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Equinor (EQNR) Jumps 26.1% MTD: What's Driving the Rally?
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Shares of Equinor ASA (EQNR - Free Report) have jumped 26.1% month to date (MTD) versus the industry’s 20% growth. Notably, the Zacks Rank #3 (Hold) stock has witnessed upward earnings estimate revisions for 2020 and 2021 in the past 30 days.
Let’s delve into the factors behind the stock’s price appreciation.
What’s Favoring the Stock?
Although the price of West Texas Intermediate (WTI) crude, at around $45 per barrel, is significantly below the 2020-beginning level of more than $60, it has improved considerably over the past few months. The momentum is likely to continue since the market has witnessed the impact of positive vaccine results.
Notably, the vaccine, being developed by the University of Oxford and AstraZeneca, has shown to be up to 90% effective in preventing people from getting infected with coronavirus. Also, it will be easier to distribute the vaccine since unlike the shots of Moderna, Inc. (MRNA - Free Report) and Pfizer Inc. (PFE - Free Report) , it can be stored at normal refrigerated temperature.
The positive vaccine data raised hopes that fuel demand will recover considerably once majority of people in the world get vaccinated. Thus, possibilities of energy, now a beaten-down sector, rebounding by next year are high. Overall, improving oil prices are definitely a boon for Equinor’s upstream operations. The company primarily conducts exploration and field development operations across Norway, international market and the United States.
The company’s, with headquarters in Stavanger, Norway, strong focus on renewables is also noteworthy since it has been a challenge for companies to provide energy while reducing greenhouse gas emissions. Being a leader in energy transition, it targets to establish itself as a net-zero emissions company by 2050.
The stock has seen upward earnings estimate revisions for 2020 in the past seven days.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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Equinor (EQNR) Jumps 26.1% MTD: What's Driving the Rally?
Shares of Equinor ASA (EQNR - Free Report) have jumped 26.1% month to date (MTD) versus the industry’s 20% growth. Notably, the Zacks Rank #3 (Hold) stock has witnessed upward earnings estimate revisions for 2020 and 2021 in the past 30 days.
Let’s delve into the factors behind the stock’s price appreciation.
What’s Favoring the Stock?
Although the price of West Texas Intermediate (WTI) crude, at around $45 per barrel, is significantly below the 2020-beginning level of more than $60, it has improved considerably over the past few months. The momentum is likely to continue since the market has witnessed the impact of positive vaccine results.
Notably, the vaccine, being developed by the University of Oxford and AstraZeneca, has shown to be up to 90% effective in preventing people from getting infected with coronavirus. Also, it will be easier to distribute the vaccine since unlike the shots of Moderna, Inc. (MRNA - Free Report) and Pfizer Inc. (PFE - Free Report) , it can be stored at normal refrigerated temperature.
The positive vaccine data raised hopes that fuel demand will recover considerably once majority of people in the world get vaccinated. Thus, possibilities of energy, now a beaten-down sector, rebounding by next year are high. Overall, improving oil prices are definitely a boon for Equinor’s upstream operations. The company primarily conducts exploration and field development operations across Norway, international market and the United States.
The company’s, with headquarters in Stavanger, Norway, strong focus on renewables is also noteworthy since it has been a challenge for companies to provide energy while reducing greenhouse gas emissions. Being a leader in energy transition, it targets to establish itself as a net-zero emissions company by 2050.
Stocks to Consider
A better-ranked stock worth considering in the energy space is Summit Midstream Partners, LP (SMLP - Free Report) , sporting a Zacks Rank #1 (Strong Buy).You can see the complete list of today’s Zacks #1 Rank stocks here.
The stock has seen upward earnings estimate revisions for 2020 in the past seven days.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by referendums and legislation, this industry is expected to blast from an already robust $17.7 billion in 2019 to a staggering $73.6 billion by 2027. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot stocks we're targeting >>