Equinor: positive momentum set to return, Barclays says
(CercleFinance.com) - Barclays reiterates its "overweight" rating on the shares of Norwegian oil firm Equinor, with an unchanged price target of 270 Norwegian crowns, saying positive momentum is set to return.
In a note to clients, the brokerage says many of the negatives that have contributed to the 15% underperformance of the share versus the sector year-to-date are "starting to moderate."
"European gas prices appear to have stabilised, the oil price seems settled in the 60-70 dollars per barrel band for Brent and with lower maintenance and the Johan Sverdrup start-up to look forward to in the second half, it does appear to us that the negative momentum that has dominated the Equinor debate this year starts to turn around from here," Barclays adds.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a note to clients, the brokerage says many of the negatives that have contributed to the 15% underperformance of the share versus the sector year-to-date are "starting to moderate."
"European gas prices appear to have stabilised, the oil price seems settled in the 60-70 dollars per barrel band for Brent and with lower maintenance and the Johan Sverdrup start-up to look forward to in the second half, it does appear to us that the negative momentum that has dominated the Equinor debate this year starts to turn around from here," Barclays adds.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.