Short Interest in Norsk Hydro ASA (OTCMKTS:NHYDY) Drops By 36.7%

Norsk Hydro ASA (OTCMKTS:NHYDY) was the target of a large drop in short interest in May. As of May 29th, there was short interest totaling 41,739 shares, a drop of 36.7% from the May 14th total of 65,890 shares. Based on an average daily volume of 258,162 shares, the short-interest ratio is currently 0.2 days. Approximately 0.0% of the shares of the stock are short sold.

Analysts Set New Price Targets

NHYDY has been the subject of a number of recent research reports. Wall Street Zen cut shares of Norsk Hydro ASA from a “buy” rating to a “hold” rating in a research note on Friday, February 27th. Danske cut shares of Norsk Hydro ASA from a “hold” rating to a “sell” rating in a research note on Friday, April 17th. UBS Group cut shares of Norsk Hydro ASA from a “buy” rating to a “neutral” rating in a research note on Thursday, April 9th. The Goldman Sachs Group raised shares of Norsk Hydro ASA from a “strong sell” rating to a “strong-buy” rating in a research note on Thursday, April 2nd. Finally, Morgan Stanley reissued an “equal weight” rating on shares of Norsk Hydro ASA in a research note on Thursday, April 16th. Two analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, six have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold”.

Norsk Hydro ASA Price Performance

Shares of OTCMKTS NHYDY opened at $11.60 on Monday. Norsk Hydro ASA has a 52-week low of $5.42 and a 52-week high of $13.02. The firm has a fifty day moving average of $11.62 and a 200-day moving average of $9.66. The stock has a market capitalization of $22.95 billion, a PE ratio of 37.17, a P/E/G ratio of 0.77 and a beta of 0.98. The company has a quick ratio of 1.14, a current ratio of 1.73 and a debt-to-equity ratio of 0.27.

Norsk Hydro ASA (OTCMKTS:NHYDY) last announced its quarterly earnings data on Wednesday, April 29th. The industrial products company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.04. Norsk Hydro ASA had a net margin of 3.11% and a return on equity of 10.52%. The company had revenue of $5.18 billion during the quarter, compared to analysts’ expectations of $5.42 billion. On average, analysts anticipate that Norsk Hydro ASA will post 1.19 EPS for the current year.

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.