Equinor ASA (NYSE:EQNR) Given New $41.00 Price Target at TD Cowen

Equinor ASA (NYSE:EQNR) had its price objective lifted by investment analysts at TD Cowen from $38.00 to $41.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. TD Cowen’s target price indicates a potential downside of 3.95% from the company’s current price.

EQNR has been the topic of several other research reports. Wall Street Zen upgraded shares of Equinor ASA from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 12th. Bank of America upgraded Equinor ASA from a “neutral” rating to a “buy” rating and set a $49.00 target price for the company in a research note on Friday, September 18th. Royal Bank Of Canada raised Equinor ASA from an “underperform” rating to a “sector perform” rating in a report on Thursday, July 23rd. Finally, Weiss Ratings upgraded Equinor ASA from a “hold (c+)” rating to a “buy (b)” rating in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $43.47.

Equinor ASA Price Performance

EQNR stock traded up $0.49 during midday trading on Monday, reaching $42.69. The company had a trading volume of 633,377 shares, compared to its average volume of 5,152,326. Equinor ASA has a 1-year low of $22.26 and a 1-year high of $45.84. The stock has a 50 day moving average price of $41.73 and a 200-day moving average price of $38.70. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.18 and a quick ratio of 1.10. The company has a market capitalization of $102.05 billion, a price-to-earnings ratio of 11.62, a price-to-earnings-growth ratio of 1.98 and a beta of 0.03.

Equinor ASA (NYSE:EQNR) last announced its quarterly earnings data on Tuesday, July 21st. The company reported $1.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.39 by ($0.06). The firm had revenue of $34.02 billion for the quarter, compared to analyst estimates of $34.03 billion. Equinor ASA had a return on equity of 23.60% and a net margin of 7.92%. Equities research analysts expect that Equinor ASA will post 5.29 earnings per share for the current year.

Institutional Trading of Equinor ASA

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership increased 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 worth $547,194,000 after buying an additional 11,112,362 shares in the last quarter. Verition Fund Management LLC boosted its holdings in shares of Equinor ASA by 1.7% during the 4th quarter. Verition Fund Management LLC now owns 624,523 shares of the company’s stock valued at $14,757,000 after acquiring an additional 10,523 shares in the last quarter. Euro Pacific Asset Management LLC boosted its holdings in shares of Equinor ASA by 0.6% during the 1st quarter. Euro Pacific Asset Management LLC now owns 320,131 shares of the company’s stock valued at $13,510,000 after acquiring an additional 1,759 shares in the last quarter. Logan Capital Management Inc. boosted its holdings in shares of Equinor ASA by 9.8% during the 4th quarter. Logan Capital Management Inc. now owns 251,463 shares of the company’s stock valued at $5,942,000 after acquiring an additional 22,542 shares in the last quarter. Finally, Quantinno Capital Management LP grew its position in Equinor ASA by 21.2% during the 1st quarter. Quantinno Capital Management LP now owns 220,132 shares of the company’s stock worth $9,290,000 after acquiring an additional 38,522 shares during the last quarter. Institutional investors own 5.51% of the company’s stock.

About Equinor ASA

Equinor ASA is a Norwegian energy company engaged primarily in the exploration, development, production and marketing of oil and natural gas. The company also supplies crude oil, natural gas, refined petroleum products and electricity, and participates in energy trading and related activities.

Equinor has expanded beyond its traditional petroleum business into lower-carbon energy, including offshore wind, carbon capture and storage, and hydrogen-related projects. Its operations and partnerships span several regions, with significant activities on the Norwegian continental shelf as well as projects in Europe, North America, South America and other international markets.

The company was established in 1972 as Den norske stats oljeselskap, commonly known as Statoil, and adopted the name Equinor in 2018 to reflect its broader energy strategy.