Equinor: Strong Run and Stable Norwegian Growth Pipeline Justify Neutral Stance Despite Higher Commodity Price Outlook

TD Cowen analyst Jason Gabelman maintained a Hold rating on Equinor ASA today and set a price target of $37.00.

Jason Gabelman has given his Hold rating due to a combination of factors, including Equinor’s strong recent share performance driven by higher gas prices and its lack of exposure to Middle East assets, which limits additional rerating potential from current levels. He incorporates higher commodity price assumptions into his model, which lifts his price target to $37, but this upside is largely reflected in the stock after its substantial run.

Gabelman also notes that Equinor’s Norwegian Continental Shelf strategy offers a sizable but mostly incremental growth pipeline, focused on sustaining production through smaller tiebacks rather than multiple large new projects, with Wisting as the only major greenfield development in the plan. While this supports stable long‑term cash flow with disciplined capex, the reliance on modest developments and underlying decline rates tempers the scope for outsized earnings growth, justifying a neutral stance.

According to TipRanks, Gabelman is a 5-star analyst with an average return of 12.3% and a 64.73% success rate. Gabelman covers the Energy sector, focusing on stocks such as Chevron, Equinor ASA, and BP.

In another report released yesterday, TipRanks – OpenAI also reiterated a Hold rating on the stock with a $40.00 price target.