Citigroup Inc. Buys 1,246,203 Shares of Equinor ASA (NYSE:EQNR)

Key Points

• Citigroup Inc. significantly increased its stake in Equinor ASA, acquiring 1,246,203 shares, raising its ownership by over 8,986.2% and valuing its total holding at approximately $33.3 million.
• Equinor ASA reported earnings of $0.64 EPS, missing consensus estimates, but exceeded revenue expectations with $25.12 billion in revenue for the quarter.
• Analyst sentiment towards Equinor ASA has declined, with multiple upgrades to "sell" ratings while the consensus rating is currently a "Hold" with a target price of $22.71.

Citigroup Inc. grew its stake in shares of Equinor ASA (NYSE:EQNR - Free Report) by 8,986.2% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,260,071 shares of the company's stock after purchasing an additional 1,246,203 shares during the quarter. Citigroup Inc.'s holdings in Equinor ASA were worth $33,329,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EQNR. Sound Income Strategies LLC increased its position in shares of Equinor ASA by 725.4% during the 1st quarter. Sound Income Strategies LLC now owns 974 shares of the company's stock valued at $26,000 after purchasing an additional 856 shares during the last quarter. GeoWealth Management LLC raised its stake in Equinor ASA by 254.5% in the fourth quarter. GeoWealth Management LLC now owns 1,372 shares of the company's stock valued at $33,000 after buying an additional 985 shares during the last quarter. Montag A & Associates Inc. purchased a new position in shares of Equinor ASA in the first quarter worth about $53,000. Wayfinding Financial LLC purchased a new position in Equinor ASA during the first quarter valued at approximately $54,000. Finally, Headlands Technologies LLC acquired a new stake in Equinor ASA in the first quarter valued at approximately $57,000. Institutional investors own 5.51% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on EQNR. Redburn Atlantic lowered Equinor ASA from a "buy" rating to a "sell" rating in a research note on Wednesday, April 23rd. TD Cowen cut their target price on Equinor ASA from $22.00 to $19.00 and set a "hold" rating for the company in a research note on Friday, May 2nd. Berenberg Bank cut Equinor ASA from a "buy" rating to a "hold" rating and set a $26.44 target price on the stock. in a report on Tuesday, May 20th. JPMorgan Chase & Co. cut Equinor ASA from a "neutral" rating to an "underweight" rating in a report on Tuesday. Finally, Royal Bank Of Canada lowered Equinor ASA from a "sector perform" rating to an "underperform" rating in a research report on Tuesday, April 22nd. Six analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $22.71.

Equinor ASA Stock Performance

Shares of EQNR traded up $0.02 during trading hours on Friday, reaching $24.52. 1,840,317 shares of the company traded hands, compared to its average volume of 4,164,782. The stock's fifty day moving average is $25.79 and its 200 day moving average is $24.43. The stock has a market cap of $72.19 billion, a P/E ratio of 8.15, a price-to-earnings-growth ratio of 0.84 and a beta of 0.59. 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 1-year low of $21.41 and a 1-year high of $28.26.

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

Equinor ASA Profile

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.