update our estimates for RBC's Latest Commodity Price Deck which incorporates higher prices for 2026-27 as well as an $80/bbl long term Brent assumption (previously $70/bbl)."As such, the research firm increased its EBIT estimates for Galp Energia's upstream and commercial segments, while that for refining and midstream was reduced. Overall, RBC's first-quarter EBITDA and EBIT projections fell amid one-off impacts, with its group net income forecast down to 304 million euros from 324 million euros, against the consensus of 276 million euros.The stock's outperform rating and price target of 22 euros were affirmed.

$GALP.LS

Equities61d ago

Berenberg Updates Forecasts for GTT After In-line Q1 Trading; Price Target Up

Berenberg revised its estimates for Gaztransport & Technigaz's (GTT.PA), d/b/a GTT, after its first-quarter trading update came in line with expectations amid strong order momentum.In the first quarter, the French liquefied gas transport and storage group's total revenue was 192.5 million euros, meeting company-compiled consensus and up from 190.5 million euros a year ago, according to a Thursday note. Orders in the three months ended March 31 came in at 32, against 16 a year ago."GTT delivered an in-line Q1 2026 trading statement on 22 April, confirming no direct impacts from the Middle Eastern conflict and reiterating full-year guidance. The pace of orders has accelerated across the quarter and given order requirements from liquefied natural gas (LNG) projects that have sanctioned in the past year, we expect order momentum to remain," the research firm said.As such, Berenberg increased its sales, EBIT and EPS estimates for 2026 to 2028. Citing order rate in the first quarter of 2026, analysts also upgraded their order forecast for 2026 and 2027 to 85 each, from the previous 75. Over the next decade, LNG carrier orders are expected to reach 530, against the "450++" outlook.The stock's price target was increased to 190 euros from 185 euros, while the hold rating was unchanged.

$GTT.PA

Equities61d ago

Saudi Aramco, Sulzer Sign Long-term Procurement Deal for Pumps, Aftermarket Services

Sulzer (SUN.SW) signed a long-term corporate procurement agreement with Saudi Arabian Oil (SASE:2222), d/b/a Saudi Aramco, to supply centrifugal pumps, spare parts, and aftermarket services.The Swiss engineering company said Thursday the five-year strategic deal, with an option to extend by three years, will support Aramco's global operations and nationwide pump fleet.

SASE:2222$SUN.SW

Equities61d ago

Morgan Stanley Lifts Price Target on Range Resources to $49 From $48, Keeps Equalweight Rating

Range Resources (RRC) has an average rating of hold and mean price target of $47, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$RRC

Equities61d ago

Pakistan's OGDCL Restores Gas Production at Jand-1 Well

Oil & Gas Development Co. (OGDC.L), d/b/a OGDCL, said Thursday it restarted gas production at the Jand-1 well in Attock District, Pakistan.The Pakistani oil and gas company conducted recompletion and targeted stimulation at the well, which is now producing over 21 million standard cubic feet per day of gas, compared with 7 million before.Jand-1 started production in 2019, but closed due to a mechanical failure under challenging downhole conditions.

$OGDC.L

Equities61d ago

ReFuels' CNG Fuels to Provide Mobile Refueling Stations Under Deal with Marks and Spencer

Norway-listed renewable biomethane supplier ReFuels (REFL.OL) agreed with Marks and Spencer Group (MKS.L) to provide mobile refueling stations at UK distribution centers.The long-term agreement, signed via CNG Fuels, will power the UK retailer's fleet of heavy goods vehicles, according to a Thursday release. ReFuels owns a 40% stake in CNG Fuels, which will own and operate the stations.Marks and Spencer aims to expand its lower-emission fleet to more than 300 vehicles by March 2027-end.

$MKS.L$REFL.OL

Equities61d ago

Teck Resources Q1 Adjusted Earnings, Revenue Rise

Teck Resources (TECK) reported Q1 adjusted earnings Thursday of 1.75 Canadian dollars ($1.28) per diluted share, up from CA$0.60 a year earlier.Analysts surveyed by FactSet expected CA$1.13.Revenue for the quarter ended March 31 was CA$3.94 billion, up from CA$2.29 billion a year earlier.Analysts polled by FactSet expected CA$3.25 billion.

$TECK

Equities61d ago

RBC Adjusts Model for Equinor on Q1 Trading Update, Revised Commodity Price Estimates

RBC Capital Markets updated its model for Equinor (EQNR.OL) to reflect the Norwegian oil and gas company's trading update and the research firm's higher commodity price forecast."EQNR's trading update pointed to strong crude premiums in Norway, in line with recent data we have seen. Alongside this, the company guided to stronger midstream results across European and US gas, as well as oil trading," analysts said Wednesday. "We also update our estimates for RBC's latest commodity price deck, which drives upside to our estimates over 2026-30."As such, the research firm revised its first-quarter adjusted net income estimate to $2.64 billion from $2.68 billion. For full-year 2026 to 2028, adjusted net income forecasts were raised by 10.8%, 12.3%, and 21.2%, respectively, while EPS projections were lifted 11.8%, 13.4%, and 22.5%.The underperform-rated stock's price target of 380 Norwegian kroner was reiterated.

$EQNR.OL

Equities61d ago

RBC Revises Price Target, Estimates for BP After Q1 Trading Update

RBC adjusted its price target and earnings forecasts for BP (BP.L), amid a model update to incorporate the oil and gas giant's first-quarter trading update and the research firm's revised commodity price deck."1Q trading update reflects stronger oil trading and modest uptick in macro. We update our estimates for BP's trading update, which reflects a significant working capital build from higher commodity prices, 'exceptional' oil trading and a small uplift in refining margins. Our updated EBIT/RCOP estimate is $6.09bn is ahead of consensus at $5.81bn and our updated net income estimate is $2.99bn is also higher than consensus at $2.67bn. Note that like with peers, the full effect of stronger commodity prices will be seen from 2Q onwards," analysts said Wednesday.As such, the research firm raised the sector perform-rated stock's price target to 7 pounds sterling from 6.40 pounds. The upgrade reflects the higher commodity price deck alongside an $80 per barrel long-term Brent assumption.Concurrently, RBC noted that investor focus is shifting to first-quarter results due on April 28, with comments from BP's new Chief Executive Officer Meg O'Neill to be "keenly watched." Analysts anticipate management to prioritize de-leveraging in the near term to fund future growth cycles, while a restart of a share buyback program is not expected.

$BP.L

Equities61d ago

Sabic Agri-Nutrients Books Higher Q1 Net Profit; Revenue Down

Sabic Agri-Nutrients (SASE:2020) said Thursday that its net profit in the first quarter rose, while revenue declined year over year.Net profit attributable to shareholders of the issuer for the three months ended March 31 was 1.23 billion Saudi riyals, compared with 985 million riyals a year ago. EPS moved to 2.58 riyals from 2.07 riyals.The Saudi Arabia-listed petrochemical company's revenue was 2.87 billion riyals, compared with 3.07 billion riyals earlier.

SASE:2020

Equities61d ago

RBC Adjusts Forecasts for TotalEnergies Over Trading Update, Higher Commodity Deck

RBC Capital Markets revised its estimates for TotalEnergies (TTE.PA, TTE.L) amid model changes following the French energy group's trading update and assumptions for higher commodity prices.The research firm on Wednesday upgraded its first-quarter estimates for integrated liquefied natural gas, refining and chemicals, and marketing and services, which offset reduced projections for upstream net earnings and integrated power. As such, RBC's forecasts for TotalEnergies' first-quarter adjusted net income increased to $5.45 billion from $5.19 billion, reflecting an 8% upside to consensus."Higher hydrocarbon production in 1Q26 qoq leaves TTE well paced to benefit from higher realisations, despite some lag effects in its portfolio," analysts said. "The trading update highlighted stable sequential trends in upstream production in the quarter, which combined with higher realisations in March, should drive up earnings materially qoq. Additionally, strong trends in LNG production, ~10% higher qoq, will support sequential growth in earnings despite flat LNG prices qoq."The stock, which remains RBC's "top pick" among supermajors, is rated outperform with an unchanged price target of 85 euros.

$TTE.L$TTE.PA

Equities62d ago

Capricorn Energy Confirms Talks on Potential Takeover Offer for Deltic Energy

Capricorn Energy (CNE.L) confirmed on Wednesday ongoing discussions regarding a potential takeover proposal for Deltic Energy (DELT.L).The energy production company cautioned that there is no guarantee that it will finalize an offer for the natural resources investment company. It, however, assured that additional updates will be provided when necessary.

$CNE.L

Equities62d ago

Vår Energi Prices EUR750 Million Subordinated Securities

Vår Energi (VAR.OL) priced an offering of 750 million euros of 4.95% subordinated fixed-rate reset securities due April 29, 2086.The securities have a non-call period of 5.25 years with the first reset date of July 29, 2031, according to a Wednesday release. The issue price is 99.235%, reflecting a yield of 5.125%.The oil and gas company noted that the order book was more than six times oversubscribed at peak and four times oversubscribed at allocation.

$VAR.OL

Equities62d ago

Matador Resources Keeps Quarterly Dividend at $0.375 per Share, Payable June 5 to Holders of Record May 8

$MTDR

Equities62d ago

Odfjell Drilling Buys Japan-made Vessels for $290 Million

Odfjell Drilling (ODL.OL) signed contracts valued at $290 million to buy four stainless steel vessels from a shipowner in Japan.The Norwegian drilling and engineering company said Wednesday the ships will be delivered from the first quarter of 2027 until the second quarter of 2029.The 40,000 deadweight tonnage fuel-efficient ships will be used for core deep-sea trades.

$ODL.OL

Equities62d ago

Tullow Oil to Implement Refinancing of $1.3 Billion Senior Secured Notes

Tullow Oil's (TLW.L) proposed refinancing of its outstanding $1.29 billion of 10.25% senior secured notes due 2026 received consent from over 99% of the note holders.As such, all holders of the notes will have a portion of their existing securities redeemed on Thursday, the independent energy company said Wednesday.Holders will also receive accrued and unpaid interest on their existing notes, as well as a 1% fee based on the aggregate principal amount of the outstanding notes as of the consent solicitation period's expiration on Tuesday.

$TLW.L

Equities62d ago

US Total Crude Oil Stocks Decline in Week Ended April 17

US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 2.2 million barrels in the week ended April 17 following a decrease of 5.1 million barrels in the previous week.Excluding inventories in the SPR, commercial crude oil stocks rose by 1.9 million barrels after a 900,000-barrel decline in the previous week, compared with the 2-million-barrel decrease expected in a survey compiled by Bloomberg as of 7:40 am ET.Stocks in the SPR declined by 4.1 million in the week, the same as in the previous week.Overall crude oil stocks were down 0.3% from the previous week but were still up 3.6% from a year earlier. Crude oil inventories are about 3% above the five-year average for this time of the year.Gasoline stocks decreased by 4.6 million barrels, compared with the 2-million-barrel decrease expected. Gasoline stocks were down 2% from the previous week, and down 0.5% from a year earlier.Distillate stocks plunged by 3.4 million barrels in the current week, compared with an expected decrease of 1.8 million barrels. Distillate stocks were down 3.1% from the previous week but were still up 1.2% than in the same week a year ago.Refineries operated at 89.1% of their capacity, below the 89.6% rate in the previous week.

Equities62d ago

Ades Holding Inks Deal with Valeura Energy for Offshore Drilling in Thailand

Saudi drilling services company Ades Holding (SASE:2382) said Wednesday it signed a deal with Valeura Energy for offshore shelf drilling in Thailand.The three-year contract is valued at 345 million Saudi riyals, with operations expected to start in the fourth quarter.

SASE:2382

Equities62d ago

Aljazira Capital: Higher Crude Oil Prices to Bolster Saudi Aramco's Q1 Profitability

Aljazira Capital expects Saudi Arabian Oil Co. (SASE:2222), d/b/a Saudi Aramco, to see strong topline growth and improved profitability in the first quarter, bolstered by higher crude oil prices.Aramco is anticipated to report a 13.8% year-over-year jump in net income, after minority, to 108.8 billion Saudi riyals, while revenue is seen growing 6% to 455.3 billion riyals, according to a Wednesday note.For full-year 2026, net income and revenue are projected to increase 22.6% and 14.1% on an annual basis, respectively, to 427 billion riyals and 1.908 trillion riyals."We expect higher crude oil prices this year and flexibility to divert exports from east to west coast to reflect positively on Aramco's revenue and earnings in FY26E," the research firm said. "Our estimates assume an average oil price of around USD 86/bbl, about 27%. However, total hydrocarbon output is projected at 12.8 mmboed, including crude oil production of 9.4 mbpd. Our assumptions are based on energy supply routes and production level returning to normalcy by Q3-26, while oil prices will continue to hold certain geopolitical premium throughout the year."

SASE:2222

Equities62d ago

Borregaard to Issue NOK300 Million Commercial Paper

Borregaard (BRG.OL) will issue a commercial paper of 300 million Norwegian kroner on Friday.The commercial paper carries a coupon of 4.62% and will mature on Oct. 24, 2026, the biorefinery operator said Wednesday.

$BRG.OL

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