Equinor ASA (NYSE:EQNR) Cut to “Buy” at Wall Street Zen

Wall Street Zen cut shares of Equinor ASA (NYSE:EQNR) from a strong-buy rating to a buy rating in a research note released on Saturday morning,Wall Street Zen reports.

A number of other research analysts also recently issued reports on the stock. TD Cowen boosted their target price on shares of Equinor ASA from $38.00 to $41.00 and gave the company a “hold” rating in a research report on Monday, September 28th. Royal Bank Of Canada raised Equinor ASA from an “underperform” rating to a “sector perform” rating in a research report on Thursday, July 23rd. Berenberg Bank reiterated a “hold” rating on shares of Equinor ASA in a research note on Friday, July 24th. SEB Equity Research reiterated a “sell” rating on shares of Equinor ASA in a research note on Friday, October 2nd. Finally, Morningstar cut Equinor ASA to a “sell” rating in a report on Thursday, July 23rd. Two research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $43.47.

Equinor ASA Trading Down 1.4%

Equinor ASA stock opened at $48.14 on Friday. The company has a quick ratio of 1.10, a current ratio of 1.18 and a debt-to-equity ratio of 0.56. Equinor ASA has a 52 week low of $22.26 and a 52 week high of $49.08. The company has a market capitalization of $115.10 billion, a price-to-earnings ratio of 12.24, a price-to-earnings-growth ratio of 1.82 and a beta of 0.13. The stock has a 50-day moving average price of $43.44 and a 200 day moving average price of $36.82.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership raised its holdings in shares of Equinor ASA by 599.3% during the first quarter. Arrowstreet Capital Limited Partnership now owns 12,966,671 shares of the company’s stock valued at $547,194,000 after acquiring an additional 11,112,362 shares during 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 stake in shares of Equinor ASA during the first quarter worth approximately $8,582,000. Readystate Asset Management LP purchased a new stake in shares of Equinor ASA during the first quarter worth approximately $4,544,000. Finally, Euro Pacific Asset Management LLC increased its position in shares of Equinor ASA by 33.2% during the third quarter. Euro Pacific Asset Management LLC now owns 414,023 shares of the company’s stock worth $17,776,000 after purchasing an additional 103,197 shares in the last quarter. Institutional investors and hedge funds own 5.51% of the company’s stock.

Equinor ASA Company Profile

Equinor ASA is a Norwegian energy company headquartered in Stavanger, Norway. Founded in 1972 as Den norske stats oljeselskap, the company was later known as Statoil and StatoilHydro before adopting the Equinor name in 2018. The Norwegian state remains its largest shareholder.

Equinor’s core business is the exploration, development, production and marketing of oil and natural gas, with Norway’s continental shelf serving as its principal operating area. The company also processes and markets energy products and supplies natural gas and crude oil to customers in Europe and other international markets.

In addition to its oil and gas operations, Equinor is developing lower-carbon energy businesses, including offshore wind, solar power, carbon capture and storage, and other renewable energy projects.