Why this matters — Three distinct ORTEX data streams have aligned simultaneously on EQNR: short interest, borrow utilisation, and options sentiment. The combination creates an unusually mixed picture heading into Equinor's 6 May earnings.
Short interest plunges — then bounces. Short interest fell roughly 41% between mid-March and early April, dropping from ~30.6 million shares to ~18.5 million. That exodus has since partially reversed. Shares short rose 9.5% in a single day to 20.5 million on 24 April. The one-month change still sits at –32%, but the recent uptick signals fresh bearish conviction returning.
Utilisation hits near-record levels. Borrow utilisation reached 94.73% on 24 April — just below the 52-week high of 100%. The available lending pool is almost fully deployed. Short sellers still in the trade have little room to add. Any covering pressure would face thin borrow availability, amplifying squeeze dynamics.
Options sentiment turns more bearish. The put-call ratio rose to 0.89 on 24 April, up from a 20-day mean of 0.79. A separate pulse recorded a PCR of 0.95 on 23 April — 21% above the 20-day average and 2.4 standard deviations above normal. The 52-week PCR range is 0.07–1.62, so current levels sit in the upper half. Options buyers have shifted toward downside protection.
Analyst sentiment has been cautious. JP Morgan downgraded EQNR to Underweight in August 2025. RBC Capital moved to Underperform in April 2025. TD Cowen raised its price target to $37 in March 2026 — near the current price of $37.94 — while maintaining a Hold rating. The mean analyst price target stands at $36.97, implying marginal downside from here. BlackRock added 275,237 shares in Q1 2026. Vanguard added 82,988. Wellington Management built 404,143 shares as of January 2026. These flows provide modest institutional support against the bearish derivatives shift.
In mid-March 2026, utilisation also hit 100% while short interest sat near 30.6 million shares. That peak was followed by a sharp 41% reduction in short positions over the subsequent two weeks — one of the fastest covering episodes in recent EQNR history. The current utilisation spike is smaller in absolute short interest terms but arrives as positions rebuild.
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