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Equinor ASA
(NYSE:EQNR)
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Rating:66Neutral
Price Target:
$43.00
▲(6.57% Upside)
Action:Reiterated
Date:07/23/26
EQNR scores as moderately attractive. The biggest support is solid overall financial health (profitability and improving leverage) alongside a notably positive earnings call with reaffirmed guidance, strong cash generation, and enhanced buybacks/dividends. Offsetting this, technicals show overbought conditions that increase near-term downside risk, and valuation is fair rather than clearly discounted (P/E ~18) despite a supportive ~3.75% dividend yield.
Positive Factors
Balance sheet & liquidity
A very large cash buffer (~$24bn) and a low net debt ratio (~10% expected lower) give durable financial flexibility. This supports multi-year capex, sanctioning new projects, elevated buybacks/dividends and resilience through commodity cycles without forcing asset sales.
Negative Factors
Commodity cyclicality
Equinor’s profitability depends heavily on oil & gas prices and regional gas dynamics. Margins and reported earnings have swung materially across cycles; this structural commodity exposure limits multi‑month earnings visibility and can quickly compress free cash flow and returns if prices fall.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet & liquidity
A very large cash buffer (~$24bn) and a low net debt ratio (~10% expected lower) give durable financial flexibility. This supports multi-year capex, sanctioning new projects, elevated buybacks/dividends and resilience through commodity cycles without forcing asset sales.
Read all positive factors
Equinor ASA (EQNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$97.38B
Dividend Yield3.65%
Average Volume (3M)3.96M
Price to Earnings (P/E)11.1
Beta (1Y)-0.28
Revenue Growth6.81%
EPS Growth21.88%
CountryUS
Employees23,843
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)3.67
Shares Outstanding2,390,749,000
10 Day Avg. Volume4,611,016
30 Day Avg. Volume3,962,777
Financial Highlights & Ratios
PEG Ratio-0.32
Price to Book (P/B)1.52
Price to Sales (P/S)0.58
P/FCF Ratio10.22
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$36.28Price Target Upside-10.08% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering4
EPS Forecast (FY)5.16
Revenue Forecast (FY)$121.04B
Equinor ASA Business Overview & Revenue Model
Company Description
Equinor ASA operates as an energy company in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; and Renewables s...
How the Company Makes Money
Equinor makes money primarily by producing and selling hydrocarbons and by marketing/trading energy commodities, supplemented by returns from midstream/processing activities and, to a growing extent, renewables and other low‑carbon businesses.
1)...
Equinor ASA Earnings Call Summary
Earnings Call Date:Jul 22, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial performance: production growth (3% in Q2, 6% H1), very strong cash flows, robust adjusted operating income, solid balance sheet with ~ $24bn cash, and enhanced shareholder returns (doubled buybacks, dividend). Management reiterated ambitious medium-term targets (production +150,000 bpd to 2030, +30% cash flow, 15% ROCE) and announced concrete project progress (Greater PAJ FID, NCS 2035 tiebacks). Notable negatives included a Johan Castberg outage (impacting Q3 ~14,000 bpd), slight deterioration in safety metrics, regional gas-price volatility and European gas tightness risks, U.S. gas price weakness and some partner-operated field issues (Roncador). Overall, the positive financial and operational execution and strengthened balance sheet materially outweigh the operational and market risks highlighted, supporting a positive sentiment.Positive Updates
Strong production growth and operational delivery
Q2 production of 2,165,000 bpd, up 3% year-on-year; first half 2026 production growth of 6% year-to-date. NCS production up 4%, supported by new fields (Eirin, Symra) and strong performance from Johan Sverdrup (now expected to be at the low end of previously guided 10%-20% decline). Bacalhau and Adura also contributed to international growth.
Negative Updates
Johan Castberg outage and Q3 production impact
Johan Castberg was offline late in the quarter and into July due to turbine/heat waste issues; production resumed 13 July. Management estimates a net Equinor impact of ~14,000 bpd for Q3 (18-day outage) and notes the Q3 impact will be larger than Q2.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong production growth and operational delivery
Q2 production of 2,165,000 bpd, up 3% year-on-year; first half 2026 production growth of 6% year-to-date. NCS production up 4%, supported by new fields (Eirin, Symra) and strong performance from Johan Sverdrup (now expected to be at the low end of previously guided 10%-20% decline). Bacalhau and Adura also contributed to international growth.
Read all positive updates
Company Guidance
Equinor left its guidance unchanged and said progress is on track: Q2 production was 2,165,000 bpd (up 3% y/y) and H1 production is up 6%, supporting the unchanged full‑year 3% production growth guidance; the company reiterated its 2030 targets of +150,000 bpd production, >30% growth in cash flow from operations, ~15% return on capital employed and >$40bn free cash flow to 2030, a post‑dividend breakeven of $50/bbl (down $10) and new‑development breakeven below $40/bbl; financial context for the guidance included adjusted operating income $11.5bn pre‑tax, IFRS net income $4.8bn, YTD cash flow from operations after tax $13.7bn (Q2 cash flow from operations $14.8bn pre‑tax), organic CapEx $3.4bn, net cash flow before distribution +$5.5bn, Q2 distributions $1.1bn, cash ≈$24bn, working capital down $1.8bn to $3.6bn, net debt ratio 10.4% (expected below 10% at year‑end), a doubled 2026 buyback program to $3bn (from $1.5bn), a Q2 buyback tranche up to $1.125bn and an ordinary dividend of $0.39/share.Equinor ASA Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
70
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 113.62B | 106.16B | 102.50B | 106.85B | 149.00B | 88.74B |
| Gross Profit | 43.36B | 28.50B | 42.63B | 48.04B | 88.81B | 41.87B |
| EBITDA | 46.11B | 36.46B | 41.95B | 49.59B | 86.27B | 44.07B |
| Net Income | 9.06B | 5.06B | 8.81B | 11.88B | 28.75B | 8.56B |
Balance Sheet | ||||||
| Total Assets | 140.90B | 131.73B | 131.14B | 143.58B | 158.02B | 147.12B |
| Cash, Cash Equivalents and Short-Term Investments | 23.73B | 19.33B | 23.45B | 38.87B | 39.31B | 33.28B |
| Total Debt | 32.42B | 33.44B | 30.09B | 31.80B | 32.17B | 36.24B |
| Total Liabilities | 97.77B | 91.23B | 88.76B | 95.08B | 104.03B | 108.10B |
| Stockholders Equity | 43.06B | 40.42B | 42.34B | 48.49B | 53.99B | 39.01B |
Cash Flow | ||||||
| Free Cash Flow | 9.57B | 6.00B | 7.93B | 14.13B | 26.38B | 20.78B |
| Operating Cash Flow | 23.12B | 20.03B | 20.11B | 24.70B | 35.14B | 28.82B |
| Investing Cash Flow | -12.43B | -9.60B | -3.53B | -12.41B | -15.86B | -16.21B |
| Financing Cash Flow | -12.15B | -11.53B | -17.74B | -18.14B | -15.41B | -4.84B |
Equinor ASA Technical Analysis
Positive
40.35
Price Trends
36.04
Positive
37.38
Positive
31.12
Positive
Market Momentum
1.45
Negative
56.89
Neutral
58.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQNR, the sentiment is Positive. The current price of 40.35 is above the 20-day moving average (MA) of 37.91, above the 50-day MA of 36.04, and above the 200-day MA of 31.12, indicating a bullish trend. The MACD of 1.45 indicates Negative momentum. The RSI at 56.89 is Neutral, neither overbought nor oversold. The STOCH value of 58.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for EQNR.
Equinor ASA Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $252.56B | 10.03 | 14.63% | 3.35% | 7.39% | 103.04% | |
72 Outperform | $117.34B | 6.15 | 27.02% | 6.18% | 3.35% | 133.76% | |
71 Outperform | $80.89B | 13.55 | 10.93% | 4.66% | 4.18% | 139.76% | |
66 Neutral | $97.38B | 11.14 | 21.61% | 3.72% | 6.81% | 21.88% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
56 Neutral | $115.03B | 38.26 | 5.52% | 4.56% | 4.29% | ― |
* Energy Sector Average
EQNR
Equinor ASA
39.17
15.40
64.82%
BP
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42.44
10.28
31.96%
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53.48
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6.54
53.73%
SHEL
Shell
89.84
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29.14%
TTE
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85.19
28.70
50.79%
Equinor ASA Corporate Events
Equinor Launches Third 2026 Share Buy-Back Tranche, Repurchasing 220,000 Shares
Jul 28, 2026
Equinor ASA has launched the third tranche of its 2026 share buy-back programme, announced on 22 July 2026 and running from 23 July to no later than 26 October 2026. Between 23 and 24 July 2026, the company repurchased 220,000 shares on the Oslo S...
Equinor Delivers Strong Q2 2026 Results and Steps Up Capital Returns
Jul 22, 2026
In the second quarter of 2026, Equinor posted net operating income of USD 12.99 billion and net income of USD 4.84 billion, with adjusted operating income at USD 11.48 billion and adjusted net income at USD 3.22 billion. Cash flow from operations ...
Equinor launches third tranche of expanded 2026 share buy-back programme
Jul 22, 2026
Equinor ASA announced on 22 July 2026 that it will start the third tranche of its 2026 share buy-back programme on 23 July, covering up to USD 1.125 billion including shares to be redeemed from the Norwegian state. Of this, up to USD 371.3 million...
Equinor Sets Q2 2026 Cash Dividend and November Payout Schedule
Jul 22, 2026
Equinor ASA announced on July 22, 2026, key terms for its second-quarter 2026 cash dividend, underscoring its ongoing capital return policy to investors in Oslo and New York. The board approved the distribution on July 21, 2026, with the dividend ...
Equinor Completes Second 2026 Share Buy-Back Tranche
Jul 20, 2026
Between 13 July and 16 July 2026, Equinor ASA executed the final portion of its second share buy-back tranche for 2026, repurchasing 273,159 shares on the Oslo Stock Exchange at an average price of NOK 345.0364. This brought total repurchases unde...
Equinor expands employee share buy-back, lifts treasury stake to 0.60%
Jul 20, 2026
On July 20, 2026, Equinor reported recent activity under its ongoing share buy-back programme dedicated to employee and management share-based incentive schemes, which runs from February 13, 2026 to January 15, 2027 with a total planned purchase o...
Equinor Shares Trade Ex-Dividend on NYSE for Q4 2025 Payout
May 15, 2026
On 15 May 2026, Equinor ASA announced that its shares on the New York Stock Exchange would trade ex-dividend for the fourth-quarter 2025 cash dividend from that date. The ex-dividend move, covering a USD 0.39 per-share payout, marks the cut-off fo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.