Best Norwegian Stocks: November 2026
Quality 97: strong free cash flow and ROIC in the top 5% of its sector. Value 75: cheap on P/E and a high yield. Momentum 53: above its moving averages but EPS deteriorating.
As of 3 Nov 2026, Hunter Group ASA (HUNT.OL) ranks first on MoatMap's November 2026 list of Norwegian stocks, with a MoatMap Score of 99/100, among stocks above its $250M market-cap floor. A research ranking, not investment advice.
November 2026 edition · data as of ·6 new, 6 out, biggest climb AKRBP.OL since October·Next edition forms ·How we score stocks·How past rankings did·All Norway stocks, refreshed daily
Top 25 Norwegian Stocks by MoatMap Score
- New in November 2026: Ventura Offshore Holding Ltd. VTURA.OL, Medistim ASA MEDI.OL, Höegh Autoliners ASA HAUTO.OL, SpareBank 1 Nord-Norge NONG.OL, Bonheur ASA BONHR.OL, Himalaya Shipping Ltd. HSHP.OL
- Dropped out: AF Gruppen ASA AFG.OL, Sea1 Offshore Inc. SEA1.OL, Aker Solutions ASA AKSO.OL, Yara International ASA YAR.OL, Norsk Hydro ASA NHY.OL, Subsea 7 S.A. SUBC.OL
- Biggest climbs: Aker BP ASA AKRBP.OL #19 to #6, Wallenius Wilhelmsen ASA WAWI.OL #20 to #10, Vår Energi ASA VAR.OL #10 to #2
- Biggest falls: Frontline plc FRO.OL #1 to #14, MPC Container Ships ASA MPCC.OL #3 to #15, Equinor ASA EQNR.OL #4 to #11
What changed since October: 6 new, 6 out
- New in November 2026: Ventura Offshore Holding Ltd. VTURA.OL, Medistim ASA MEDI.OL, Höegh Autoliners ASA HAUTO.OL, SpareBank 1 Nord-Norge NONG.OL, Bonheur ASA BONHR.OL, Himalaya Shipping Ltd. HSHP.OL
- Dropped out: AF Gruppen ASA AFG.OL, Sea1 Offshore Inc. SEA1.OL, Aker Solutions ASA AKSO.OL, Yara International ASA YAR.OL, Norsk Hydro ASA NHY.OL, Subsea 7 S.A. SUBC.OL
- Biggest climbs: Aker BP ASA AKRBP.OL #19 to #6, Wallenius Wilhelmsen ASA WAWI.OL #20 to #10, Vår Energi ASA VAR.OL #10 to #2
- Biggest falls: Frontline plc FRO.OL #1 to #14, MPC Container Ships ASA MPCC.OL #3 to #15, Equinor ASA EQNR.OL #4 to #11
| # | Stock | Yield | P/E | Score | Q | V | M | Style · Activity | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Yield 23.1% | P/E 2.2 | 99 Score | 97 Q | 75 V | 53 M | Full House | ||
| 2 | Quality 78: high return on equity and wide operating margins. Value 70: cheap on EV/EBITDA and a high yield. Momentum 65: near its 52-week high and estimates revised up. | Yield 8.3% | P/E 10.5 | 98 Score | 78 Q | 70 V | 65 M | Full HouseDir. buy | |
| 3 | Quality 72: strong free cash flow and wide operating margins. Value 69: a high yield and cheap on P/E. Momentum 68: estimates revised up and above its moving averages. | Yield 10.2% | P/E 7.9 | 97 Score | 72 Q | 69 V | 68 M | Full House | |
| 4 | Value 88: a high yield and cheap on P/E. Quality 61: strong free cash flow and wide operating margins. Momentum 58: above its moving averages. | Yield 8.1% | P/E 5.7 | 96 Score | 61 Q | 88 V | 58 M | Full House | |
| 5 | Quality 75: ROIC in the top 5% of its sector and wide operating margins. Value 73: cheap on EV/EBITDA and cheap on free cash flow. Momentum 57: near its 52-week high but estimates cut. | Yield 6.1% | P/E 15.8 | 96 Score | 75 Q | 73 V | 57 M | Full House | |
| 6 | Quality 72: wide operating margins and strong free cash flow. Value 69: cheap on EV/EBITDA and cheap on free cash flow. Momentum 62: near its 52-week high and quarterly earnings growing. | Yield 4.8% | P/E 12.0 | 96 Score | 72 Q | 69 V | 62 M | Full House | |
| 7 | Value 78: a high yield and cheap on P/E. Quality 70: wide operating margins and high return on equity. Momentum 54: estimates revised up but EPS deteriorating. | Yield 8.6% | P/E 5.2 | 95 Score | 70 Q | 78 V | 54 M | Full House | |
| 8 | Quality 83: high gross profitability and high return on equity. Momentum 62: near its 52-week high and estimates revised up. Value 57: a high yield but far above book value. | Yield 5.3% | P/E 16.9 | 95 Score | 83 Q | 57 V | 62 M | Full House | |
| 9 | Quality 80: ROIC in the top 5% of its sector and high return on equity. Value 63: a high yield and cheap on sales. Momentum 57: near its 52-week high but EPS deteriorating. | Yield 6.6% | P/E 13.8 | 94 Score | 80 Q | 63 V | 57 M | Full HouseDeep dive → | |
| 10 | Value 72: a high yield and cheap on free cash flow. Quality 70: strong free cash flow and ROIC in the top 10% of its sector. Momentum 57: estimates revised up but quarterly earnings shrinking. | Yield 8.8% | P/E 10.5 | 94 Score | 70 Q | 72 V | 57 M | Full House | |
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| 11 | Quality 75: ROIC in the top 5% of its sector and high gross profitability. Value 65: cheap on EV/EBITDA and cheap on P/E. Momentum 56: near its 52-week high but EPS deteriorating. | Yield 3.3% | P/E 9.6 | 92 Score | 75 Q | 65 V | 56 M | Full House | |
| 12 | Quality 77: high gross profitability and ROIC in the top 5% of its sector. Value 77: cheap on P/E and cheap on EV/EBITDA. Momentum 41: above its moving averages but EPS deteriorating. | Yield — | P/E 3.9 | 92 Score | 77 Q | 77 V | 41 M | Unloved Quality | |
| 13 | Quality 75: wide operating margins and high return on equity. Momentum 70: estimates revised up and above its moving averages. Value 50: a high yield but far above book value. | Yield 9.5% | P/E 8.7 | 92 Score | 75 Q | 50 V | 70 M | Full House | |
| 14 | Quality 81: high return on equity and wide operating margins. Momentum 63: quarterly earnings growing and above its moving averages. Value 51: a high yield but far above book value; P/FCF excluded. | Yield 11.0% | P/E 7.9 | 92 Score | 81 Q | 51 V | 63 M | Full House | |
| 15 | Value 78: cheap on P/E and a high yield. Quality 70: strong free cash flow and wide operating margins. Momentum 46: estimates revised up but EPS deteriorating. | Yield 6.4% | P/E 5.9 | 92 Score | 70 Q | 78 V | 46 M | Unloved Quality | |
| 16 | Value 74: a high yield and cheap on P/E. Quality 71: wide operating margins and high return on equity. Momentum 47: near its 52-week high but estimates cut. | Yield 10.5% | P/E 7.1 | 91 Score | 71 Q | 74 V | 47 M | Unloved QualityDeep dive → | |
| 17 | Quality 89: high gross profitability and ROIC in the top 5% of its sector. Momentum 68: near its 52-week high and estimates revised up. Value 32: far above book value. | Yield 2.6% | P/E 31.3 | 89 Score | 89 Q | 32 V | 68 M | Premium Grower | |
| 18 | Value 66: a high yield and cheap on EV/EBITDA. Momentum 66: EPS improving and near its 52-week high. Quality 57: F-Score 8/9 but high debt. | Yield 28.5% | P/E 653 | 89 Score | 57 Q | 66 V | 66 M | Full House | |
| 19 | Quality 73: strong free cash flow and high return on equity. Value 67: a high yield and cheap on P/E. Momentum 47: above its moving averages but EPS deteriorating. | Yield 10.4% | P/E 8.0 | 88 Score | 73 Q | 67 V | 47 M | Unloved Quality | |
| 20 | Quality 72: high return on equity and ROIC in the top 10% of its sector. Value 66: a high yield and cheap on P/E. Momentum 49: above its moving averages but EPS deteriorating. | Yield 6.6% | P/E 8.2 | 87 Score | 72 Q | 66 V | 49 M | Unloved Quality | |
| 21 | Momentum 71: estimates revised up and near its 52-week high. Value 61: a high yield and cheap on EV/EBITDA. Quality 51: wide operating margins but a weak F-Score 4/9. | Yield 5.1% | P/E 10.0 | 85 Score | 51 Q | 61 V | 71 M | Full House | |
| 22 | Quality 65: wide operating margins and high return on equity. Momentum 60: estimates revised up and near its 52-week high. Value 57: valuation ratios not meaningful for a financial. | Yield 4.7% | P/E 12.4 | 85 Score | 65 Q | 57 V | 60 M | Full House | |
| 23 | Quality 63: high gross profitability and wide operating margins. Value 60: cheap on EV/EBITDA and cheap on P/E. Momentum 58: near its 52-week high but quarterly earnings shrinking. | Yield 2.8% | P/E 10.7 | 84 Score | 63 Q | 60 V | 58 M | Full House | |
| 24 | Quality 76: strong free cash flow and ROIC in the top 15% of its sector. Momentum 58: estimates revised up. Value 47: a high yield but far above book value. | Yield 5.7% | P/E 24.6 | 84 Score | 76 Q | 47 V | 58 M | Premium GrowerDir. buy | |
| 25 | Momentum 66: quarterly earnings growing and estimates revised up. Value 60: a high yield and cheap on EV/EBITDA. Quality 55: wide operating margins but high debt. | Yield 11.1% | P/E 13.6 | 83 Score | 55 Q | 60 V | 66 M | Full House | |
Ranked by MoatMap Score (Quality + Value + Momentum composite) at a minimum market cap of $250M. Yield and P/E are as of the data date; click a ticker for today’s price and score. A new edition is generated on the first scoring run of each month.
Director buying reported in the 90 days to : Vår Energi ASA VAR.OL, Pexip Holding ASA PEXIP.OL
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How Norway scores
Where the top 25 come from, and how the whole Norwegian market sits against the global universe. The MoatMap Score is a global percentile, so the universe splits evenly into five bands by construction; a market with more of its stocks in the upper bands is scoring well as a whole.
Top 25 by sector
- Industrials13
- Energy9
- Financial Services1
- Healthcare1
- Technology1
Share of Norwegian stocks by MoatMap Score band
- 0-1920% / 20%
- 20-3916% / 20%
- 40-5919% / 20%
- 60-7924% / 20%
- 80-10021% / 20%
Norwayall markets
Oil, Ships, Salmon, and the Domicile Question
Norway is Western Europe's largest oil and gas producer, the owner of the world's largest sovereign wealth fund, and the home of a stock exchange that lists more shipping, offshore and seafood companies than any other. Oslo is where the world's tanker, gas-carrier and salmon businesses come to list, whatever their registered office, and its cycles are the cycles of freight rates, oil and fish. The list below is where Quality, Value and Momentum agree.
MoatMap scored 220 Norwegian stocks on 2026-11-03; 131 cleared the $250M market-cap floor this list applies. The market's average MoatMap Score is 52. Industrials is the most represented sector in the top 10 (6 names).
Equinor is the anchor, a state-controlled energy major that on its own is a large share of the Oslo index, and around it sits the most cyclical board in developed Europe. Oslo is the global listing venue for shipping: Frontline, Hafnia, BW LPG, Golden Ocean, Wallenius Wilhelmsen and dozens of smaller tanker, bulk, gas and car-carrier owners trade here, alongside offshore drillers and supply-vessel operators whose fortunes follow the oil price with a lag. Then there is seafood: Mowi, SalMar, Leroy and their peers make Oslo the only exchange where the price of salmon is a market-moving number. What the screen tends to reward in Norway is the financial and industrial bench below all that: DNB, Storebrand, Kongsberg, Tomra, Nordic Semiconductor, and a bench of software and consumer companies that behave nothing like the commodity names.
Most of Oslo's shipping and offshore companies keep a registered office in Bermuda, Cyprus, Singapore or Luxembourg, for reasons that are as old as the industry, and yfinance files them under that domicile. This page does not filter them out. They are Oslo primary listings, Oslo is the market that prices them, and a list of the best Norwegian stocks with the tanker owners removed would describe a different exchange from the one a reader can trade. The distinction MoatMap draws is between a foreign company that chose Oslo as its home market, which stays, and a foreign quote line of a company whose real market is somewhere else, which the Frankfurt and Mexico pages filter out.
The scores need reading with the cycle in mind. A tanker owner at the top of a freight cycle shows a single-digit multiple, a large yield and a strong Momentum score, and a factor composite will rank it highly; six months later, with rates halved, the same company can sit at the bottom of the Value band on trailing numbers that no longer apply. The Quality pillar is the steadier guide here, because it rewards the operators that kept debt low and returns high across a whole cycle, and pairing it with Momentum tells you whether the market thinks the cycle has turned.
Disclosure follows the EU Market Abuse Regulation through Norway's EEA membership and MoatMap reads the filings from the exchange's own NewsWeb system: managers' transaction notices with the person, the role, the shares and the price, flagging notices when a holder crosses 5%, and buyback reports. Those rows feed the director-buying and buyback callouts below the table through the Euronext feed. Access is easy through most international brokers, settlement is in kroner, a floating currency that moves with the oil price, and Norway withholds 25% on dividends paid to non-residents, reduced under treaties, so confirm the treatment with your broker.
Frequently Asked Questions
- What are the top-ranked Norwegian stocks right now?
- The table above ranks the top 25 Oslo Bors stocks by MoatMap Score, a composite of Quality (returns on capital, cash conversion, balance sheet), Value (six price ratios, from P/E to dividend yield) and Momentum (price trend and earnings revisions). It refreshes monthly with a stated data date, and each ticker links to a full score breakdown.
- Why do so many Oslo-listed companies have a foreign registered office?
- Shipping and offshore companies have long incorporated in Bermuda, Cyprus, Singapore or Luxembourg while listing in Oslo, the global venue for their industry. They are Oslo primary listings and Oslo is the market that prices them, so this page keeps them, unlike the foreign quote lines on the Frankfurt or Mexican boards that MoatMap filters out.
- How should I read a shipping stock's scores?
- With the cycle in mind. At the top of a freight cycle a tanker owner shows a low multiple, a high yield and strong Momentum; at the bottom the same company scores poorly on trailing numbers that no longer apply. The Quality pillar is the steadier guide, because it rewards the operators that kept debt low across the whole cycle.
- Does MoatMap track Norwegian insider trades and buybacks?
- Yes, through the Euronext feed, which reads Oslo's NewsWeb filings: managers' transaction notices with the person, role, shares and price, 5% flagging notices, and buyback reports. The director-buying and buyback callouts on this page use the Oslo rows.
- How can foreigners buy Norwegian stocks, and what about the krone?
- Most international brokers offer Oslo Bors access and settlement is in kroner, a floating currency that tends to move with the oil price. Norway withholds 25% on dividends paid to non-residents, reduced under treaties, so confirm the current rules with your broker.
- How often does this Norway ranking refresh?
- A new edition forms on the first scoring run of each calendar month and the page states its data-as-of date. Underlying scores recompute nightly; for the daily view, use the ranked list filtered to Norway.