Fearnleys
Fearnley Securities is the Oslo-based investment bank of the Astrup Fearnley group, focused on shipping, offshore, energy and related industries. Its equity and credit research covers more than 100 companies, mainly in shipping, offshore, energy and aquaculture.
Activity24M
RatingsPrice targetsKey figures
- Stocks covered
- 112M
- Actions
- 112M
- Ratings / Price targets
- 1 / 0
- Upgrades / Downgrades
- 1 / 0
- Buy-rated
- 0%of 1 rated
- On record
- Nov 2013 – Dec 2025
Overview
Fearnley Securities covers more than 100 companies as of 2025, with equity and credit research on shipping, offshore, exploration and production, energy services, renewables and aquaculture.
The Fearnleys name dates to 1869, when Thomas Fearnley set up a shipbroking and agency business in Christiania, now Oslo; Hans Rasmus Astrup became sole owner of Astrup Fearnley in 1972. The group established Fearnley Project Finance in 1981 and Fearnley Securities in 1987, merging the two in 2020. Ownership passed to the Hans Rasmus Astrup Foundation in 2014, and the securities arm opened offices in New York (2015), Singapore (2022) and London (2023).
Milestones
- 1869
Thomas Fearnley founded shipbroking business in Christiania (Oslo)
- 1972
Hans Rasmus Astrup became sole owner of Astrup Fearnley
- 1987
Fearnley Securities AS established in Oslo
- 2014
Ownership transferred to Hans Rasmus Astrup Foundation
- 2015
Opened New York office
- 2020
Fearnley Project Finance merged into Fearnley Securities
Firm facts
- Legal name
- Fearnley Securities AS
- Type
- Boutique
- Founded
- 1987
- Headquarters
- Oslo, Norway
- Parent
- Astrup Fearnley
- Chief Executive Officer and Managing Partner
- Peter Wessel
- Rating scale
- BuyHoldSell12 months
- Website
- fearnleysecurities.com
Research philosophy
We put great emphasis on research-based broking, execution accuracy, consistency of service, discretion and independent thinking.
Fearnley Securities says its sector research gives its sales team and institutional clients investment ideas they can act on. Its analysts draw on industry insight and market data from sister companies in the Astrup Fearnley Group, including the group's shipbrokers.
Rating methodology
Equity ratings are absolute over 12 months: Buy when the target price is more than 15% above the market price, Hold within ±15%, and Sell when it is 15% or more below. The firm's 2025 disclosures say price targets may rest on earnings multiples, discounted cash flow or net asset value, with risk gauged by beta against the Oslo Børs benchmark.
Coverage12M
Sectors
Most covered24M
| Stock | Rating | Target |
|---|---|---|
 SFL Corporation Ltd.SFL | Buy | — |
 ZIM Integrated Shipping Services Ltd.ZIM | Hold | — |
Recent actions
| Date | Stock | Rating action | Rating |
|---|---|---|---|
| Dec 19, 2025 | ZIM Integrated Shipping Services Ltd.ZIM | Upgrade | Sell →Hold |
| Nov 21, 2024 | SFL Corporation Ltd.SFL | Upgrade | Hold →Buy |
| May 9, 2023 | EREnergy Recovery, Inc.ERII | Upgrade | Hold →Buy |
| Aug 26, 2020 | NFNew Fortress Energy Inc.NFE | Reiterate | Buy |
| Jan 27, 2020 | NMNavios Maritime Partners L.P.NMM | Downgrade | Buy →Hold |
| Jan 27, 2020 |  Genco Shipping & Trading LimitedGNK | Downgrade | Buy →Hold |
| Jan 27, 2020 | SBStar Bulk Carriers Corp.SBLK | Downgrade | Buy →Hold |
| Jan 3, 2020 |  Valaris LimitedVAL | Upgrade | Hold →Buy |
| Oct 18, 2018 |  Noble Corporation PlcNE | Reiterate | Sell |
| Oct 18, 2018 |  Transocean Ltd.RIG | Reiterate | Buy |
| Aug 1, 2018 | Transocean Ltd.RIG | Reiterate | Accumulate |
| Jul 20, 2018 | Noble Corporation PlcNE | Reiterate | Sell |