TD Cowen analyst Jason Gabelman maintained a Hold rating on Equinor ASA today and set a price target of $22.00.
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Jason Gabelman’s rating is based on a combination of factors influencing Equinor ASA’s current and future performance. The uncertainty surrounding Equinor’s partnership with ORSTED, particularly in the offshore wind sector, plays a significant role. While Equinor is expected to explore options that could enhance value for both companies, the lack of clarity on the path forward and potential capital commitments creates a cautious outlook.
Additionally, Equinor’s guidance on future MMP results has been lowered due to less gas price volatility, although this is somewhat offset by higher realizations in Norway. The anticipated moderation of gas prices by 2026 and the potential volatility this could introduce to the equity further contribute to the Hold rating. Furthermore, the expected increase in tax payments affecting free cash flow yield and the planned $2B buyback and distribution for FY26 reflect a balanced but cautious financial strategy.
Gabelman covers the Energy sector, focusing on stocks such as Chevron, Shell, and Exxon Mobil. According to TipRanks, Gabelman has an average return of 6.2% and a 55.66% success rate on recommended stocks.
In another report released on October 29, TR | OpenAI – 4o also downgraded the stock to a Hold with a $26.00 price target.