Equinor ASA (NYSE:EQNR) Sets New 52-Week Low – What’s Next?

Equinor ASA (NYSE:EQNR) shares hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $22.12 and last traded at $22.13, with a volume of 1040745 shares. The stock had previously closed at $22.68.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on EQNR. StockNews.com downgraded Equinor ASA from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 12th. Barclays upgraded shares of Equinor ASA from an “equal weight” rating to an “overweight” rating in a research note on Monday, November 25th. Redburn Atlantic upgraded shares of Equinor ASA from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 20th. Berenberg Bank upgraded Equinor ASA from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 27th. Finally, JPMorgan Chase & Co. raised Equinor ASA from an “underweight” rating to an “overweight” rating in a report on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $26.90.

Equinor ASA Price Performance

The company’s 50-day moving average is $24.00 and its 200-day moving average is $25.77. The firm has a market capitalization of $61.11 billion, a price-to-earnings ratio of 6.71, a PEG ratio of 1.20 and a beta of 0.84. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.48 and a quick ratio of 1.38.

Equinor ASA (NYSE:EQNR) last posted its quarterly earnings results on Thursday, October 24th. The company reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The firm had revenue of $25.45 billion during the quarter, compared to the consensus estimate of $24.45 billion. Equinor ASA had a return on equity of 19.97% and a net margin of 8.95%. During the same quarter in the previous year, the business earned $0.92 earnings per share. On average, research analysts expect that Equinor ASA will post 3.35 earnings per share for the current year.

Hedge Funds Weigh In On Equinor ASA

A number of hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new position in shares of Equinor ASA during the third quarter worth about $1,933,000. Cetera Investment Advisers boosted its position in shares of Equinor ASA by 52.7% during the second quarter. Cetera Investment Advisers now owns 69,718 shares of the company’s stock worth $1,991,000 after buying an additional 24,052 shares during the period. GSA Capital Partners LLP acquired a new stake in Equinor ASA in the 3rd quarter valued at approximately $2,509,000. Truist Financial Corp raised its stake in Equinor ASA by 9.2% during the 2nd quarter. Truist Financial Corp now owns 13,900 shares of the company’s stock valued at $397,000 after acquiring an additional 1,167 shares in the last quarter. Finally, Crossmark Global Holdings Inc. boosted its position in Equinor ASA by 52.1% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 86,174 shares of the company’s stock worth $2,183,000 after acquiring an additional 29,516 shares during the period. Institutional investors and hedge funds own 5.51% of the company’s stock.

About Equinor ASA

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.