Analyst Jason Gabelman from TD Cowen maintained a Hold rating on Equinor ASA and decreased the price target to $22.00 from $23.00.
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Jason Gabelman has given his Hold rating due to a combination of factors that reflect both positive and cautious outlooks for Equinor ASA. The company’s earnings per share (EPS) for the third quarter of 2025 have been revised upward, primarily due to a smaller mark-to-market impact on its Orsted investment. However, this adjusted EPS still falls short of consensus expectations, indicating potential challenges ahead.
Additionally, a reduction in net operating income is anticipated, influenced by a decommissioning charge in the US and lower forecasts in certain segments. Despite these challenges, Equinor’s stock remains sensitive to global gas prices, which are expected to remain stable through the winter. Furthermore, the company’s buyback plans are projected to decrease in 2026, and investors are keenly observing Equinor’s strategic moves, including potential joint ventures. These mixed signals contribute to the Hold rating, as the stock’s future performance is contingent on various external and internal factors.