Connect with us

Hi, what are you looking for?

Oracle of  Omaha Says – Investing and Stock NewsOracle of  Omaha Says – Investing and Stock News

Editor's Pick

Saudi Aramco stock unbothered despite a hit to profit in Q1

Saudi Arabian Oil Co (SAU: 2222) is trading up today even after reporting a hit to its profit in the first quarter.

Why is Saudi Aramco stock up today?

What’s more important to investors, it seems, is that the world’s largest oil and gas company, nonetheless, reported net income that topped expectations.

Saudi Aramco earned $31.9 billion in its recently concluded quarter – down 19% from a year ago on lower oil prices but handily ahead of $30.5 billion that experts had forecast. In the earnings press release, CEO Amin Nasser said:

We are leveraging cutting-edge technologies to increase liquids-to-chemicals capacity and meet anticipated demand for petrochemical products.

The energy giant also confirmed that its profit was up 3.75% sequentially in Q1. Year-to-date, Saudi Aramco stock is up 4.0% at writing.

Saudi Aramco to launch a new dividend

Saudi Aramco reported $30.9 billion in free cash flow for its first quarter – up slightly versus last year. CEO Nasser also said today:

We believe oil and gas will remain critical components of the global energy mix for the foreseeable future.

Last month, Fitch raised its long-term rating on this oil giant to “A+”. Saudi Aramco stock is up on Tuesday also because the company revealed plans of launching a performance-based quarterly dividend.

The stock market news arrives shortly after the oil and gas behemoth cited higher oil prices and reported a record $161 billion in net income for 2022 – a whopping 46.5% annualised growth.

The post Saudi Aramco stock unbothered despite a hit to profit in Q1 appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Everynet, one of the world’s largest network operators for national LoRaWAN® networks, announces it is working with Amazon Web Services (AWS) to offer long-range...


    As more candidates throw their hats into the 2024 Presidential ring, I’d like to offer a proposal that should have immediate bipartisan support: stop...

    Editor's Pick

    The Internet of Things (IoT) is changing the way we interact with technology, and it has the potential to revolutionize the way we manage...

    Editor's Pick

    Semtech Corporation and esteemed engineering design services firm, Connected Development, today announced the launch of the new XCVR Development Board and Reference Design integrating...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023