沙特阿美遭华尔街冷落！IPO以来回报垫底 股价跌至五年新低

Group 1 - Saudi Aramco's total return since its IPO in 2019 is only 16%, lagging behind major oil companies like ExxonMobil, Chevron, and Shell, which have returns exceeding 50% [1][4] - The company's stock performance has been poor over the past five and a half years, with current stock prices at a five-year low and declining trading volumes indicating investor avoidance [4][5] - Saudi Aramco reported free cash flow of $34.4 billion in the first half of 2025, which is insufficient to cover $42.7 billion in dividends, leading the company to issue bonds to fill the gap [4][5] Group 2 - Despite claiming to be the "lowest cost oil producer," Saudi Aramco has struggled to cover dividends even with Brent crude prices averaging over $70 per barrel in the first half of the year [5] - The company needs higher oil prices, increased production, and reduced operating costs to thrive, yet it is increasing expenditures while competitors are cutting costs [5] - Saudi Aramco's market valuation has dropped from a peak of $2.42 trillion in 2022 to approximately $1.5 trillion, which is 25% lower than its initial $2 trillion target at IPO [5][8] Group 3 - Investors from the recent secondary offering are facing losses of over 12% as the stock is viewed more as a "credit investment" opportunity through its bonds rather than an attractive equity investment [8] - The Saudi authorities, as the largest shareholders, may find it challenging to sell more shares in the future, which could hinder their plans to raise funds through partial sales of Saudi Aramco shares [8]