Equinor Stock: Investor Robert Næss Earns $35M – Is a Correction Coming?

Oslo, Norway – Robert Næss, investment director at Nordea Wealth Management, has realized a profit of 370 million Norwegian kroner (approximately $34.2 million USD) from investments in Equinor shares, according to a report in Finansavisen. Næss now cautions that the gains may be unsustainable, comparing the stock’s current valuation to a “balloon about to burst.”

Næss began purchasing Equinor shares in June, accumulating a total of 2.6 million shares within his fund. The substantial profit comes amidst fluctuating global energy markets and geopolitical uncertainty. A recent podcast featuring Næss, as reported by Nordea, highlighted how market expectations of a swift resolution to tensions in Iran have suppressed oil and gas prices, but acknowledged a broader “energy shock” impacting growth and inflation.

Despite the warning, Næss previously advised against selling Equinor stock on March 9th, as reported by Finansavisen, citing the potential for explosive price increases in oil, gas, and fertilizer to destabilize the global economy. This earlier stance underscores a complex assessment of the company’s prospects, balancing short-term profit-taking with long-term economic risks.

Equinor’s strong financial performance, particularly its 2022 results and future strategies outlined in a recent capital markets day, has generated significant revenue for the Norwegian state, estimated at 400 billion kroner annually, according to a report by Dagens Næringsliv. This substantial contribution raises questions about the balance between fossil fuel profits and the company’s commitment to renewable energy investments.

Næss’s position at Nordea places him as a key voice in Norwegian investment strategy. He is responsible for wealth management investments and frequently provides market analysis and forecasts. His comments on Equinor are closely watched by investors and policymakers alike.