Weir Share Discussion Threads

[philanderer] 26/2/2020 13:11

Weir Group, up 6.9%. The engineer said it was looking to exit its oil and gas business as it reported a sharp swing to an annual loss due to a non-cash impairment from the Oil & Gas North American assets.

For 2019, the Glasgow-based engineering firm posted a reported pretax loss of GBP372 million, compared to a profit of GBP86 million the year before, due to an impairment charge of GBP546 million recognised in the Oil & Gas North American cash generating unit.

Weir said challenging market conditions and uncertainty about the timing of market recovery led to estimates of future cash flows featuring lower revenue and margin assumptions, leading to a review of specific assets considered to be at risk.

Weir declared a final dividend of 30.45 pence per share, bringing the total payout to 46.95p, up 2% from 46.20p the prior year. Weir said its focus going forward was to become a "pure play" mining technology firm and added it was "looking for opportunities to maximise value from the oil and gas business at the right time".


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[philanderer] 26/2/2020 08:44

Bright spot in the portfolio so far.

[smcni1968] 26/2/2020 08:28

Getting out of oil & gas- buy

[philanderer] 25/2/2020 10:07

++++ JEFFERIES CUTS WEIR GROUP PRICE TARGET TO 1380 (1450) PENCE - 'HOLD' ++++

[philanderer] 21/2/2020 18:39

Full Year results next wednesday.

[smcni1968] 21/2/2020 10:15

Come on Weir, do something !

[philanderer] 18/2/2020 09:39

Market report..

Engineer Weir was the worst performer on the FTSE 250 after US peer Gardner Denver’s fourth-quarter results disappointed.

ADVFN

[philanderer] 13/2/2020 11:30

Best wishes to the Chairman , get well soon soon.

[philanderer] 29/1/2020 13:46

29th jan Citigroup buy tp 1700p up from 1650p

[philanderer] 24/1/2020 10:04

+++ JEFFERIES RAISES WEIR GROUP PRICE TARGET TO 1450 (1395) PENCE - 'HOLD' +++

[smcni1968] 21/1/2020 08:52

what a useless stock

[philanderer] 17/1/2020 11:03

17th jan RBC 'top pick' tp 1900p up from 1800p

[philanderer] 13/1/2020 09:57

+++ GOLDMAN RAISES WEIR GROUP PRICE TARGET TO 1500 (1450) PENCE - 'NEUTRAL' +++

[philanderer] 08/1/2020 12:13

8th jan Barclays 'overweight' tp 1750p cut from 1800p

[smcni1968] 03/1/2020 10:12

i'm losing patience with this

[philanderer] 19/12/2019 10:39

Downgraded by Credit Suisse to 'neutral' ...tp 1550p cut from 1600p

[philanderer] 18/12/2019 14:44

18th dec RBC 'top pick' .... reiterates

[philanderer] 27/11/2019 00:10

I'll hold what I've got but won't add just yet.

[smcni1968] 19/11/2019 10:34

anyone still like this? the oil and gas bit seems like it's going to be weak for a long time even if the oil price picks up, though is only a small part. mining looks ok into next year off we get some sort of global recovery

[smcni1968] 05/11/2019 13:20

looks like it's bottomed at last

[philanderer] 05/11/2019 13:12

5th nov Peel Hunt hold tp 1585p
5th nov ShoreCap sell tp 1268p

[philanderer] 05/11/2019 10:45

Weir Group, up 1.6%.

The engineering firm revered some early losses after saying third-quarter sales rose overall year-on-year but warned on full-year profit in its Oil & Gas division after experiencing difficult trading conditions.

Orders from continuing operations in the quarter ended September 30 rose by 4% from last year, though Weir added they were flat on a like-for-like basis. In the Oil & Gas division, orders were 32% lower year-on-year, with the firm attributing this to a tough market conditions in North America.

Weir added: "As a result of lower volumes in North America, the division was only moderately profitable in the third quarter and is anticipated to be sequentially lower in the fourth quarter." The firm said that there is a lack of visibility as to when trading conditions will improve and, in turn, it has undertaken a GBP30 million cost reduction programme, which will trim its North American workforce by 20%. The cost-cutting will result in an exceptional restructuring charge of GBP20 million


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