Bank of America Upgrades Equinor ASA (NYSE:EQNR) to Buy

Equinor ASA (NYSE:EQNR) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Friday, Briefing.com reports. The brokerage currently has a $49.00 target price on the stock. Bank of America‘s price target would suggest a potential upside of 10.57% from the company’s current price.

Other analysts have also issued reports about the stock. Zacks Research lowered shares of Equinor ASA from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. Wall Street Zen raised Equinor ASA from a “buy” rating to a “strong-buy” rating in a research report on Saturday, September 12th. Weiss Ratings upgraded shares of Equinor ASA from a “hold (c+)” rating to a “buy (b)” rating in a research note on Thursday, July 23rd. TD Cowen upped their price target on Equinor ASA from $37.00 to $38.00 and gave the company a “hold” rating in a report on Friday, July 24th. Finally, Royal Bank Of Canada upgraded shares of Equinor ASA from an “underperform” rating to a “sector perform” rating in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $42.47.

Equinor ASA Stock Up 0.3%

Shares of NYSE:EQNR opened at $44.32 on Friday. Equinor ASA has a 52-week low of $22.26 and a 52-week high of $45.84. The stock has a market cap of $105.95 billion, a P/E ratio of 12.08, a PEG ratio of 2.10 and a beta of 0.03. The business has a fifty day moving average of $40.90 and a two-hundred day moving average of $38.25. 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 (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 during the quarter, compared to analysts’ expectations of $34.03 billion. Equinor ASA had a net margin of 7.92% and a return on equity of 23.60%. On average, research analysts expect that Equinor ASA will post 5.22 earnings per share for the current year.

Hedge Funds Weigh In On Equinor ASA

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. DJE Kapital AG acquired a new position in Equinor ASA during the first quarter worth about $2,913,000. Gibbs Wealth Management purchased a new stake in Equinor ASA in the 1st quarter valued at approximately $1,189,000. Dimensional Fund Advisors LP increased its position in Equinor ASA by 24.6% during the first quarter. Dimensional Fund Advisors LP now owns 182,992 shares of the company’s stock worth $7,722,000 after buying an additional 36,122 shares in the last quarter. Equitable Holdings Inc. acquired a new stake in shares of Equinor ASA during the second quarter valued at $893,000. Finally, GTS Securities LLC acquired a new position in Equinor ASA in the 2nd quarter valued at about $2,162,000. 5.51% of the stock is owned by institutional investors and hedge funds.

Equinor ASA Company Profile

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.