From Morningstar:

Ørsted CEO Mads Nipper vows to fight investor concerns after cutting 800 jobs, suspending dividends, and backing off US projects. The company also withdrew from offshore wind markets in Norway, Spain, and Portugal, affecting its Hornsea 3 project. Shares have plummeted 60.98% over three years, with a net loss of £2.2 billion.

Despite challenges, Ninety-One Global Environment increased their stake in Ørsted. On the other hand, Baillie Gifford and UK pension funds have been selling shares. Despite a grim outlook, Morningstar analyst Tancrede Fulop has assigned a 4-star rating to the stock, projecting optimism about the company’s future potential and financial targets.

In a recent statement, RBC analyst Alexander Wheeler expressed concern about Ørsted’s need to improve its balance sheet metrics. Fulop believes the worst is over for Ørsted, mentioning the importance of divestments and farm downs in the company’s future plans. Despite the challenges, there is still appetite from buyers to fund future projects.



Read more at Morningstar: Orsted: Which Funds Are Keeping The Faith?