Norsk Hydro Earnings Face Downside Risk From Natural Gas, Cost Uncertainty -- Market Talk

0912 GMT - Norsk Hydro's fourth-quarter Ebitda faces risks from disrupted natural-gas supply and cost uncertainty, J.P. Morgan analysts write. The Iran-U.S. conflict continues to impact the aluminum industry, after Norsk Hydro announced in August that disruptions to natural-gas supply at its Alunorte alumina refinery led to a temporary curtailment. That led management to implement contingency measures including purchasing natural-gas volumes at spot prices. While the impact on third-quarter earnings is material on its own, the bank remains concerned regarding the potential impact if Norsk Hydro needs to secure additional spot liquefied natural gas volumes into the fourth quarter. The bank downgrades Norsk Hydro stock to neutral from overweight and lowers its price target to 97 Norwegian kroner from 116 kroner. Shares fall 2% to 89.14 kroner. (dominic.chopping@wsj.com)

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September 11, 2026 05:13 ET (09:13 GMT)