Zacks Investment Research Lowers Equinor ASA (NYSE:EQNR) to Strong Sell

Zacks Investment Research cut shares of Equinor ASA (NYSE:EQNR) from a hold rating to a strong sell rating in a report issued on Wednesday, Zacks.com reports.

According to Zacks, “Equinor ASA operates as an energy company. It engaged in developing oil, gas, wind and solar energy projects and focuses on offshore operations and exploration services. Equinor ASA, formerly known as Statoil ASA, is based in Norway, Europe. “

A number of other research analysts have also commented on EQNR. Sanford C. Bernstein upgraded shares of Equinor ASA from a market perform rating to an outperform rating and set a $20.00 price target on the stock in a research note on Monday, July 1st. Santander upgraded shares of ENI from a hold rating to a buy rating in a research report on Monday, June 17th. HSBC lowered shares of Zurich Insurance Group from a buy rating to a hold rating in a research report on Friday, May 31st. Banco Santander upgraded shares of Equinor ASA to a hold rating in a research report on Monday, June 17th. Finally, ValuEngine lowered shares of W&T Offshore from a hold rating to a sell rating in a research report on Friday, April 26th. Five analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. The company has an average rating of Hold and an average target price of $24.77.

Shares of EQNR opened at $20.14 on Wednesday. Equinor ASA has a 52 week low of $18.91 and a 52 week high of $28.93. The firm has a market cap of $67.04 billion, a price-to-earnings ratio of 9.97 and a beta of 0.94. The firm has a 50-day moving average of $19.76. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.35 and a current ratio of 1.48.

Equinor ASA (NYSE:EQNR) last announced its quarterly earnings results on Friday, May 3rd. The company reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.06. Equinor ASA had a net margin of 10.46% and a return on equity of 15.79%. The business had revenue of $16.41 billion for the quarter. Analysts anticipate that Equinor ASA will post 1.67 earnings per share for the current year.

Several large investors have recently made changes to their positions in EQNR. Clark Capital Management Group Inc. acquired a new stake in shares of Equinor ASA during the second quarter worth $16,793,000. FMR LLC increased its position in shares of Equinor ASA by 5.1% during the first quarter. FMR LLC now owns 16,656,952 shares of the company’s stock worth $365,952,000 after buying an additional 808,617 shares during the period. Clearbridge Investments LLC increased its position in shares of Equinor ASA by 46.5% during the first quarter. Clearbridge Investments LLC now owns 78,630 shares of the company’s stock worth $1,728,000 after buying an additional 24,957 shares during the period. Lazard Asset Management LLC increased its position in shares of Equinor ASA by 332.6% during the first quarter. Lazard Asset Management LLC now owns 2,725,421 shares of the company’s stock worth $59,877,000 after buying an additional 2,095,354 shares during the period. Finally, U S Global Investors Inc. acquired a new stake in shares of Equinor ASA during the first quarter worth $549,000. Hedge funds and other institutional investors own 5.51% of the company’s stock.

About Equinor ASA

Equinor ASA, an energy company, explores for, produces, transports, refines, and markets petroleum and petroleum-derived products, and other forms of energy in Norway and internationally. The company operates through Development & Production Norway; Development & Production Brazil; Development & Production International; Marketing, Midstream & Processing; New Energy Solutions; Technology, Projects & Drilling; Exploration; and Global Strategy & Business Development segments.

Featured Story: Cost of Debt

Get a free copy of the Zacks research report on Equinor ASA (EQNR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Equinor ASA (NYSE:EQNR)

Receive News & Ratings for Equinor ASA Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Equinor ASA and related companies with MarketBeat.com's FREE daily email newsletter.