ABC Arbitrage SA Boosts Stake in Equinor ASA (NYSE:EQNR)

Key Points

• ABC Arbitrage SA increased its stake in Equinor ASA by 18.5%, owning 452,410 shares valued at approximately $11.97 million, making it the 13th largest holding in its portfolio.
• Equinor ASA faced a 0.9% decline in stock price, currently trading at $25.23, with analysts giving it an average rating of "Hold" and a consensus price target of $22.71.
• Recent earnings showed Equinor ASA reported $0.64 earnings per share, missing the analysts’ estimate of $0.66, despite generating revenue of $25.12 billion.

ABC Arbitrage SA boosted its stake in shares of Equinor ASA (NYSE:EQNR - Free Report) by 18.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 452,410 shares of the company's stock after purchasing an additional 70,680 shares during the quarter. Equinor ASA makes up 2.2% of ABC Arbitrage SA's investment portfolio, making the stock its 13th biggest holding. ABC Arbitrage SA's holdings in Equinor ASA were worth $11,966,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of EQNR. Sound Income Strategies LLC grew its stake in shares of Equinor ASA by 725.4% during the first quarter. Sound Income Strategies LLC now owns 974 shares of the company's stock worth $26,000 after purchasing an additional 856 shares in the last quarter. GeoWealth Management LLC lifted its holdings in Equinor ASA by 254.5% during the 4th quarter. GeoWealth Management LLC now owns 1,372 shares of the company's stock worth $33,000 after buying an additional 985 shares during the last quarter. Montag A & Associates Inc. acquired a new position in shares of Equinor ASA during the 1st quarter worth about $53,000. Wayfinding Financial LLC acquired a new position in shares of Equinor ASA during the 1st quarter worth about $54,000. Finally, Bruce G. Allen Investments LLC increased its holdings in shares of Equinor ASA by 34.1% in the 1st quarter. Bruce G. Allen Investments LLC now owns 2,188 shares of the company's stock valued at $58,000 after acquiring an additional 556 shares during the last quarter. Institutional investors and hedge funds own 5.51% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on EQNR shares. Hsbc Global Res cut Equinor ASA from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 24th. Redburn Atlantic cut shares of Equinor ASA from a "buy" rating to a "sell" rating in a report on Wednesday, April 23rd. Pareto Securities downgraded shares of Equinor ASA from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 25th. Kepler Capital Markets downgraded shares of Equinor ASA from a "hold" rating to a "reduce" rating in a research report on Tuesday, May 20th. Finally, Royal Bank Of Canada lowered shares of Equinor ASA from a "sector perform" rating to an "underperform" rating in a research note on Tuesday, April 22nd. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Equinor ASA presently has an average rating of "Hold" and an average price target of $22.71.

Equinor ASA Stock Performance

Shares of EQNR traded down $0.45 during mid-day trading on Wednesday, hitting $24.72. 9,898,483 shares of the company's stock were exchanged, compared to its average volume of 3,836,831. The firm has a market capitalization of $72.79 billion, a P/E ratio of 8.21, a P/E/G ratio of 0.86 and a beta of 0.59. Equinor ASA has a fifty-two week low of $21.41 and a fifty-two week high of $28.29. The business's 50 day moving average is $25.72 and its two-hundred day moving average is $24.41. The company has a current ratio of 1.47, a quick ratio of 1.37 and a debt-to-equity ratio of 0.58.

Equinor ASA (NYSE:EQNR - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The company reported $0.64 earnings per share for the quarter, missing the consensus estimate of $0.66 by ($0.02). Equinor ASA had a net margin of 7.60% and a return on equity of 16.91%. The company had revenue of $25.12 billion during the quarter, compared to analysts' expectations of $23.88 billion. On average, equities analysts expect that Equinor ASA will post 3.46 earnings per share for the current year.

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.