Why Oil & Gas Major Equinor Shares Are Diving Premarket Wednesday
Portfolio Pulse from Lekha Gupta
Equinor ASA (NYSE:EQNR) shares fell premarket after reporting a 20% Y/Y decline in Q4 FY23 adjusted revenue to $28.48 billion, missing estimates. Adjusted earnings dropped 49% Y/Y to $8.68 billion. The company declared a Q4 ordinary and extraordinary dividend of $0.35 each, payable on May 28, 2024, and announced a $10-$12 billion share buyback program for 2024-2025. Equinor completed 12 exploration wells with nine commercial discoveries. FY24 outlook expects stable production and $13 billion in organic capital expenditures, with $14 billion in dividends and share buybacks.
February 07, 2024 | 2:11 pm
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Equinor ASA reported a significant decline in Q4 FY23 earnings and revenue, announced dividends, and a substantial share buyback program for 2024-2025.
The premarket drop in Equinor's shares is directly related to the reported decline in Q4 FY23 earnings and revenue, missing analyst estimates. While the announcement of dividends and a new share buyback program may provide some support, the immediate market reaction is negative, reflecting concerns over the company's short-term financial performance.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100