Equinor ASA (NYSE:EQNR) Upgraded to "Buy" at Bank of America

Key Points

• Bank of America upgraded Equinor ASA to “buy” from “neutral” and set a $49 price target, implying 10.57% upside from the previous close.
• Analyst sentiment remains mixed: Equinor has an average “hold” rating and a consensus price target of $42.47, despite several recent upgrades from other firms.
• Equinor reported quarterly EPS of $1.33, below the $1.39 consensus estimate, while revenue of $34.02 billion was broadly in line with expectations; institutional investors own 5.51% of the stock.

Equinor ASA (NYSE:EQNR - Get Free Report) was upgraded by research analysts at Bank of America from a "neutral" rating to a "buy" rating in a research report issued on Friday, Briefing.com reports. The firm presently has a $49.00 price target on the stock. Bank of America's price target indicates a potential upside of 10.57% from the stock's previous close.

A number of other research firms have also recently commented 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. TD Cowen raised their price target on Equinor ASA from $37.00 to $38.00 and gave the company a "hold" rating in a report on Friday, July 24th. Weiss Ratings upgraded shares of Equinor ASA from a "hold (c+)" rating to a "buy (b)" rating in a research report on Thursday, July 23rd. Wall Street Zen upgraded shares of Equinor ASA from a "buy" rating to a "strong-buy" rating in a research report on Saturday, September 12th. Finally, Zacks Research lowered Equinor ASA from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. 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 given a Sell rating to the company. Based on data from MarketBeat, Equinor ASA currently has an average rating of "Hold" and a consensus price target of $42.47.

Equinor ASA Stock Up 0.3%

EQNR opened at $44.32 on Friday. Equinor ASA has a 1-year low of $22.26 and a 1-year high of $45.84. The firm's 50 day simple moving average is $40.90 and its two-hundred day simple moving average is $38.25. The company has a current ratio of 1.18, a quick ratio of 1.10 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $105.95 billion, a PE ratio of 12.08, a PEG ratio of 2.10 and a beta of 0.03.

Equinor ASA (NYSE:EQNR - Get Free Report) last released 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 net margin of 7.92% and a return on equity of 23.60%. As a group, equities analysts forecast that Equinor ASA will post 5.22 EPS for the current year.

Institutional Investors Weigh In On Equinor ASA

A number of hedge funds have recently made changes to their positions in the stock. Arrowstreet Capital Limited Partnership boosted its stake 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 acquiring an additional 11,112,362 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Equinor ASA in the first quarter worth approximately $8,745,000. Jennison Associates LLC purchased a new position in Equinor ASA in the 1st quarter valued at $8,582,000. Readystate Asset Management LP acquired a new stake in Equinor ASA during the 1st quarter worth $4,544,000. Finally, DJE Kapital AG acquired a new stake in shares of Equinor ASA in the first quarter valued at about $2,913,000. 5.51% of the stock is currently owned by hedge funds and other institutional investors.

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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