Equinor Posts Mixed Q2: Increases Renewables Output, Boosts Shareholder Returns
Portfolio Pulse from Lekha Gupta
Equinor ASA (NYSE:EQNR) reported mixed Q2 FY24 results, with a 12% Y/Y increase in adjusted revenue to $25.54 billion, surpassing expectations. Despite a slight miss on adjusted EPS ($0.84 vs. $0.85 consensus), the company saw a 3% Y/Y rise in total equity liquids and gas production. Renewables output surged 90% Y/Y. The board declared a $0.35 ordinary and $0.35 extraordinary dividend and launched a $1.6 billion share buyback program. Equinor's stock is up 0.84% premarket.
July 24, 2024 | 11:25 am
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Equinor ASA reported mixed Q2 FY24 results with a 12% Y/Y increase in adjusted revenue to $25.54 billion, surpassing expectations. Despite a slight miss on adjusted EPS ($0.84 vs. $0.85 consensus), the company saw a 3% Y/Y rise in total equity liquids and gas production. Renewables output surged 90% Y/Y. The board declared a $0.35 ordinary and $0.35 extraordinary dividend and launched a $1.6 billion share buyback program. Equinor's stock is up 0.84% premarket.
The positive revenue growth and significant increase in renewables output are likely to boost investor confidence. The declared dividends and share buyback program further enhance shareholder value, contributing to the stock's premarket rise.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
SGI Enhanced Global Income ETF (NASDAQ:GINX) offers exposure to Equinor, which reported strong Q2 results and announced significant shareholder returns, potentially benefiting the ETF.
GINX, which includes Equinor, is likely to benefit from the company's strong Q2 results and shareholder-friendly actions, enhancing the ETF's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Investors can gain exposure to Equinor's performance via the Amplify Natural Resources Dividend Income ETF (NYSE:NDIV), which may benefit from Equinor's positive Q2 results and shareholder returns.
As an ETF that includes Equinor, NDIV is likely to see a positive impact from Equinor's strong Q2 performance and shareholder-friendly actions.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50