PNC Financial Services Group Inc. Lowers Holdings in Equinor ASA $EQNR

PNC Financial Services Group Inc. trimmed its stake in shares of Equinor ASA (NYSE:EQNR) by 13.8% during the 2nd quarter, Holdings Channel reports. The fund owned 36,903 shares of the company’s stock after selling 5,884 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Equinor ASA were worth $928,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Headlands Technologies LLC purchased a new stake in Equinor ASA in the 1st quarter worth approximately $57,000. Assetmark Inc. increased its holdings in shares of Equinor ASA by 7,586.7% during the 1st quarter. Assetmark Inc. now owns 2,306 shares of the company’s stock valued at $61,000 after purchasing an additional 2,276 shares in the last quarter. Cromwell Holdings LLC lifted its stake in shares of Equinor ASA by 30.4% in the 2nd quarter. Cromwell Holdings LLC now owns 2,743 shares of the company’s stock valued at $69,000 after purchasing an additional 639 shares during the period. SVB Wealth LLC purchased a new stake in Equinor ASA during the first quarter worth $74,000. Finally, Allworth Financial LP grew its position in Equinor ASA by 378.3% during the second quarter. Allworth Financial LP now owns 3,071 shares of the company’s stock valued at $77,000 after buying an additional 2,429 shares during the period. 5.51% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on EQNR. Sanford C. Bernstein downgraded shares of Equinor ASA from an “outperform” rating to a “market perform” rating in a research report on Friday, October 17th. DZ Bank lowered Equinor ASA from a “strong-buy” rating to a “strong sell” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. downgraded Equinor ASA from a “neutral” rating to an “underweight” rating in a research report on Tuesday, August 12th. Barclays restated an “underweight” rating on shares of Equinor ASA in a research report on Friday, October 31st. Finally, Morgan Stanley downgraded Equinor ASA from an “equal weight” rating to an “underweight” rating in a research note on Wednesday, September 3rd. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and eight have given a Sell rating to the company. According to MarketBeat.com, Equinor ASA currently has an average rating of “Reduce” and an average target price of $22.71.

Equinor ASA Price Performance

NYSE:EQNR opened at $22.96 on Friday. The stock has a 50 day moving average of $24.20 and a two-hundred day moving average of $24.70. Equinor ASA has a 12 month low of $21.41 and a 12 month high of $28.26. The firm has a market cap of $67.61 billion, a P/E ratio of 10.88, a price-to-earnings-growth ratio of 0.87 and a beta of 0.48. The company has a current ratio of 1.47, a quick ratio of 1.37 and a debt-to-equity ratio of 0.58.

Equinor ASA (NYSE:EQNR) last released its earnings results on Wednesday, October 29th. The company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.57 by ($0.20). The firm had revenue of $26.06 billion during the quarter, compared to analysts’ expectations of $23.26 billion. Equinor ASA had a net margin of 5.27% and a return on equity of 14.11%. On average, analysts expect that Equinor ASA will post 3.46 earnings per share for the current fiscal year.

Equinor ASA Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 26th. Shareholders of record on Friday, November 14th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 6.4%. The ex-dividend date is Friday, November 14th. This is an increase from Equinor ASA’s previous quarterly dividend of $0.30. Equinor ASA’s payout ratio is 57.35%.

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.