Equinor ASA (NYSE:EQNR) Given New $41.00 Price Target at TD Cowen

Key Points

• TD Cowen raised Equinor’s price target from $38 to $41 while maintaining a “Hold” rating, implying approximately 3.95% downside from the stock’s $42.69 price at the time of reporting.
• Analyst sentiment remains mixed overall: Equinor has an average “Hold” rating and a consensus price target of $43.47, despite recent upgrades from several firms, including Bank of America’s “Buy” rating with a $49 target.
• Equinor reported quarterly EPS of $1.33, missing the $1.39 consensus estimate, while revenue of $34.02 billion was essentially in line with expectations. Institutional investors and hedge funds own 5.51% of the company.

Equinor ASA (NYSE:EQNR - Get Free Report) had its price objective lifted by equities researchers at TD Cowen from $38.00 to $41.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a "hold" rating on the stock. TD Cowen's target price indicates a potential downside of 3.95% from the stock's current price.

A number of other research firms have also weighed in on EQNR. Royal Bank Of Canada raised Equinor ASA from an "underperform" rating to a "sector perform" rating in a report on Thursday, July 23rd. Weiss Ratings raised shares of Equinor ASA from a "hold (c+)" rating to a "buy (b)" rating in a research report on Thursday, July 23rd. Bank of America upgraded shares of Equinor ASA from a "neutral" rating to a "buy" rating and set a $49.00 price objective on the stock in a report on Friday, September 18th. Finally, Wall Street Zen raised shares of Equinor ASA from a "buy" rating to a "strong-buy" rating in a research report on Saturday, September 12th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Equinor ASA has an average rating of "Hold" and an average target price of $43.47.

Equinor ASA Stock Performance

Shares of EQNR traded up $0.49 during midday trading on Monday, reaching $42.69. The stock had a trading volume of 633,377 shares, compared to its average volume of 5,152,326. The firm has a 50 day simple moving average of $41.73 and a 200-day simple moving average of $38.70. Equinor ASA has a one year low of $22.26 and a one year high of $45.84. The firm has a market cap of $102.05 billion, a PE ratio of 11.62, a P/E/G ratio of 1.98 and a beta of 0.03. The company has a current ratio of 1.18, a quick ratio of 1.10 and a debt-to-equity ratio of 0.56.

Equinor ASA (NYSE:EQNR - Get Free Report) last issued its earnings results on Tuesday, July 21st. The company reported $1.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.39 by ($0.06). Equinor ASA had a net margin of 7.92% and a return on equity of 23.60%. The firm had revenue of $34.02 billion during the quarter, compared to the consensus estimate of $34.03 billion. As a group, sell-side analysts anticipate that Equinor ASA will post 5.29 EPS for the current year.

Hedge Funds Weigh In On Equinor ASA

Several institutional investors and hedge funds have recently modified their holdings of EQNR. Arrowstreet Capital Limited Partnership grew its position in shares of Equinor ASA by 599.3% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 12,966,671 shares of the company's stock worth $547,194,000 after purchasing an additional 11,112,362 shares in the last quarter. Verition Fund Management LLC boosted its stake in shares of Equinor ASA by 1.7% in the fourth quarter. Verition Fund Management LLC now owns 624,523 shares of the company's stock valued at $14,757,000 after buying an additional 10,523 shares during the period. Euro Pacific Asset Management LLC grew its position in Equinor ASA by 0.6% during the first quarter. Euro Pacific Asset Management LLC now owns 320,131 shares of the company's stock worth $13,510,000 after buying an additional 1,759 shares in the last quarter. Logan Capital Management Inc. grew its position in Equinor ASA by 9.8% during the fourth quarter. Logan Capital Management Inc. now owns 251,463 shares of the company's stock worth $5,942,000 after buying an additional 22,542 shares in the last quarter. Finally, Quantinno Capital Management LP increased its stake in Equinor ASA by 21.2% during the 1st quarter. Quantinno Capital Management LP now owns 220,132 shares of the company's stock worth $9,290,000 after acquiring an additional 38,522 shares during the period. 5.51% of the stock is currently owned by institutional investors and hedge funds.

About Equinor ASA

Equinor ASA is a Norwegian energy company engaged primarily in the exploration, development, production and marketing of oil and natural gas. The company also supplies crude oil, natural gas, refined petroleum products and electricity, and participates in energy trading and related activities.

Equinor has expanded beyond its traditional petroleum business into lower-carbon energy, including offshore wind, carbon capture and storage, and hydrogen-related projects. Its operations and partnerships span several regions, with significant activities on the Norwegian continental shelf as well as projects in Europe, North America, South America and other international markets.

The company was established in 1972 as Den norske stats oljeselskap, commonly known as Statoil, and adopted the name Equinor in 2018 to reflect its broader energy strategy.

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