Norsk Hydro ASA (OTCMKTS:NHYDY) Shares Gap Down - Here's Why

Key Points

• Norsk Hydro shares fell at the open, dropping from a previous close of $9.73 to $9.35 before recovering slightly to $9.46.
• Analyst sentiment has weakened, with Zacks Research downgrading the stock to “strong sell” and Pareto Securities moving to “hold.” MarketBeat’s overall consensus rating is “Hold.”
• The company exceeded quarterly expectations, reporting $0.23 in earnings per share versus a $0.22 estimate and revenue of $5.88 billion against expectations of $5.74 billion.

Shares of Norsk Hydro ASA (OTCMKTS:NHYDY - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $9.73, but opened at $9.35. Norsk Hydro ASA shares last traded at $9.46, with a volume of 34,405 shares.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. Zacks Research cut shares of Norsk Hydro ASA from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 28th. Pareto Securities downgraded Norsk Hydro ASA from a "buy" rating to a "hold" rating in a research note on Thursday, June 11th. Citigroup reissued a "neutral" rating on shares of Norsk Hydro ASA in a research note on Tuesday, May 26th. Finally, Deutsche Bank Aktiengesellschaft restated a "hold" rating on shares of Norsk Hydro ASA in a report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold".

Norsk Hydro ASA Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.73 and a quick ratio of 1.14. The stock's 50-day simple moving average is $9.42 and its 200 day simple moving average is $10.14. The stock has a market capitalization of $18.78 billion, a P/E ratio of 18.18, a PEG ratio of 1.71 and a beta of 1.02.

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 the consensus estimate of $0.22 by $0.01. The business had revenue of $5.88 billion during the quarter, compared to analysts' expectations of $5.74 billion. Norsk Hydro ASA had a return on equity of 12.01% and a net margin of 4.90%. Research analysts expect that Norsk Hydro ASA will post 0.91 EPS for the current fiscal year.

Norsk Hydro ASA Company Profile

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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