Equinor ASA (NYSE:EQNR) Price Target Raised to $42.00 at TD Cowen

Equinor ASA (NYSE:EQNR) had its price target raised by analysts at TD Cowen from $40.00 to $42.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. TD Cowen’s price objective suggests a potential upside of 13.31% from the company’s previous close.

Other equities research analysts also recently issued research reports about the company. Zacks Research downgraded Equinor ASA from a “strong-buy” rating to a “hold” rating in a report on Monday, May 25th. Morgan Stanley raised Equinor ASA from an “underweight” rating to an “equal weight” rating and set a $40.40 target price for the company in a report on Tuesday, March 24th. Wall Street Zen raised Equinor ASA from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. DZ Bank raised Equinor ASA from a “hold” rating to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, Pareto Securities downgraded Equinor ASA from a “strong-buy” rating to a “hold” rating in a report on Friday, March 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $41.20.

Equinor ASA Stock Performance

NYSE:EQNR traded down $0.58 during midday trading on Friday, reaching $37.07. The stock had a trading volume of 985,162 shares, compared to its average volume of 6,339,515. The firm has a fifty day simple moving average of $38.90 and a two-hundred day simple moving average of $31.08. Equinor ASA has a 12-month low of $22.26 and a 12-month high of $43.46. The company has a quick ratio of 1.12, a current ratio of 1.24 and a debt-to-equity ratio of 0.57. The stock has a market cap of $109.15 billion, a P/E ratio of 17.04, a P/E/G ratio of 1.12 and a beta of 0.03.

Equinor ASA (NYSE:EQNR) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $1.48 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.47. Equinor ASA had a net margin of 5.30% and a return on equity of 20.01%. The firm had revenue of $28.40 billion for the quarter, compared to analyst estimates of $28.73 billion. On average, equities analysts expect that Equinor ASA will post 5.1 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in EQNR. Mirabella Financial Services LLP acquired a new position in shares of Equinor ASA during the 3rd quarter worth $730,757,000. Arrowstreet Capital Limited Partnership raised its stake in Equinor ASA by 599.3% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 12,966,671 shares of the company’s stock valued at $547,194,000 after purchasing an additional 11,112,362 shares during the last quarter. Bank of America Corp DE grew its holdings in Equinor ASA by 30.2% in the 3rd quarter. Bank of America Corp DE now owns 15,759,942 shares of the company’s stock valued at $384,227,000 after buying an additional 3,659,611 shares during the period. JPMorgan Chase & Co. grew its holdings in Equinor ASA by 1,437.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,286,328 shares of the company’s stock valued at $55,741,000 after buying an additional 2,137,642 shares during the period. Finally, CIBC Bancorp USA Inc. purchased a new stake in Equinor ASA in the 3rd quarter valued at about $21,366,000. Institutional investors and hedge funds own 5.51% of the company’s stock.

About Equinor ASA

Equinor ASA (NYSE: EQNR) is a Norway-based integrated energy company headquartered in Stavanger. Historically established as Statoil in the 1970s to develop Norway’s petroleum resources, the company changed its name to Equinor in 2018 to reflect a strategic shift toward a broader energy portfolio. Equinor’s operations span the full upstream value chain, including exploration, development and production of oil and natural gas, alongside trading and marketing activities that support its global commercial operations.

In recent years Equinor has pursued a transition strategy that combines continued development of conventional oil and gas resources with growing investments in low‑carbon energy.