Core Insights - Linde plc is recognized as one of the best European dividend stocks to buy now [1] - UBS has upgraded Linde to a Buy rating, citing expected earnings growth acceleration in 2026 as a potential catalyst for share price increase [2] - The stock is currently trading at a 10% discount to its historical average multiple, indicating lower investor confidence in growth trends [2] Financial Performance - In Q3 2025, Linde reported revenue of $8.6 billion, reflecting a 3% year-over-year increase [3] - Operating profit for the same quarter was $2.4 billion, with adjusted operating profit also at $2.6 billion, both up 3% [3] - Operating cash flow increased by 8% year-over-year to $2.9 billion [3] Strategic Developments - In June 2025, Linde entered a long-term agreement to supply industrial gases for a $4 billion low-carbon ammonia project in Louisiana [4] - The company plans to invest $400 million in a new on-site facility to complement its existing hydrogen and syngas infrastructure in the region [4] Company Overview - Linde plc is a global industrial gases and engineering firm that provides high-quality gases, specialized mixtures, and related technologies across various industries [5]

Core Insights - Linde plc (NASDAQ:LIN) is highlighted as a significant player in the industrial raw materials sector, particularly in industrial gases, and is recognized for its broad presence across various industries [2][4] - UBS has upgraded Linde's shares from Neutral to Buy, anticipating accelerated earnings growth by 2026 [2] - Jim Cramer emphasizes Linde's involvement in diverse sectors, including wine, data centers, and oil drilling, positioning it as a "real company" in the economy [4] Company Overview - Linde plc is one of the largest suppliers of industrial raw materials globally, focusing on industrial gases [2] - The company operates in multiple industries, showcasing its versatility and relevance in the current economic landscape [4] Market Position - The stock was previously discussed by Jim Cramer in January, indicating ongoing interest and analysis regarding its market performance [2] - Cramer suggests that while Linde is a solid investment, there are AI stocks that may offer higher returns with lower risk [4]

Group 1 - Air Products and Chemicals Inc. (APD) is recognized as one of the 15 Best Dividend Growth Stocks to buy now [1] - RBC Capital has maintained an Outperform rating on APD while lowering its price target from $350 to $325, citing a rally in shares post-earnings and awaiting clarity on the LA Blue project [2] - The company is focused on addressing global energy and environmental challenges through advancements in gasification, carbon capture, and clean hydrogen [3] Group 2 - APD is advancing several major hydrogen projects, including the NEOM Green Hydrogen Project in Saudi Arabia, which is 80% complete and expected to begin production by 2027 [4] - Additional projects include an $8 billion blue hydrogen project in Louisiana, a $3.3 billion project in Canada, and a $360 million green hydrogen facility in Arizona, anticipated to start operations in 2026 [4] - The company continues to strengthen its position in the clean energy sector as a global leader in industrial gases and LNG processing technology [5]

Group 1: DoorDash Performance - DoorDash shares fell over 17% after missing third-quarter profit estimates and providing a lower-than-expected guidance for adjusted EBITDA in the current quarter [3][7] - The company warned of rising costs due to investments in business expansion and new initiatives, including autonomous delivery [3][7] Group 2: Broader Market Trends - Major U.S. equity indexes declined, with tech stocks leading the drop, as job cuts in October reached the highest level since 2003 [2] - The Dow dropped 0.8%, the S&P 500 fell 1.1%, and the Nasdaq decreased by 1.9% [2] Group 3: Other Company Performances - Robinhood Markets saw its stock fall nearly 11% despite exceeding sales and profit forecasts, primarily due to higher-than-expected operating expenses and disappointing cryptocurrency revenue [4] - Paycom Software reported lower-than-expected quarterly earnings, leading to a nearly 11% drop in its shares, citing increased spending on technology investments [5] - Tapestry shares fell 9.6% despite surpassing sales and profit forecasts, with disappointing guidance attributed to tariff-related headwinds [6][8] - Datadog's shares surged about 23% after posting better-than-expected quarterly earnings and benefiting from strong demand from AI customers [9] - Texas Pacific Land's shares increased by 10% after reporting record quarterly revenue, despite sales and profit falling short of expectations [10] - Air Products and Chemicals gained 8.9% after edging out earnings per share estimates while announcing a strategic revamp focused on cost-cutting and core industrial gases [11]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $12.03, which is above the midpoint of the full-year fiscal guidance range [5] - Operating income margin was 23.7%, and return on capital (ROC) was 10.1%, both in line with commitments [5] - The EPS decreased by $0.40 or 3% from the prior year, primarily due to a 4% headwind from LNG divestiture and a 2% headwind from project exits [16][19] Business Line Data and Key Metrics Changes - The Americas segment results were down 3%, impacted by a one-time asset sale and project exits, but offset by strong non-helium pricing and productivity improvements [17] - Asia's results were relatively flat, with lower helium demand offset by favorable pricing and productivity [18] - Europe's results improved by 4%, driven by non-helium merchant pricing and productivity, despite lower helium contributions [18] Market Data and Key Metrics Changes - The company faced a 2% headwind from reduced global helium demand, affecting overall volume [15] - The market for green ammonia is developing, with expectations for significant demand growth by 2030 [11][12] Company Strategy and Development Direction - The company aims for high single-digit annual EPS growth and plans to optimize its large projects portfolio, including the NEOM project [6][7] - Capital expenditures are expected to be reduced to approximately $2.5 billion per year after completing several large projects, allowing for ongoing maintenance and investments in traditional industrial gas projects [7][10] - The company is focusing on productivity improvements and has identified 3,600 headcount reductions, translating to approximately $250 million in annual cost savings [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from helium headwinds and a sluggish macroeconomic environment but remains optimistic about achieving growth through new asset contributions and pricing actions [19][21] - The company expects to be modestly cash flow positive in fiscal year 2026 and aims to stay cash flow neutral through 2028 [21] Other Important Information - The NEOM project is about 90% complete, with ammonia production expected to start in 2027 [11] - The company is evaluating proposals to divest the carbon sequestration piece of the Louisiana project, linking it to potential hydrogen supply agreements [24][25] Q&A Session Summary Question: Evaluation of Carbon Capture in Louisiana Project - The company is considering selling the carbon capture piece and potentially supplying hydrogen to the buyer [24][25] Question: Alberta Project Cost Overruns - The company has a long-term commitment to supply hydrogen to a major customer, necessitating the completion of the project despite cost overruns [26][27] Question: Headcount Reduction Target - The target of 20,000 headcount is expected to be the new base, with ongoing efforts to optimize workforce levels [31] Question: CapEx for Louisiana Project - The company will provide CapEx data when updating the project, emphasizing that no off-take deals mean no final investment decision [32] Question: Growth Drivers for Next Year - Expected growth will come from new assets and pricing actions, with a minimal volume growth forecast due to macroeconomic headwinds [37][39] Question: Helium Market Outlook - The company anticipates continued headwinds from helium but expects stabilization in 2027 [40][41] Question: NEOM Project Commercialization - The company plans to commercialize ammonia initially, with expectations for a growing market for green ammonia [44][45] Question: Equity Affiliates Income - The Mexican joint venture saw improvements, while contributions from the Jazan joint venture are expected to pick up in 2026 [46][47] Question: Decision Timeline for Louisiana Project - The company is working on advanced negotiations and aims to communicate updates before the end of the year [50][53] Question: CapEx Flexibility - The CapEx forecast for fiscal 2026 is between $3.5 billion and $4 billion, with no significant changes expected [91][92]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $12.03, which is above the midpoint of the full-year fiscal guidance range [4] - Operating income margin was 23.7%, and return on capital (ROC) was 10.1%, both in line with commitments [4] - The EPS decreased by $0.40 or 3% from the prior year, primarily due to a 4% headwind from LNG divestiture and a 2% headwind from project exits [16][19] Business Line Data and Key Metrics Changes - The Americas segment results were down 3%, impacted by a one-time asset sale and project exits [17] - Asia's results were relatively flat, with lower helium offset by favorable on-site contributions [18] - Europe's results improved by 4%, driven by non-helium merchant pricing and productivity [18] Market Data and Key Metrics Changes - The company faced a 2% headwind from reduced global helium demand, affecting overall volume [14] - Pricing for non-helium merchant products was favorable across all regions, helping to offset some volume declines [14] Company Strategy and Development Direction - The company aims for high single-digit annual EPS growth in 2026, despite anticipated helium headwinds [5] - Key priorities include optimizing the large projects portfolio, particularly the NEOM project, and balancing capital allocation [5][6] - Capital expenditures are expected to be reduced to approximately $2.5 billion per year after completing several large projects [6] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to staffing levels similar to 2018, adjusted for employee growth, to support new assets [7] - The company is focused on improving productivity and pricing actions to counteract inflation and lower capital expenditure levels [8] - Management anticipates a modestly cash flow positive position in fiscal year 2026, with a commitment to remain cash flow neutral through 2028 [20] Other Important Information - The company returned $1.6 billion to shareholders in fiscal 2025, marking the 43rd consecutive year of increasing dividends [4] - The NEOM project is about 90% complete, with ammonia production expected to start in 2027 [11] Q&A Session Summary Question: Evaluation of carbon capture piece of the Louisiana project - Management explained that they are evaluating proposals to divest the carbon capture piece while still considering the project's future [24][25] Question: Cost overruns in Alberta project - Management confirmed a long-term commitment to supply hydrogen to a major customer, necessitating the project's completion despite cost overruns [26][27] Question: Employee headcount target - The target of 20,000 headcount is expected to be the new base, with ongoing efforts to rationalize the workforce [31] Question: CapEx remaining for Louisiana project - Management indicated that they would provide data on remaining CapEx when updating the project, emphasizing the need for off-take agreements [33] Question: Growth drivers for next year - Management expects contributions from new assets and productivity improvements to drive growth, with a focus on pricing actions [37][38] Question: Helium industry outlook - Management noted that while there may be a decline in helium demand in 2027, they expect stabilization thereafter [40][42] Question: NEOM project commercial options - Management stated that they will need to commercialize the product as ammonia initially, with expectations for growth in green ammonia sales over time [46] Question: Equity affiliates income growth - Management highlighted strong performance from the Mexican joint venture, with expectations for flat contributions in fiscal year 2026 [48] Question: Decision timeline for Louisiana project - Management confirmed that they are working on advanced negotiations and expect to communicate updates by the end of the year [52][56] Question: CapEx forecast changes - Management clarified that the CapEx forecast for fiscal 2026 was adjusted to $4 billion based on a refined bottom-up review [62]

Fiscal Fourth Quarter 2025 Earnings Results Teleconference November 6, 2025 Forward-Looking Statements This presentation contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook and investment opportunities. These forward-looking statements are based on management's expectations and assumptions as of the date of this presentation and are not guarantee ...

Core Insights - Chevron Corp is a major player in the energy sector, involved in oil and natural gas extraction, refining, and renewable energy initiatives [1] - The article highlights three Dividend Aristocrats, emphasizing their potential for stable income and capital appreciation [4][5] Company Summaries Chevron Corp (CVX) - CVX stock has appreciated nearly 85% over the last five years, indicating strong capital growth alongside increasing dividends [7] - The company offers a forward annual dividend of $6.84, yielding approximately 4.4%, with a 37% increase in dividends over the past five years [8] - Analysts rate CVX as a Moderate Buy with a score of 4.07 out of 5, with a price target of $197 per share, suggesting a ~29% upside potential [9] AbbVie Inc (ABBV) - ABBV stock has risen 119% over the past five years, showcasing significant capital appreciation [11] - The company pays an annual dividend of $6.56, yielding 3%, with a 45% increase in dividends over the last five years and a payout ratio of 68.07% [12] - Analysts also rate ABBV as a Moderate Buy with a score of 4.07 out of 5, with a price target of $284 per share, indicating ~31% upside potential [13] Linde Plc (LIN) - LIN stock has increased by 63% in the last five years, reflecting solid capital growth [15] - The company pays a dividend of $6.00 per share, yielding about 1.5%, with a 59% increase in dividends over the past five years and a low payout ratio of 36% [16] - Analysts rate LIN as a Strong Buy with a score of 4.48 out of 5, with a price target of $576 per share, representing around 38% upside potential [17] Investment Strategy - The three highlighted companies are considered compelling options for investors seeking stable income and potential capital growth, supported by their strong market positions and commitment to shareholder value [18]

Core Viewpoint - Air Products forecasts 2026 adjusted profit exceeding Wall Street estimates after surpassing quarterly profit expectations due to strong sales in Europe and Asia [1] Group 1: Financial Performance - The company reported strong quarterly profits driven by robust sales in European and Asian markets [1] - Adjusted profit for 2026 is projected to be above Wall Street estimates, indicating positive growth expectations [1] Group 2: Market Dynamics - The strong sales performance in Europe and Asia highlights the company's effective market strategies and demand for industrial gases in these regions [1]

Core Viewpoint - Air Products and Chemicals, Inc. (APD) reported its financial results for the fourth quarter and provided earnings guidance for the first quarter and full-year 2026, indicating a positive outlook for earnings growth [1] Earnings Guidance - The company expects adjusted earnings for the first quarter to be in the range of $2.95 to $3.10 per share [1] - For the full-year 2026, the expected adjusted earnings range is $12.85 to $13.15 per share [1] - Analysts' average expectations are $3.08 per share for the first quarter and $12.88 per share for the full year, which are in line with the company's guidance [1]