Norsk Hydro ASA (OTCMKTS:NHYDY) Sees Significant Decline in Short Interest

Key Points

• Short interest plunged 98.9% to 6,691 shares as of July 31, down from 589,746 shares on July 15. Short interest represented effectively 0.0% of outstanding shares, with a 0.0-day short-interest ratio.
• Norsk Hydro shares traded at $9.74, near the 50-day moving average of $9.73 and below the 200-day average of $10.11. The stock’s 52-week range is $6.20 to $13.02.
• The company exceeded quarterly expectations, reporting $0.23 in earnings per share versus a $0.22 consensus and revenue of $5.88 billion versus $5.74 billion expected. Analyst sentiment remains mixed, with a consensus rating of “Hold.”

Norsk Hydro ASA (OTCMKTS:NHYDY - Get Free Report) saw a large decrease in short interest in July. As of July 31st, there was short interest totaling 6,691 shares, a decrease of 98.9% from the July 15th total of 589,746 shares. Based on an average daily trading volume, of 855,668 shares, the short-interest ratio is presently 0.0 days. Currently, 0.0% of the company's stock are sold short.

Norsk Hydro ASA Price Performance

Shares of NHYDY stock traded down $0.20 during mid-day trading on Tuesday, hitting $9.74. 101,956 shares of the stock were exchanged, compared to its average volume of 496,017. Norsk Hydro ASA has a 52-week low of $6.20 and a 52-week high of $13.02. The company has a quick ratio of 1.14, a current ratio of 1.73 and a debt-to-equity ratio of 0.27. The company has a market cap of $19.27 billion, a PE ratio of 18.66, a price-to-earnings-growth ratio of 1.80 and a beta of 1.02. The firm has a fifty day moving average of $9.73 and a 200 day moving average of $10.11.

Norsk Hydro ASA (OTCMKTS:NHYDY - Get Free Report) last released its quarterly earnings results on Wednesday, July 22nd. The industrial products company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.22 by $0.01. Norsk Hydro ASA had a return on equity of 12.01% and a net margin of 4.90%.The company had revenue of $5.88 billion during the quarter, compared to analysts' expectations of $5.74 billion. Research analysts anticipate that Norsk Hydro ASA will post 0.9 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on NHYDY. Zacks Research lowered shares of Norsk Hydro ASA from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Citigroup reaffirmed a "neutral" rating on shares of Norsk Hydro ASA in a report on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft reiterated a "hold" rating on shares of Norsk Hydro ASA in a report on Thursday, July 2nd. Pareto Securities lowered shares of Norsk Hydro ASA from a "buy" rating to a "hold" rating in a research report on Thursday, June 11th. Finally, Danske cut shares of Norsk Hydro ASA from a "hold" rating to a "sell" rating in a research note on Friday, April 17th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold".

About Norsk Hydro ASA

Norsk Hydro ASA is a Norwegian industrial company with a primary focus on aluminum production and renewable energy. Established in 1905, the company has grown from its roots in fertilizer manufacturing to become one of the world's largest integrated aluminum producers. Its operations span the full value chain, including bauxite mining, alumina refining, primary aluminum production, and downstream processing of rolled and extruded products.

In addition to its aluminum business, Hydro maintains a significant portfolio of hydropower assets to support its energy-intensive processes.

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