The Norwegian oljegiganten Statoil has on the title put forward numbers of last year’s final quarter, and the results linking.
“Statoil’s fourth quarter came in significantly below consensus adjusted earnings and adjusted earnings after tax, mainly due to their international operations, which are struggling to deliver profitability as long as oil prices remain below 60 dollars per barrel,”, sums up the analyst Anders Holte in Danske Bank Markets in a note Tuesday morning.
Statoil’s adjusted earnings for the fourth quarter ended on 1,64 billion dollars before taxes, well below analysts ‘ expectation of 2,07 billion. It is also even weaker than one year ago, when the result ended at 1.78 billion dollars.
After the tax was the adjusted profit minus the 40 million dollars, down from a positive result of 185 million dollars for one years ago. Analysts expected 614 million dollars in the plus. the
production increase
Danske Bank notes that the cash flow is still negative after the investment, but points at the same time that the company refers to the special items for to explain this.
“the Company aims to be positive on the free cash flow in 2017 at 50 us dollars, which is a positive data point”, writes Danish.
Holte believes that the prospects for cash flow, as well as a notified increase of four to five per cent in production in 2017, is among the elements that can be interpreted positively in the market in today’s report.
Statoil to cut more than expected
“More of a surprise was the increase of four to five per cent of the notified production in 2017. year over year, where the consensus expected flat development”, type Holte.
Danske Bank has before any adjustments to a salgsanbefaling and price target 126 million on Statoil.
– Great potential
At the competitors in DNB Markets was the inside with a kjøpsanbefaling and price target to 170 before the current reporting.
the investment firm expected higher results in the period. The draws for the way forward upward revision in the level of production as positive from today’s report, and mention otherwise, that the investment of 11 billion dollars is one billion dollars higher than they had seen for themselves.
At Netfonds is the analysis supervisor, and portfolio manager Roger Berntsen has not wholly negative to the Statoil-numbers.
“the Numbers were in isolation, the somewhat weaker than expected, but we believe that this is due to accounting adjustments”, type Berntsen.
Fjerdekvartalstallene includes write-downs of 2.3 billion dollars (about 19 billion) in the fourth quarter.
Berntsen writes further that the underlying operation on items such as production and cost control was oppløftenden.
“We believe, incidentally, Statoil-the potential is big”, type Berntsen, and provides a price target of 200 million.
This is based on an oil price of between 60 and 70 dollars a barrel in the current year – an estimate which, again, will be able to support a listing of the Saudi Aramco next year.
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