Equinor ASA's stock experienced a decline due to a significant reduction in institutional ownership. Quantbot Technologies LP drastically cut its stake in Equinor by 94.5% during the third quarter, selling 87,039 shares and retaining only 5,066 shares. Similarly, Townsquare Capital LLC reduced its position by 86.4%, selling 113,051 shares. These substantial sell-offs by institutional investors have likely contributed to the downward pressure on Equinor's stock.
Additionally, broader market factors have also played a role. Crude oil prices have been under pressure due to demand concerns, despite OPEC+ delaying any output increase until at least April next year. The unexpected downside breakout in crude prices, with WTI and Brent both settling lower week-on-week, has added to the negative sentiment surrounding energy stocks, including Equinor.
Equinor ASA (EQNR) shares are down 3.69% at the close, with a closing price of $23.23 on December 6, 2024. However, in after-hours trading, the stock saw a slight recovery, rising 0.43% to $23.33.