Welcome to our dedicated page for Norsk Hydro A S news (Ticker: NHYDY), a resource for investors and traders seeking the latest updates and insights on Norsk Hydro A S stock.
Norsk Hydro ASA reports recurring developments across its aluminium and alumina operations, including production trends, raw-material and metal-price effects, recycling margins, power sourcing for Norwegian smelters, and updates tied to assets such as Alunorte and the HalZero test facility. Company news also covers quarterly results, dividends, annual general meeting resolutions, board elections, remuneration policies, long-term incentive share allocations, employee share programs, and primary-insider transactions.
Norsk Hydro ASA announced its share buyback transactions from September 23, 2022, to March 29, 2023. The program involved the acquisition of 6,895,000 shares at an average price of 64.51 NOK, totaling approximately 444.78 million NOK. Prior to the buyback, Norsk Hydro held 16,452,403 shares and following the transactions, it now owns 23,347,403 shares, representing 1.13% of its share capital. This buyback reflects the company's commitment to enhancing shareholder value and confidence in its financial position.
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Norsk Hydro ASA is hosting a Capital Markets Day on December 15-16, 2022, in London, with options for virtual participation. The event will feature presentations, Q&A sessions, and roundtable discussions on topics such as recycling, energy, and sustainability. Key attendees include President and CEO Hilde Merete Aasheim and CFO Pål Kildemo, who will be available for one-on-one meetings with investors. Registration is required by November 30. The event aims to strengthen investor relations and provide insights into Hydro’s strategic direction.
Norsk Hydro ASA has completed its share buyback program initiated on September 23, 2022, and concluded on March 29, 2023. During this period, the company repurchased a total of 4,083,000 shares, resulting in a total transaction value of NOK 247,464,736 at an average price of NOK 60.61 per share. Following these transactions, Norsk Hydro ASA now holds 20,535,403 shares, equivalent to 0.99% of its share capital. This buyback program aligns with the company’s commitment to enhancing shareholder value.
On October 27, 2022, Peter Kukielski, a director at Norsk Hydro ASA, acquired 5,000 American Depositary Receipts (ADRs) at USD 6.55 each. This transaction increased his total holdings to 8,000 ADRs. The purchase occurred on the OTCQX market, indicating Kukielski's confidence in the company's future performance. Such insider buying can often signal positive sentiment about the company’s prospects.
In Q3 2022, Hydro reported an adjusted EBITDA of NOK 9,721 million, up from NOK 7,219 million year-over-year, achieving a rolling Adjusted RoaCE of 27%. Contributing factors included higher metal and alumina prices and currency effects, although these were partially offset by rising upstream costs. Hydro's strategy appears robust with a focus on greener aluminum products, distributing an extra NOK 1.45 per share dividend, and initiating a NOK 2 billion share buyback program. However, concerns remain about high energy prices and market uncertainty due to global economic factors.
Hydro is set to announce its third quarter 2022 results on October 25, 2022, at 07:00 CEST. The quarterly report and presentation slides will be accessible on hydro.com.
In Oslo, Hydro will host an in-person presentation at 08:30 CEST, led by President and CEO Hilde Merete Aasheim. A virtual Q&A session will follow at 11:00 CEST. Registration for both events is required via provided links.
On October 6, 2022, the European Commission initiated a Phase II review of Hydro's acquisition proposal for Polish recycler Alumetal S.A. This review arises from initial concerns identified during the preliminary assessment stage. Hydro launched a tender offer for 100% of Alumetal's shares on April 29, 2022, extending the subscription period to October 10, 2022. However, due to the Phase II review, the public tender offer will now expire before the subscription period concludes. Hydro remains dedicated to collaborating with the Commission throughout this process.
On October 6, the Norwegian government announced its 2023 budget proposal, impacting Hydro's operations.
The key aspects include an increase in the resource rent tax on hydropower from 37% to 45%, expected to cost Hydro NOK 250 - 300 million for 2022.
Additionally, the CO2 compensation scheme, crucial for power-intensive industries, now sets a floor at NOK 200 per ton CO2, with Hydro anticipated to receive NOK 2.2 - 2.3 billion in compensation for 2022, up from NOK 1.7 billion for 2021. These changes aim to support Hydro's competitive position amid rising power costs.
Norsk Hydro ASA announced the completion of its share buyback program, which ran from September 23, 2022, to March 29, 2023. During this period, a total of 865,000 shares were repurchased at an average price of 57.13 NOK, totaling 49,415,263 NOK. Following these transactions, Norsk Hydro owns 17,317,403 shares, amounting to 0.84% of its share capital. This buyback aims to enhance shareholder value and reflects confidence in the company's future performance.