Investor Øystein Stray Spitalen and his company with stakes of approximately 60 million in Equinor

Investor and billionaire Øystein Spitalen, through his investment company Tycoon, has bought 190,000 shares of Equinor. Shareholder listings show that the purchase of the new shares is Spitalen’s sole owner of Equinor shares.

It is unknown at what price the shares were purchased, but with Friday’s share price of NOK 308, the value corresponds to NOK 58.6 million.

Lower oil and gas prices have sent stock market engine Equinor, which makes up more than 20 percent of the benchmark, down nearly 10 percent since Christmas. Among the large companies on the stock exchange, Equinor has been the clear loser this year with a decline of 12.3 percent.

The discerning investor is used to getting in and out of companies quickly.

Shareholder lists arrive two days late. This means that Spitalen may have decreased or increased its stock in the past two days. Changes to shareholder lists can also stem from other financial transactions.

rotation in the stock exchange

Stocks that did well last year, such as energy, freight, and raw materials, have had a poor start to the year.

Oil prices are under pressure due to an expected decline in oil demand, a slowing global economy, and concerns about growth prospects in China.

The spot price of North Sea Brent oil, which is used as a reference for oil trading around the world, recently fell below $80 a barrel. This is after falling from $86 at the beginning of the year.

nearly ten percent down

Equinor, which has a market capitalization of $979 billion, has fallen nearly ten percent this year. By comparison, Vår Energi is down more than six percent so far this year.

At the end of the trading day on Friday, Equinor stock was trading for NOK 308, which is about 20 percent down from the peak in August 2021. At the time the price was NOK 387.

Equinor submits its report for the fourth quarter as early as February 8, and on the same day it organizes a capital market day, which is usually held in London.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For additional terms look here.