Why Equinor Stock Sank Today
Investors were hardly energetic about Norwegian energy company (NYSE: EQNR) on Wednesday. They traded out of the stock to the point where it lost more than 5% of its value. The sell-off came on the heels of the company's latest earnings release. Other stocks fared better, as the S 500 index closed in positive territory with a nearly 0.4% rise.
Equinor, which reports in U.S. dollars, saw its fourth-quarter revenue dip by 5% year over year to $27.65 billion. Non-GAAP (adjusted) net income also sagged, declining at a 6% pace to $1.7 billion ($0.63 per share).
Analysts tracking the oil and gas company were expecting it to be significantly more profitable in the period. They were collectively modeling an adjusted net profit of $0.82 per share. On the plus side, Equinor handily beat their $25.57 billion revenue estimate.
Source Fool.com
