Envestnet Asset Management Inc. Cuts Stock Position in Equinor ASA (NYSE:EQNR)

Key Points

• Envestnet Asset Management Inc. has reduced its position in Equinor ASA by 23.2% during the first quarter, owning 170,289 shares worth approximately $4.5 million after selling 51,312 shares.
• Hedge funds made significant changes to their positions in Equinor ASA, with Marshall Wace LLP increasing its holdings by an astonishing 3,159% in the fourth quarter.
• Equinor ASA reported earnings per share of $0.64 for the last quarter, missing the consensus estimate of $0.66, while its shares have been downgraded by multiple analysts recently.

Envestnet Asset Management Inc. trimmed its position in shares of Equinor ASA (NYSE:EQNR - Free Report) by 23.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 170,289 shares of the company's stock after selling 51,312 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Equinor ASA were worth $4,504,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Wellington Management Group LLP grew its position in shares of Equinor ASA by 10.7% in the 4th quarter. Wellington Management Group LLP now owns 4,151,104 shares of the company's stock worth $98,340,000 after buying an additional 399,861 shares during the period. Bank of America Corp DE boosted its position in shares of Equinor ASA by 4.8% in the 4th quarter. Bank of America Corp DE now owns 4,121,392 shares of the company's stock worth $97,636,000 after purchasing an additional 188,709 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Equinor ASA by 3,159.0% in the 4th quarter. Marshall Wace LLP now owns 2,649,389 shares of the company's stock worth $62,764,000 after purchasing an additional 2,568,095 shares in the last quarter. Voloridge Investment Management LLC boosted its position in shares of Equinor ASA by 958.7% in the 4th quarter. Voloridge Investment Management LLC now owns 1,447,536 shares of the company's stock worth $34,292,000 after purchasing an additional 1,310,812 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. boosted its position in shares of Equinor ASA by 771.8% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,015,657 shares of the company's stock worth $24,061,000 after purchasing an additional 899,157 shares in the last quarter. 5.51% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Kepler Capital Markets cut Equinor ASA from a "hold" rating to a "reduce" rating in a research report on Tuesday, May 20th. TD Cowen decreased their price target 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. JPMorgan Chase & Co. reaffirmed a "neutral" rating on shares of Equinor ASA in a report on Wednesday, May 7th. Redburn Atlantic downgraded Equinor ASA from a "buy" rating to a "sell" rating in a report on Wednesday, April 23rd. Finally, Royal Bank Of Canada downgraded Equinor ASA from a "sector perform" rating to an "underperform" rating in a report on Tuesday, April 22nd. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $22.71.

Equinor ASA Stock Performance

EQNR traded up $0.36 during mid-day trading on Tuesday, reaching $26.44. 518,484 shares of the company traded hands, compared to its average volume of 4,139,873. The company has a quick ratio of 1.37, a current ratio of 1.47 and a debt-to-equity ratio of 0.58. The stock has a market capitalization of $77.84 billion, a P/E ratio of 8.78, a P/E/G ratio of 0.84 and a beta of 0.58. Equinor ASA has a 52-week low of $21.41 and a 52-week high of $28.29. The company's fifty day moving average price is $25.49 and its 200-day moving average price is $24.39.

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