Norway's BlueNord Q3 revenue beats on higher output, commodity prices

Overview

• European oil and gas producer's Q3 revenue rose, beating analyst expectations

• Higher production and commodity prices drove quarterly revenue growth

• Shareholders approved proposed merger with Vår Energi; closing expected around year-end

Outlook

• Company expects merger with Vår Energi to close around year-end 2026

Result Drivers

• HIGHER SALES VOLUMES AND PRICES - Co said increased oil and gas sales volumes and higher commodity prices drove revenue growth

• TYRA HUB PERFORMANCE - Co said Tyra hub reached peak production levels and improved stability following maintenance

• MAINTENANCE COMPLETION - Co attributed higher production to completion of planned maintenance at Tyra and Gorm hubs

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 1 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the oil & gas exploration and production peer group is "buy"

• Wall Street's median 12-month price target for Bluenord ASA is NOK540.00, about 14.1% below its October 27 closing price of NOK629.00

• The stock recently traded at 12 times the next 12-month earnings vs. a P/E of 8 three months ago

Reuters Recommended Reads

• Oct 28 - Equinor profit doubles as Middle East war lifts oil, gas prices

• Oct 27 - Natgas producer EQT's Q3 profit beats expectations on lower operating costs

• Oct 27 - Natural gas producer Range Resources' Q3 adjusted EPS, net income beat estimates

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)