[18 July 2024]
Today, Thursday 18 July 2024, StockCharts365.com has taken a closer look at Aker ASA (ticker on the Oslo Stock Exchange: AKER).
The share has shown weak development for quite some time, but recently there have been several positive technical signals about the further development going forward for the Aker share (AKER).
Read more about this below here under the technical analysis of Aker ASA (AKER) here today at StockCharts365.com.
First a little about the company, Aker ASA (ticker on the Oslo Stock Exchange: AKER)
Aker ASA is a Norwegian industrial investment company with ownership interests concentrated in oil and gas, renewable energy and green technologies, industrial software, seafood and marine biotechnology sectors.
The company is listed on Oslo Stock Exchange. Aker's main shareholder is Kjell Inge Røkke, who owns 68.2% per cent of Aker through his company TRG Holding AS.
The corporate headquarters are located in Fornebu, Norway. Aker was established in 1841 when Akers Mekaniske Verksted was founded in Oslo.
For more information about the company, visit their website here:
Aker ASA: Second-Quarter and Half-Year Results 2024 – NAV of NOK 63.9 billion after dividends paid
17 Jul 2024, 07:00
The Net Asset Value (“NAV”) of Aker ASA and holding companies (“Aker”) was NOK 63.9 billion at the end of the second quarter 2024, after NOK 1.15 billion of dividends paid, compared to NOK 60.4 billion at the end of the first quarter 2024. The first half of 2024 was a dynamic period with high activity across the portfolio as Aker continued to execute on its strategy, streamline the portfolio and deliver value to shareholders.
During the first half of 2024, Aker paid a dividend of NOK 15.50 per share based on the 2023 annual accounts. This represented a total dividend distribution of NOK 1.15 billion to Aker’s shareholders.
“The first half of 2024 was marked by high activity across the Aker portfolio, and we continued to progress on our strategy and took actions to further focus and streamline our portfolio. We announced several important transactions and strategic partnerships during the period, demonstrating our more focused approach in creating shareholder value, as previously announced,” said Øyvind Eriksen, President & CEO of Aker ASA.
Some of the main developments in the period included the completion of the refinancing of Solstad and establishment of Solstad Maritime, crystallizing value through the formation of a global carbon capture player in a JV between Aker Carbon Capture and SLB and realizing value through the agreement to sell Philly Shipyard to Hanwha, with expected closing in the fourth quarter.
Furthermore, Aker BP delivered solid production in the first half and increased its production guidance, Cognite continued to accelerate its positive commercial development with annual recurring revenue (ARR) and monthly active users reaching record-highs and Aker Solutions posted improved financial results for the period.
After quarter-end, Aker BioMarine announced the agreement to sell its ownership position in the Feed Ingredients business to American Industrial Partners and Aker Capital. Following the sale, the company estimates to pay an extraordinary dividend of NOK 35-45 per share, corresponding to around half the company’s market value at the time of the announcement.
“We will continue our focused approach moving forward, devoting more time and resources to larger portfolio companies where Aker’s industrial ecosystem can make a difference in driving shareholder value. When allocating capital, we are prioritizing cash-yielding investments that contribute meaningfully to our objective of increased and diversified upstream cash,” said Eriksen.
Technical Analysis of Aker ASA (ticker on the Oslo Stock Exchange: AKER)
Charts are from the technical analysis program Vikingen.
Technical Analysis of Aker ASA (ticker on the Oslo Stock Exchange: AKER):
Aker ASA (AKER) has released several positive technical signals recently.
The share has broken out of the long-term falling trend that has persisted for the past two years or so.
Furthermore, the stock has now broken above both the 50-day and 200-day moving averages.
Now the 50-day moving average is close to being able to break above the 200-day moving average, the so-called 'Golden Cross signal', which signals that both the short-term and long-term trend has turned from negative to positive.
The share is now testing an important technical resistance level around the NOK 660.00 level, and an established break above this level will trigger a strong technical buy signal for the Aker share.
In the case of downward corrections, there is now significant technical support for the share down towards the 50-day and 200-day moving averages (which today are around the NOK 630.00 and 615.00 levels).
In the event of an established break above the NOK 660.00 level, a strong technical buy signal will be triggered for the Aker share (AKER).
The potential that will then be signaled for the share will be around NOK 800.00 in 3-9 months' time.
Overall, the Aker share (AKER) now seems like a share well worth keeping an eye on, and as mentioned here, a strong technical buy signal could be triggered for the share if it now gets an established break above the now important technical resistance level around NOK 660.00.
StockCharts365.com sine egne analysemodeller 'The SignalList' og 'The TradingList' er begge nå i kjøpssignal for Aker-aksjen (AKER).
With a share price today around NOK 660.00, and a potential up to around NOK 800.00 in 3-9 months' time, and with a stop-loss around NOK 595.00, for example.
Yes, StockCharts365.com believes that Aker ASA (ticker on the Oslo Stock Exchange: AKER) has a good Risk-Reward Ratio here at today's price level, and the overall technical picture for the share now appears positive and signals an upturn for the share in the short and medium term.
NB! Remember to have read and understood the disclaimer.
Comments