Core Points - Equinor ASA announced a cash dividend of USD 0.37 per share for the second quarter of 2025 [1] - The NOK cash dividend per share is calculated based on the average USDNOK fixing rate from Norges Bank, which was 10.0875 for the relevant period [1] - The total cash dividend in NOK for the second quarter of 2025 amounts to NOK 3.7324 per share [1] Payment Details - The cash dividend will be paid to shareholders on Oslo Børs and to holders of American Depositary Receipts (ADRs) on the New York Stock Exchange on 26 November 2025 [2] - This announcement complies with the Continuing Obligations and the disclosure requirements of the Norwegian Securities Trading Act [2]

Core Insights - The deep-value landscape is primarily anchored by the Energy and Financials sectors, with significant opportunities identified in these areas [1][7]. Financials Sector - Synchrony Financial (SYF) leads with an Acquirer's Multiple (AM) of 2.3 and a free cash flow yield of 38.4%, despite being priced as if a credit cycle is imminent [1]. - Kaspi.kz (KSPI) shows a remarkable 43.8% free cash flow yield and an AM of 5.3, indicating strong cash-flow efficiency and balance sheet strength [5]. Energy Sector - Equinor (EQNR) has an AM of 2.4 and an 11.3% free cash flow yield, reflecting the efficiency of integrated producers with capital discipline [2]. - Petrobras (PBR) presents an extreme opportunity with an AM of 4.4 and a 25.9% dividend yield, although it is still "priced for fear" due to political noise [3]. Materials Sector - Vale (VALE) re-enters the screen with an AM of 6.5 and a 5.8% free cash flow yield, showcasing strong profitability and a disciplined balance sheet [4]. Market Context - The market continues to penalize cyclical exposure, with lenders like SYF trading as if major credit deterioration is imminent, while energy majors and materials players are perceived as facing peak profits and structural decline, respectively [7]. - Despite these perceptions, free cash flow remains high, balance sheets are strong, and distributions are robust across these sectors, historically reducing risk [8]. Bottom Line - Deep-value opportunities are concentrated in capital-intensive but cash-rich sectors, with a notable disconnect between price and cash generation, presenting durable sources of alpha for patient investors [9].

Core Insights - Equinor ASA reported third-quarter 2025 adjusted earnings per share (EPS) of 37 cents, missing the Zacks Consensus Estimate of 57 cents, and reflecting a 53.2% decline from the previous year's EPS of 79 cents due to net impairments from a lower price outlook [1][10] Financial Performance - Total quarterly revenues reached $26 billion, an increase from $25.4 billion in the prior-year quarter, and exceeded the Zacks Consensus Estimate of $24.3 billion, driven by a 7% growth in production from Johan Sverdrup and Johan Castberg [2][10] - The company generated a negative net cash flow of $3,565 million in the quarter, an improvement from a negative net cash flow of $3,984 million in the year-ago period [10][11] - Organic capital expenditures amounted to $3.4 billion in the third quarter [11] Segment Analysis - **Exploration & Production Norway (E&P Norway)**: Adjusted earnings were $5,618 million, down 4.4% from $5,875 million in the year-ago quarter, impacted by natural declines in fields and lower liquid prices [3] - **E&P International**: Adjusted operating profit totaled $396 million, a decrease of 2.7% from $407 million in the previous year, primarily due to lower production volumes and liquid prices [5] - **E&P USA**: Adjusted operating profit fell 82% to $37 million from $207 million in the third quarter of 2024, affected by lower liquid prices and higher operating expenses, with impairments of $385 million related to two producing assets [7] - **Marketing, Midstream & Processing**: Reported adjusted earnings of $299 million, a 45% decline from $545 million a year ago [9] - **Renewables**: Adjusted loss narrowed to $64 million from a loss of $115 million in the previous year, attributed to reduced operating expenses [9] Production Metrics - Average daily production of liquids and gas increased by 8.7% to 1,422 thousand barrels of oil equivalent per day (MBoe/d) from 1,308 MBoe/d in the prior-year quarter, supported by new fields coming online [4] - Average daily equity production of liquids and gas in E&P USA declined by 20% to 267 MBoe/d from 334 MBoe/d in the year-ago quarter due to asset divestments and production halts [6] - The integrated firm's average equity production of liquids and gas was 441 MBoe/d, up 29% from 342 MBoe/d in the year-ago period, driven by increased gas production from Appalachia [8] Balance Sheet - As of September 30, 2025, the company reported $8,114 million in cash and cash equivalents, with long-term debt of $25,070 million [12] Outlook - Equinor reiterated its 2025 oil and gas production guidance, expecting a 4% year-over-year growth, and restated its organic capital spending budget of $13 billion for the year [13]

Core Points - Equinor ASA shares will be traded on the Oslo Stock Exchange excluding the second quarter 2025 cash dividend starting today [1] - The ex-dividend date is set for 13 November 2025 [1] - The announced dividend amount is 0.37 USD [1]

Core Points - Equinor ASA shares will be traded on the Oslo Stock Exchange excluding the second quarter 2025 cash dividend starting today [1] - The ex-dividend date is set for 13 November 2025 [1] - The announced dividend amount is 0.37 USD [1]

Core Insights - The total return of Equinor ASA (EQNR) since 2019 is approximately 100% [1] Company Developments - The article aims to update investors on the latest business developments of Equinor ASA [1] Analyst Background - The author has over 15 years of market experience and holds a master's degree in finance, combining microeconomic studies of company financials with a macroeconomic perspective [1]

Core Viewpoint - Equinor has successfully sold its 40% operated interest in Brazil's Peregrino field to PRIO for a total of $2.33 billion, marking a strategic move to enhance its international portfolio by divesting mature assets and focusing on more robust opportunities [1][2][3]. Group 1: Transaction Details - The total consideration for the sale was $2.33 billion (Nkr23.47 billion), with Equinor receiving $1.55 billion at closing after adjustments for a $335 million deposit and cash flow [1][2]. - PRIO has taken full operatorship of the Peregrino field, with Equinor remaining a non-operated partner until the sale of the remaining 20% stake is finalized [2]. Group 2: Strategic Implications - The divestment is part of Equinor's strategy to high-grade its international portfolio, allowing the company to redeploy capital into assets with greater long-term value potential [3]. - Brazil remains a core area for Equinor, which has recently commenced production from its Bacalhau field and acquired new exploration blocks in the Campos basin [3]. Group 3: Production and Asset Overview - The Peregrino field has been in production since 2011, with a total output of approximately 300 million barrels and a current production rate of around 55,000 barrels per day expected for the first quarter of 2025 [4]. - The asset includes a floating production, storage, and offloading vessel supported by three fixed platforms, primarily producing heavy oil [4].

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Landscape - Wall Street is investing hundreds of billions into AI, but there is a looming question regarding the energy supply needed to sustain this growth [2] - AI data centers consume vast amounts of energy, comparable to that of small cities, leading to concerns about power grid strain and rising electricity prices [2][3] - The company in focus is positioned to capitalize on the surge in demand for electricity driven by AI, making it a potentially lucrative investment opportunity [3][6] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, benefiting from the increasing need for energy infrastructure [4][5] - It is involved in the U.S. LNG exportation sector, which is expected to grow significantly under the current administration's energy policies [7] - The company is noted for its debt-free status and substantial cash reserves, which amount to nearly one-third of its market capitalization [8][10] Market Position - The company has a significant equity stake in another AI-related venture, providing investors with indirect exposure to multiple growth opportunities in the AI sector [9] - It is trading at a low valuation, less than 7 times earnings, which is attractive for investors looking for undervalued stocks in the AI and energy space [10][11] - The company is recognized for its ability to execute large-scale projects across various energy sectors, including nuclear energy, which is crucial for future power strategies [7][8] Future Outlook - The ongoing influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the importance of investing in AI-related companies [12] - The combination of AI infrastructure needs, energy demands, and favorable market conditions presents a unique investment opportunity for those willing to engage in this sector [14][15]

Core Insights - Equinor has completed the sale of its 40% operated interest in the Peregrino oil field offshore Brazil to PRIO for a total of USD 2.33 billion, marking a strategic move to streamline its global upstream portfolio [1][2][3] Financial Details - Equinor received USD 1.55 billion at closing after accounting for earlier deposits and interim cash flows [2] - The total consideration for the sale was USD 2.33 billion, indicating a significant capital recycling effort from mature assets [1][3] Operational Impact - PRIO, now the full owner and operator of the Peregrino field, has taken over operational control, which is located in the Campos Basin east of Rio de Janeiro [2] - The Peregrino field has produced approximately 300 million barrels of oil since production began in 2011, highlighting its importance to Equinor's international growth [3] Strategic Direction - The sale is part of Equinor's strategy to "high-grade" its international portfolio, with proceeds intended for reinvestment into newer, more resilient assets [4] - Brazil remains a core area for Equinor, with ongoing projects such as the Bacalhau field and new exploration acreage in the Campos Basin [4][5] Future Transactions - A separate agreement is in place for Equinor's remaining 20% stake in Peregrino, pending regulatory and contractual approvals, allowing Equinor to retain a non-operated interest until the transaction closes [6]

Core Insights - The article discusses the current market concentration, particularly focusing on the performance of the "Mag 7" stocks compared to the broader S&P 493, highlighting a significant bifurcation in earnings and profit margins [2][3][5] - It emphasizes the importance of diversification in investment strategies, noting that investing solely in the Mag 7 stocks does not provide adequate diversification within the S&P 500 [5] Market Analysis - Torsten Slok, chief economist at Apollo Global Management, noted that the 2025 EPS consensus estimates for the Mag 7 have increased, while those for the S&P 493 have decreased, indicating a concentration of earnings growth in the Mag 7 [2][3] - The Mag 7 stocks now account for over 40% of the total market capitalization of the S&P 500, which is considered an unusually high concentration [4] Investment Strategy - The article presents a list of the 14 best undervalued stocks to buy under $50, selected based on a forward P/E ratio below 15 and the number of hedge fund holders [7] - The methodology for selection is based on hedge fund sentiment, with the aim of outperforming the market by following top stock picks from leading hedge funds [8] Company Highlights - **Banco Santander, S.A. (NYSE:SAN)**: - Stock Price: $10.29, Forward P/E: 10.40, Hedge Fund Holders: 18 - Reported stable revenue of €46.3 billion and a record net fee income, up 4% year-over-year [11] - Attributable profit for the first nine months of 2025 reached €10.337 billion, an 11% increase from the previous year [12] - Added over seven million new customers, bringing the total to 178 million [13] - **Equinor ASA (NYSE:EQNR)**: - Stock Price: $24.04, Forward P/E: 8.68, Hedge Fund Holders: 19 - Received a Hold rating with a price target of $22 [15] - Awarded new framework agreements valued at approximately NOK 17 billion for insulation and scaffolding services at its onshore plants in Norway [17]