Marked Wallenius Wilhelmsen – E24

New quarterly reports feature the leading indicator at the start.

After ending Monday down 0.29 percent, the main index rose 0.54 percent shortly after 09:20.

Salmar stock, one of yesterday’s winners, rose 1.82 percent, slightly in the day’s trading.

The most traded stocks immediately after the opening of trading are:

• Equinor is struggling after a heavy Monday and is up 1.17 percent
• Seadrill shares rose 3.81 percent
• Hoyg Autoliners rose 1.72 percent
• PGS rose 0.85 percent
• Wallenius Wilhelmsen rose 5.11 percent
• Aker BP rose 0.87 percent

Drilling company Seadrill on Tuesday reported its second-quarter results:

• Earnings before tax ended at $107 million or 1.1 billion kroner. That’s up from minus $28 million in the corresponding quarter last year, which equates to a loss of NOK 288 million in today’s currency.
• Revenue was $414 million, or 4.3 billion crowns. That’s up from the second quarter of last year, which ended at $284 million, the equivalent of 2.9 billion kronor in today’s currency.
• Operating profit ended at US$109 million, equivalent to NOK 1.1 billion. In the second quarter of last year, it ended at $25 million i.e. 258 million kroner

Wallenius Wilhelmsen also provided new numbers on Tuesday:

• Revenue was $1.3 billion, up from $1.19 billion at the same time last year
• Total operating profit was $477 million, up from $311 million
• Net profit rose to $332 million from $126 million in the second quarter of last year

The general manager, Lasse Kristoffersen, is very satisfied with the result.

Freight delivered historically high EBITDA margins supported by increased volumes and higher efficiencies on several routes, it says in the quarterly report.

The price of a barrel of North Sea oil is currently $86.45 per barrel. There is an increase of 0.34 percent since midnight.

rush results

Many companies submitted their quarterly reports in the morning hours. Along with Wallenius Wilhelmsen and Seadrill, REC Silicon, Gram Car Carrieres, Dolphin Drilling, Cloudberry, Hydrogen Pro, Nordic Mining and Hexagon Purus provided their numbers for the second quarter.

The latter was recommended on Monday as a buy by several brokerages after entering into a long-term agreement with a major North American producer. The contract will run from 2024 and the potential sales value is estimated at around $150 million.

This is the case for other companies that submitted their quarterly numbers in the morning hours:

• Nordic Mining rose 1.51 percent
• REC Silicon increased 4.90 percent
• Gram Cars carriers 0.60 percent
• Dolphin Drilling rose 1.66 percent
• Cloudberry stock rose 0.95 percent
• Hydrogen Pro 0.11 percent

Recommend purchase

ABG Sundal Collier is upgrading Pexip to buy from hold, and adjusting its price target for the stock to NOK 26 from NOK 15. This shows from Tuesday’s analysis.

The brokerage firm believes that reduced competition and the Poly partnership will return the company to growth. The brokerage firm is revising its EBITDA (gross operating profit) estimates by 75-136 percent for the period 2024-2025. According to the brokerage house, the shares are trading at a significant discount to comparable companies.

Fearnley raises price target on Tidewater

Fearnley Securities raises its price target on Tidewater to $79 a share. , from $56, and repeats the buy recommendation. This is evident from an update from the brokerage firm on Tuesday.

The offshore supplies market appears increasingly tight with a limited supply side facing increased investment in E&P (exploration and production) and drilling activity.

As a result, daily rates are reaching previous peak levels, with big PSV prices approaching $40,000 per day, the brokerage house writes.