We recently compiled a list of the 10 Firms Buck Market Bloodbath on Monday. In this article, we are going to take a look at where Equinor ASA (NYSE:EQNR) stands against the other stocks.

The stock market suffered a bloodbath anew on Monday, with the Nasdaq plunging to its worst level in three years over concerns about the health of the US economy after the Trump administration acknowledged the possibility of a potential rough patch.

The tech-heavy Nasdaq fell the heaviest, down 4 percent, followed by the S&P 500, which declined by 2.7 percent. The Dow Jones, for its part, dropped by 2.08 percent.

Meanwhile, 10 companies managed to book modest gains, bucking the broader market caution. We have identified the names that led the charge and detailed the reasons behind their performance.

To come up with the list, we considered only the stocks with $2 billion in market capitalization and $5 million in trading volume.

A worker in a hard hat standing in front of a giant oil refinery, the stark blue sky and grey refinery in the background.

Equinor ASA (NYSE:EQNR)

Equinor ASA (NYSE:EQNR) rallied by 4.23 percent on Monday, the second straight day, to close at $24.15 each as investor sentiment was fueled by news that the company, alongside its partners Okea and Pandion Energy, have successfully discovered new gas and condensate sources in its Mistral Sor exploration in the southern part of the Norwegian Sea.

According to Equinor ASA (NYSE:EQNR), preliminary findings indicate that the discovery contained between 3 and 7 million standard cubic meters of recoverable oil equivalent, which corresponds to 19-44 million barrels of recoverable o.e.

“Norwegian gas is in high demand and is crucial to Europe’s energy security. That’s why it’s important for us to continue exploring and making new discoveries so we can maintain a high level of deliveries,” said Equinor ASA (NYSE:EQNR) Vice President for Exploration and Production North Grete B. Haaland.

Overall EQNR ranks 8th on our list of Monday's top gainers. While we acknowledge the potential of EQNR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than EQNR but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

 

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Disclosure: None. This article is originally published at Insider Monkey.