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Zacks' 7 Best Strong Buy Stocks (New Research Report)
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predicting the 7 stocks that will soar highest in the coming month.
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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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Equinor (EQNR) Gets Drilling Permit to Explore Norwegian Sea
Equinor ASA (EQNR - Free Report) has received the green light from the Norwegian Offshore Directorate to drill a wildcat well in the Norwegian Sea. Equinor has been granted the drilling permit for wellbore 6610/7-3 within the Production License (PL) 1014.
EQNR is the operator of PL 1014, holding an 80% stake in the license. The remaining 20% is owned by OKEA. Per the permit, the entry date has been set for October 2024.
Drilling a wildcat well involves significant risk due to the high degree of uncertainty in discovering oil and gas reserves. Equinor has contracted the Deepsea Atlantic rig owned by Odfjell Drilling to carry out drilling activities.
The Deepwater Atlantic is a sixth-generation semi-submersible rig capable of operating in deepwater and harsh environments. The unit is a dual derrick, dynamically positioned rig with enhanced GVA 7500 designs. The maximum drilling capacity of the rig is 10,670 meters. It can operate in water depths of up to 3000 meters.
Zacks Rank and Key Picks
Currently, EQNR carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are SM Energy (SM - Free Report) , Hess Midstream Partners LP (HESM - Free Report) and Chevron Corporation (CVX - Free Report) . SM Energy presently sports a Zacks Rank #1 (Strong Buy), while Hess Midstream and Chevron carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is an upstream energy firm operating in the prolific Midland Basin and the South Texas regions. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Hess Midstream owns, operates, develops and acquires a wide range of midstream assets, providing services to Hess Corporation and other third-party customers. The partnership has a stable fee-based revenue model secured via long-term commercial contracts. Since Hess Midstream operates through 100% fee-based contracts, it is exposed to minimal commodity price risks.
Chevron is one of the largest publicly traded oil and gas companies in the world, with its operations spread around the globe. It is currently in the process of acquiring Hess Corporation. The acquisition is seen as a major win for Chevron, as it will give the company access to Hess' high-quality assets in Guyana and the Bakken Formation.