BP Investors Hope for Shell-Level Profit Increases
1036 GMT - BP's shares are up by just more than a quarter over the past year, buoyed by oil and gas prices and the company's own self-help program, and intriguingly shares continue to rise despite prices now trading some way off their peaks, AJ Bell says. The oil giant has plenty to potentially benefit from--China's reopening, America's need to replenish strategic reserves and weak Russian output among others, AJ Bell analysts say in a research note. BP reports its fourth-quarter results on Tuesday. "For the year as a whole, analysts are looking for similar quantum of profit increase to that shown by Shell, with a near-doubling of underlying replacement cost profit to $27.8 billion, against $14.5 billion in 2021," the brokerage says. BP shares are up 0.4% at 480.7 pence. (joseph.hoppe@wsj.com)
Companies News:
MGC Pharmaceuticals Secures $600,000 Funding; CFO Steps Down
MGC Pharmaceuticals Ltd. said Friday that a funding request of $600,000 has been approved and that its chief financial officer has stepped down.
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Avation Expects to Report 1H Revenue Fall, With Airline Sector Still Recovering From Pandemic
Avation PLC said Friday it expects to report a fall in revenue for the first half of fiscal 2023, with the airline industry still recovering from the coronavirus pandemic.
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Focusrite Backs FY 2023 View After in Line Four-Month Performance
Focusrite PLC said Friday that performance in the first four months of fiscal 2023 has been in line with board expectations in its content creation and audio-reproduction businesses and that it continues to back its full-year view.
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CMO Group Sees 2022 Ebitda Fall Amid Challenging Backdrop
CMO Group PLC said Friday that it expects to report that 2022 adjusted Ebitda fell amid challenging market conditions and despite an improvement in sales.
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Yellow Cake Increases Placing to $75 Mln as Investor Demand Rose
Yellow Cake PLC said Friday that it increased the size of a placing to around $75 million from $50 million due to strong investor demand.
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Nanoco Signs Agreements With Samsung for $150m Litigation Settlement
Nanoco Group PLC said Friday that it has secured a $150m litigation settlement with Samsung on a no fault basis for the alleged infringement of the group's intellectual property.
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Thungela Resources to Acquire Controlling Interest in Australian Coal Mine
Thungela Resources Ltd. said Friday that it has agreed to acquire a controlling shareholding in the Ensham coal mine, in Australia, and related assets, along with Audley Energy Ltd. and Mayfair Corporations Group Pty Ltd.
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Brave Bison to Buy Social Chain for up to GBP17.2 Mln; Raise GBP4.8 Mln
Brave Bison Group PLC said Friday that it is buying social-media and influencer marketing agency Social Chain Ltd. for up to 17.2 million pounds ($21 million), with the initial sum to be part-funded via a share placing.
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Itaconix Sees 2022 Revenue Ahead Of Views, Raises GBP10.3M Via Share Placing
Itaconix PLC on Friday said it is confident on its outlook for 2023 and beyond as it sees revenue for 2022 come in ahead of views and is strengthened by its conditional 10.3 million pounds ($12.6 million) raise via share placing.
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Aquila European to Buy Back EUR20 Mln in Shares, Aims for 2023 Dividend Increase
Aquila European Renewables PLC said Friday that it has launched a buyback program to boost the its share price, and that it has set its 2023 dividend growth guidance.
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LPA Group Swung to FY 2022 Pretax Profit After Record Year for LED Tube Product
LPA Group PLC said Friday that it swung to fiscal 2022 pretax profit after revenue rose and it booked a record year for its new LED tube product with significant orders.
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Etalon 4Q New Sales, Cash Collection Fell
Etalon Group PLC said Friday that new sales fell in the fourth quarter of 2022, with cash collection also decreasing.
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Resolute Mining Names Chris Eger As New CFO
Resolute Mining Ltd. on Friday appointed Chris Eger as its new chief financial officer replacing Doug Warden.
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Nanoco Group Sees Narrower FY 2023 Adjusted Ebitda Loss Amid Positive Momentum
Nanoco Group PLC said Friday that it now sees a narrower adjusted loss before interest, taxes, depreciation and amortization for fiscal 2023 after positive momentum in the first half.
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TomTom Shares Rise on Narrowed 4Q Net Loss, Higher Revenue
Shares in TomTom NV rose 9% in early trade Friday after the company reported a narrowed net loss for the fourth quarter of the year on revenue that was boosted by its biggest location technology unit.
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Tertiary Minerals Shares Fall on GBP300,000 Discounted Share Placing
Tertiary Minerals PLC shares fell on Friday after the company said it has raised 300,000 pounds ($366,720) through a discounted placing to be used in exploration activities at its projects in Nevada and Zambia.
Market Talk:
Anglo American's Investment Case Is Compelling Despite 2022 Operational Issues
0952 GMT - Anglo American delivered a strong 4Q result as it met its full-year production targets and backed its 2023 production and cost guidance, analysts at Jefferies say in a note. Diamond, copper, coal and manganese production for the year rose, but platinum group metals production fell due to lower grades and planned infrastructure closures, as did iron ore, and nickel, which was hurt by a maintenance shutdown and high rainfall, the analysts say. "Despite operational issues in 2022, which are arguably already priced in as these shares are down nearly 20% over the last 9 months, the longer-term investment case for Anglo is compelling," the analysts say. Jefferies rates the stock buy and has a 3,387 pence target price. (anthony.orunagoriainoff@dowjones.com)
Contact: London NewsPlus; paul.larkins@wsj.com
(END) Dow Jones Newswires
02-03-23 0642ET
