Equinor ASA (NYSE:EQNR) Rating Lowered to "Underweight" at JPMorgan Chase & Co.

Key Points

• Equinor ASA was recently downgraded from a "neutral" to an "underweight" rating by JPMorgan Chase, reflecting a negative outlook on the company's stock performance.
• Other analysts have also decreased their ratings on Equinor, with UBS Group downgrading it to a "sell" rating, indicating a growing consensus of concern among investment firms.
• The company's last earnings report showed a miss on EPS estimates, prompting a revision of their price target to an average of $22.71 from analysts.

Equinor ASA (NYSE:EQNR - Get Free Report) was downgraded by JPMorgan Chase & Co. from a "neutral" rating to an "underweight" rating in a report released on Tuesday, MarketBeat reports.

A number of other brokerages have also weighed in on EQNR. Royal Bank Of Canada lowered shares of Equinor ASA from a "sector perform" rating to an "underperform" rating in a report on Tuesday, April 22nd. TD Cowen lowered their price target on shares of Equinor ASA from $22.00 to $19.00 and set a "hold" rating for the company in a report on Friday, May 2nd. Hsbc Global Res lowered shares of Equinor ASA from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 24th. Berenberg Bank lowered shares of Equinor ASA from a "buy" rating to a "hold" rating and set a $26.44 price target for the company. in a report on Tuesday, May 20th. Finally, Barclays lowered shares of Equinor ASA from a "strong-buy" rating to a "hold" rating in a report on Thursday, May 22nd. Six equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $22.71.

Equinor ASA Price Performance

Shares of NYSE EQNR traded down $0.08 during mid-day trading on Tuesday, hitting $24.52. 2,570,237 shares of the stock were exchanged, compared to its average volume of 4,376,336. The company has a market cap of $72.19 billion, a P/E ratio of 8.14, a PEG ratio of 0.84 and a beta of 0.59. The stock's fifty day simple moving average is $25.79 and its two-hundred day simple moving average is $24.43. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.37 and a current ratio of 1.47. Equinor ASA has a twelve month low of $21.41 and a twelve month high of $28.26.

Equinor ASA (NYSE:EQNR - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The company reported $0.64 earnings per share for the quarter, missing analysts' consensus estimates of $0.66 by ($0.02). The company had revenue of $25.12 billion during the quarter, compared to analyst estimates of $23.88 billion. Equinor ASA had a net margin of 7.60% and a return on equity of 16.91%. As a group, analysts forecast that Equinor ASA will post 3.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Equinor ASA

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Elevation Point Wealth Partners LLC raised its holdings in shares of Equinor ASA by 1.9% during the second quarter. Elevation Point Wealth Partners LLC now owns 23,101 shares of the company's stock worth $581,000 after acquiring an additional 424 shares during the period. Lazari Capital Management Inc. increased its stake in Equinor ASA by 5.2% in the 2nd quarter. Lazari Capital Management Inc. now owns 8,544 shares of the company's stock valued at $215,000 after buying an additional 426 shares during the last quarter. Gallacher Capital Management LLC increased its stake in Equinor ASA by 2.2% in the 2nd quarter. Gallacher Capital Management LLC now owns 21,603 shares of the company's stock valued at $543,000 after buying an additional 474 shares during the last quarter. Mission Wealth Management LP increased its stake in Equinor ASA by 4.5% in the 1st quarter. Mission Wealth Management LP now owns 12,236 shares of the company's stock valued at $324,000 after buying an additional 522 shares during the last quarter. Finally, Atlas Capital Advisors Inc. increased its stake in Equinor ASA by 10.9% in the 1st quarter. Atlas Capital Advisors Inc. now owns 5,618 shares of the company's stock valued at $149,000 after buying an additional 553 shares during the last quarter. 5.51% of the stock is currently owned by institutional investors and hedge funds.

About Equinor ASA

Equinor ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and other forms of energy in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; Renewables; and Other segments.