Equinor ASA (NYSE:EQNR) Raised to Strong-Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Equinor ASA to “strong buy” from “buy,” though the broader analyst consensus remains “hold,” with a $39.20 average price target.
• EQNR opened at $44.77, near its 12-month high of $45.54. The company’s latest quarterly results included $1.33 in EPS, below the $1.39 consensus estimate, while revenue of $34.02 billion was essentially in line with forecasts.
• Several institutional investors increased their positions, including Arrowstreet Capital, which boosted its stake by 599.3%; institutional investors collectively own 5.51% of Equinor’s stock.

Equinor ASA (NYSE:EQNR - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

EQNR has been the topic of a number of other reports. Royal Bank Of Canada raised shares of Equinor ASA from an "underperform" rating to a "sector perform" rating in a report on Thursday, July 23rd. TD Cowen increased their target price on shares of Equinor ASA from $37.00 to $38.00 and gave the company a "hold" rating in a report on Friday, July 24th. Zacks Research lowered shares of Equinor ASA from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $39.20.

Equinor ASA Stock Down 0.7%

EQNR stock opened at $44.77 on Friday. The firm has a market capitalization of $107.05 billion, a PE ratio of 12.20, a P/E/G ratio of 2.15 and a beta of 0.03. The company has a quick ratio of 1.10, a current ratio of 1.18 and a debt-to-equity ratio of 0.56. Equinor ASA has a twelve month low of $22.26 and a twelve month high of $45.54. The stock's 50 day moving average is $40.01 and its 200-day moving average is $37.75.

Equinor ASA (NYSE:EQNR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The company reported $1.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.39 by ($0.06). The company had revenue of $34.02 billion for the quarter, compared to the consensus estimate of $34.03 billion. Equinor ASA had a return on equity of 23.60% and a net margin of 7.92%. Sell-side analysts expect that Equinor ASA will post 5.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Equinor ASA

Institutional investors have recently added to or reduced their stakes in the stock. Arrowstreet Capital Limited Partnership increased its position in Equinor ASA by 599.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 12,966,671 shares of the company's stock worth $547,194,000 after buying an additional 11,112,362 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Equinor ASA by 30.2% in the third quarter. Bank of America Corp DE now owns 15,759,942 shares of the company's stock valued at $384,227,000 after buying an additional 3,659,611 shares during the period. DV Equities LLC purchased a new position in shares of Equinor ASA during the 4th quarter valued at $16,217,000. Voloridge Investment Management LLC lifted its position in shares of Equinor ASA by 143.2% during the 4th quarter. Voloridge Investment Management LLC now owns 880,931 shares of the company's stock valued at $20,816,000 after buying an additional 518,646 shares during the last quarter. Finally, Morgan Stanley grew its stake in shares of Equinor ASA by 5.6% during the 4th quarter. Morgan Stanley now owns 9,250,933 shares of the company's stock worth $218,600,000 after acquiring an additional 493,801 shares during the period. Institutional investors own 5.51% of the company's stock.

Equinor ASA Company Profile

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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