Company
Weir Group PLC
LON:WEIR
The Weir Group provides support services primarily to the mining, oil & gas and power industry's and is a member of the FTSE 250.
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Weir Group order growth driven by strong mining sector
The engineering group said demand was good across all regions, with particular strength in South America as miners maximised copper production
Weir in alliance with STM Minerals to accelerate sustainable mining
Weir will market STM's innovative vertical stirred grinding mills for coarse grinding applications worldwide
Weir Group sees full-year profit at upper end of forecasts after strong first-half performance
The engineering company is raising its interim dividend by 17% to 13.5p given the "high levels of confidence" in its prospects
Weir Group strengthens presence in Canadian mining sector with £20mln buy
CIS is a distributor of mining equipment for Weir subsidiary ESCO
Weir Group an underappreciated transformation story, says investment bank
Sustainability trends "can drive organic revenue growth in the mid to high single digits over the long-term"
Weir whacked by cyberattack
Actions taken by the engineering group to protect its infrastructure and data led to "significant temporary disruption"
Weir Group appoints first female chair in 150-year history
Barbara Jeremiah has been Weir's senior independent director since 2020, having joined the board in 2017
Weir Group upgraded on strong fundamentals
The engineering and services group is upgraded to ‘outperform’
Weir Group upgraded as mining sector sees a solid and improving market
The engineering and services group is upgraded to 'overweight'.
Weir downgraded as Credit Suisse warns of risks of weaker copper price, market disruption
The bank also said that while the engineering firm has the highest share of the aftermarket for mineral equipment, this "can limit scope for positive margin surprises"
Weir Group oil & gas sale completion delayed to 2021
The transaction was initially expected to complete by the end of 2020 but there have been delays in bureaucracy
Weir's higher exposure to mining makes it a winner among engineers, says UBS
An increased focus on sustainability and efficiency among miners should drive demand for the company's products, which are known to be more energy and water efficient
Weir Group wins follow-up contract for Iron Bridge mining project
The contract will begin in 2022 and revenues will be recognised over seven years
Weir sees demand pick up from subdued levels
The longer-term bid activity is improving, reflecting the positive fundamentals for mining, Weir said
Archive
Oil price, President, Predator, SDX, Weir Group.
Oil rallied hard again yesterday making a two day rise of over three dollars, it started with Trump beating the virus and carried through the Norwegian oil and gas strike which has now taken 6 fields off-line some 330/- b/d, 8% of that coun
Weir Group a ‘buy’ again for Deutsche Bank, Shore Capital after oil & gas exit
Analysts welcomed the focus on the mining sector, exposing the engineer to limited cyclicality
Weir Group no longer distracted by volatile oil & gas division, analysts say
The market welcomed the sale so now the engineer can focus on the mining sector
Weir Group to exit oil & gas division in US$405mln deal
The firm will become a pure-play mining equipment business
Weir refinances bank facilities, says mining markets robust despite pandemic disruption
The engineering firm also said its oil and gas division had experienced a “significant step-down” in North American activity levels, although the business was still expected to be cash generative in the full year
Weir Group confirms slump in oil and gas orders
“While there remains a high degree of uncertainty over the full impact of Covid-19, we are taking a prudent approach to managing costs and conserving cash," said chief executive Jon Stanton.
Weir scraps dividend and guidance as coronavirus disrupts operations
The engineering firm said an oil price crash in March and the escalation of the pandemic meant the external environment had “changed rapidly” for its business
Weir Group shares downgraded by Deutsche, which cites US oil and gas exposure
In a note reviewing its calls on the capital goods sector it moved to ‘hold’ from ‘buy’
Weir Group shares rise as engineer eyes oil and gas exit “at right time”
Weir reported a US$379mln loss amid a US$546mln impairment to its oil and gas division.
Weir’s woes signal the end for the US shale boom
A profit warning from the oilfield services group on Tuesday seemed to corroborate other evidence that an almost decade-long boom in oil project investment could be over
Weir Group lowers full-year guidance for its oil & gas businesses following tough third quarter
"The main takeaway from Weir's Q3 IMS is another big cut to Oil & Gas guidance," said Liberum Capital Markets.
Weir hit by UBS downgrade ahead of tough year
The broker said the global mining sector is suffering low raw material prices and tough comparative in an uncertain macroeconomic scenario
Weir Group shares pump higher as it secures biggest ever order worth £100mln
Weir is supplying crushing and pump equipment to a big magnetite iron ore project in Australia
Hardware & electrical equipment
Weir Group slides after tough first half
Weir said its large bore simplified frack system and its new QEM 5000 frack pump are well-positioned to support the development of future electric frack fleets.
Weir not worth buying as US onshore spending budgets seen staying put, says Liberum
“With such a volatile backdrop, it is unlikely shale operators will have the confidence to increase capex budgets in the near future even if the oil price continues to recover towards US$60”
Immedia picks up the pace as it swings to profit in 2018
The marketing firm reported a pre-tax profit for the year ended 31 December of £106,204, swinging from a £693,268 loss in 2017, while revenues jumped to £4.7mln from £3.5mln
Weir Group falls as weak oil and gas markets hit first-quarter orders
Total orders were up 18% in the first quarter but excluding the impact of the recently-acquired ESCO, underlying demand fell 7% due to a drop-off in orders from oil and gas companies
Archive
FTSE 100 closes in red as China manufacturing data sends chill
The UK's premier share index shed over 22 points at 7,418, while the FTSE 250 shed over 86 points at 19,824
Archive
Impressive first quarter performance needed from oil giant BP after recent share price rally
The Day Ahead also brings updates from the likes of blue-chip lender Standard Chartered, Premier Inn owner Whitbread and pubs group Greene King
UK engineer Weir Group expects strong 2019 after “transformational” year
The engineer has narrowed its focus on “attractive mining and oil and gas markets” having bought ESCO for £750mln last summer and sold off its flow control business recently
FTSE 100 finishes lower as global markets hit by geopolitical worries
The UK's blue chip index closed down nearly 44 points at 7,107. Meanwhile, mid-cap cousin FTSE 250 fell more than 116 at 19,513
Archive
ITV finals take spotlight for ‘hump day’ results
Shareholders in the blue-chip broadcaster may be approaching the results with some trepidation after it expected a softer fourth quarter in a November update
Weir to sell flow control unit to private equity investor for £275mln
“The decision to sell Flow Control is part of Weir's recent portfolio transformation which focuses the group on where we can maximise long-term value...,” said chief executive Jon Stanton.
UK oilfield service providers hit by Schlumberger’s US fracking market warning
The North American fracking market has been under fire for a few months now, with oil prices plunging, pipelines maxed-out and exploration budgets exhausted
RBC Capital ups Melrose to Top Pick in major review of UK engineering sector
In a note to clients, the Canadian bank’s analysts concluded: “We do not expect a major downturn, but even if there is one the recent sector sell-off has priced in a recession for many names in our coverage group”
Weir Group shows third quarter order growth
"Group orders continued to grow strongly in markets that have good long term prospects,” said Jon Stanton, Weir chief executive.
Archive
US midterm elections, Primark, Morrisons and Imperial Brands make for busy day ahead
The day ahead will see Americans go to the polls to vote in the midterm elections but closer to home the focus is on financials from AB Foods, Morrison's and Imperial Brands
Centrica appoints chairman-designate from Weir Group
The FTSE 100-energy group said Charles Berry would be appointed initially as a non-executive director before taking over from Rick Haythornthwaite on 21 February 2019
Weir Group shares drop as it flags “considerable softening” in demand
The engineer and services firm issued a statement as it goes on a roadshow
Aquis Exchange unit inks three-year trading technology supply deal with crypto and security token exchange Archax
A look at some of the London market's biggest risers and fallers on Thursday
Archive
BP may have already given a results spoiler, but there will be plenty else to digest on Tuesday
Aside from the oil giant's second-quarter numbers, results are also due from the likes of Centrica, Standard Chartered, Taylor Wimpey, Just Eat, and Greggs
Hardware & electrical equipment
Weir's change of direction gets the thumbs-up from UBS
Weir is at the start of a “multi-year expansion cycle” and is on an attractive valuation, UBS claimed
Exane BNP Paribas downgrade to ‘neutral’ knocks Weir Group shares lower
The French broker’s analysts said: “In the context of market share worries, we believe the risk/reward is not attractive enough to remain buyers (of Weir)”
Investments and investor services
FTSE 100 closes above 7,420 but gains capped by fall in Shell, US trade deficit in goods drops
Imports in the period fell 2.1%, while exports increased 2.4%
Shire takeover talk will overshadow results after Takeda upped the ante
Takeda on Wednesday increased its offer for Shire up to £46bn or £49 per share.
Numis downgrades Weir citing little short-term potential following rally
The broker said the company’s acquisition of ESCO and its plan to sell its Flow Control division showed multiple positives, however, there wasn’t much to drive additional short term gains
Weir to cut ties with industrial pumps as it focuses on oil and mining
Flow control to be sold while the acquisition of ESCO strengthens position in mine digging equipment. Shale oil business orders continue to soar, adds Glasgow-based group
Investec says Weir Group is no longer a ‘sell’
“We believe the valuation now more fairly reflects the earnings growth profile when adjusted for balance sheet leverage”
Weir Group sees 2017 profit jumps as oil and gas business orders rise
The FTSE 250-listed firm posted 2017 operating profit of £292mln, up 36% from £214mln a year earlier, benefiting from a £16mln foreign exchange gain on the translation of overseas earnings
Investments and investor services
FTSE 100 closes firmly lower on chilly Wednesday with ITV the big switch-off
The Footsie may have mainly traded sideways throughout the day but there have been some notable movements among blue-chips.
Archive
Advertising key to ITV's latest results broadcast; Taylor Wimpey continues housebuilder updates
Day ahead includes full-year results from blue chips including broadcaster ITV PLC, housebuilder Taylor Wimpey PLC, motor insurer Admiral PLC, and mid cap estate agents Foxton's PLC
FTSE 100 closes at third successive new high but retailers lag
FTSE 100 closed in London around 14 points higher at 7,762
Pumps specialist Weir Group tempers growth forecasts
Operating profits will be lower than first anticipated, but the business appears to be in reasonably good health
FTSE 100 closes a shade higher as pound strengthens ahead of rate decision
Around 4pm, the UK blue chip index rose 2 points to 7,490
Archive
BP kicks of big oil reporting season as investors adjust to the new normal for crude
Day ahead includes third quarter updates from blue chip oil major BP PLC, advertising giant WPP PLC, and mid cap food delivery firm Just Eat PLC
FTSE 100 closes near flat as traders look for direction; Dow Jones surges
The UK blue chip index closed its account on Tuesday up 2.09 at 7,526.
Weir Group shares fall as first half results fail to excite after bullish trading update earlier this month
For the first-half, Weir reported 26% growth in revenue to US$1,091bn, although at constant currency that growth was reduced to 10%
Archive
FTSE 100 closes nine points lower as AstraZeneca weighs
It's been a busy day here in London; 15% of FTSE 100-listed companies have had some sort of meaningful news out...
Archive
Lloyds to report strong quarterly figures in first results since government sold remaining stake
Lloyds Banking Group and Royal Dutch Shell are among a slew of companies reporting earnings on Thursday
Weir Group up as pumps firm raises full-year guidance thanks to accelerated recovery in Northern American oil and gas markets
In a trading update, the FTSE 250-listed group said that, in recent weeks, upstream North American markets have recovered more strongly than formerly anticipated
Investments and investor services
FTSE 100 closes higher as Chinese data bolsters miners
The blue-chip index has traded sideways since about 8.30 this morning
Hedge funds raking it in again today, as heavily-shorted Carillion's shares drop sharply once more
After plunging 37.5% on Monday after the FTSE 250-listed firm issued a revenue warning, Carillion’s shares dropped almost another 30% today to hover at around 84p
Weir expands in Asia with around US$114mln cash acquistion of KOP Surface Products
The FTSE 250-listed firm is buying Singapore-based KOP, which makes wellheads, valves and other equipment from Norwegian-listed oilfield services investor Akastor ASA
FTSE 100 closes at record high; miners in support
The UK blue chip index closed at 7,454, below the new intra-day peak of 7,460.20, but above the previous high of 7,447 hit in March
Weir Group rallies as Barclays upgrades rating to ‘overweight’ and lifts target price
Barclays sees an attractive entry point in Weir as shares in the oil and gas engineer have fallen 7% since reporting a decline in full year profits
Pumps manufacturer Weir sees profits drop, although fourth quarter prospects improve in oil and gas sector
The firm saw its pretax profits fall to £170mln for the six months to December 31, down from £219mln a year earlier, impacted by the severe oil and gas market downturn.
BP and Shell go head-to-head on 'Super Tuesday'
A day for Big Oil - BP and Shell are going to have oil analysts jostling for elbow room
Week Ahead: BP and Shell in clash of the titans
BP & Shell are both issuing interims on Tuesday - about as likely as Taylor Swift and Katy Perry performing a duet together
Haitong sees little eastern promise in mining
Broker believes miners are facing commodity price falls in the fourth quarter