Norsk Hydro A S Stock Price, News & Analysis

Norsk Hydro ASA (NHYDY) has initiated a share buyback program, running from September 11, 2024, to February 28, 2025. As of September 17, 2024, the company has repurchased 1,038,589 shares at an average price of NOK 59.09, totaling NOK 61,373,610. Key details include:

- Daily volumes ranged from 154,089 to 240,000 shares
- Share prices varied between NOK 57.40 and NOK 60.99
- Prior to the program, Norsk Hydro owned 14,082,505 own shares
- After these transactions, the company now owns 15,121,094 shares, representing 0.75% of its share capital

This buyback demonstrates Norsk Hydro's confidence in its stock value and commitment to enhancing shareholder returns.

Norsk Hydro ASA (NHYDY) has announced a significant share buyback program, authorized by its Board of Directors. The program aims to repurchase up to 100 million shares with a maximum value of NOK 2 billion (approximately 1.8% of the company's market value). Set to commence on September 11, 2024, and conclude by February 28, 2025, the buyback will reduce Norsk Hydro's share capital, subject to General Meeting approval. The price range for repurchases is set between NOK 20 and NOK 150 per share. Notably, the Norwegian State's ownership will remain unchanged through a pro-rata redemption agreement. Citigroup Global Markets Europe AG will independently manage the buyback, adhering to EU Market Abuse Regulation guidelines.

Norsk Hydro (NHYDY) has announced the acquisition of an additional 20% stake in Vianode, a synthetic graphite manufacturer for the battery industry. This move comes after Altor, a private equity fund, exercised its put option on September 6. The transaction will result in an equal 50/50 ownership between Hydro and Altor. Vianode operates an industrial pilot plant in Kristiansand, Norway, and is expected to complete an industrial-scale production facility at Herøya Industripark by the end of 2024.

The acquisition is pending competition clearance, which is anticipated within 6-8 weeks. Notably, Hydro will incur no additional costs for this acquisition. This move aligns with Hydro's updated 2030 strategy, focusing on successful execution of current investments in its Batteries unit, with future capital allocation depending on attractiveness.

Norsk Hydro ASA has reported a mandatory notification of trade by a primary insider. On July 23, 2024, Rune Bjerke, a member of the Board of Directors, purchased 6,200 shares in Hydro at NOK 61.42 per share. This transaction has increased Bjerke's total holding to 26,700 shares. The disclosure was made in compliance with the Norwegian Securities Trading Act, which requires transparency in insider trading activities for publicly listed companies.

Norsk Hydro reported solid upstream results but faced mixed markets in Q2 2024. Adjusted EBITDA was NOK 5,839 million, down from NOK 7,098 million in Q2 2023. Key highlights:

- Positive revenue drivers supported upstream results
- Weak demand and low recycling margins impacted downstream
- Hydro Rein joint venture established with Macquarie Asset Management
- Strong demand for Hydro CIRCAL, scaling up recycling
- Partnership with Porsche for low-carbon aluminium supply

The company saw solid performance in Bauxite & Alumina and Aluminium Metal, but faced challenges in Extrusions and Metal Markets due to weak demand in construction and automotive sectors. Hydro is implementing cost-saving measures and maintaining margins to mitigate these challenges.

Norsk Hydro (NHYDY) has announced the release date for its second quarter 2024 results, scheduled for July 23, 2024, at 07:00 CEST. The quarterly report and presentation will be available on hydro.com simultaneously. A webinar in English will be hosted by President and CEO Eivind Kallevik and Executive Vice President and CFO Trond Olaf Christophersen at 08:30 CEST on the same day, followed by a Q&A session. There will be no physical presentation or press conference. Interested parties can register for the webinar through the webcast page. The event will be conducted using the Livestorm platform.

Norsk Hydro has completed a share capital reduction, cutting its capital by NOK 35,347,500.054. This reduction was achieved by canceling 21,163,019 of its own shares and redeeming 11,029,604 shares held by the Norwegian state. The new registered share capital stands at NOK 2,205,899,565.804, divided into 2,009,015,998 shares, each with a nominal value of NOK 1.098. This update adheres to the disclosure requirements of the Norwegian Securities Trading Act and the Euronext Rule Book.

Norsk Hydro (NHYDY) will release its second quarter results for 2024 on July 23 at 07:00 CEST. The report and presentation will be available simultaneously on the company's website. President and CEO Eivind Kallevik, alongside CFO Trond Olaf Christophersen, will host an English-language webinar at 08:30 CEST to discuss the results, followed by a Q&A session. The event will be conducted online via Livestorm, with no physical presentation or press conference. Interested parties must pre-register to join the webinar and ask questions. Contact Martine Rambøl Hagen for further information.

Norsk Hydro has finalized the sale of a 49.9% stake in Hydro Rein, its renewable energy subsidiary, to Macquarie Asset Management. The transaction, valued at USD 333 million as of June 30, 2023, is pivotal for Hydro’s renewable energy strategy. Macquarie will contribute USD 214 million at closing, with the remainder provided as needed. This partnership aims to fund Hydro Rein’s current and future projects without additional equity calls. Hydro Rein, since its 2021 launch, has developed 8.4 GW of renewable energy capacity, securing 5.3 TWh in annual power purchase agreements. The collaboration includes significant wind projects in the Nordics and Brazil. Hydro Rein will also support Hydro's decarbonization efforts, particularly in aluminum production.