Equinor ASA (EQNR)
NYSE:EQNR
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Equinor ASA
(NYSE:EQNR)
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Rating:66Neutral
Price Target:
$45.00
â–²(15.50% Upside)
Action:ReiteratedDate:03/22/26
The score is primarily held back by a downshift in financial performance (sharp 2025 revenue decline, compressed margins, and weaker free-cash-flow generation). Earnings-call guidance and actions are constructive—focused CapEx, cost targets, and shareholder distributions—but are balanced by execution/legal risk (notably Empire Wind) and near-term cash flow pressure. Technically the trend is strong, yet extremely overbought readings raise near-term risk; valuation is supportive with a moderate P/E and a solid dividend yield.
Positive Factors
Strong cash generation and record production
Sustained operational cash flow ($18bn CFFO) and record production create a durable cash base to fund maintenance, high‑grading, dividends, and buybacks. Over a multi‑year horizon this reduces refinancing risk and supports discretionary capital allocation despite commodity cyclicality.
Negative Factors
Sharp 2025 revenue decline and margin compression
An ~85% revenue drop and materially compressed net margins highlight the company's exposure to commodity cycles and volatile realization. Such swings reduce predictability of free cash flow, complicate multi‑year investment planning and can force tougher capital allocation choices.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation and record production
Sustained operational cash flow ($18bn CFFO) and record production create a durable cash base to fund maintenance, high‑grading, dividends, and buybacks. Over a multi‑year horizon this reduces refinancing risk and supports discretionary capital allocation despite commodity cyclicality.
Read all positive factors
Equinor ASA (EQNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$100.89B
Dividend Yield7.43%
Average Volume (3M)9.71M
Price to Earnings (P/E)12.1
Beta (1Y)-0.09
Revenue Growth1.53%
EPS Growth-35.81%
CountryUS
Employees24,126
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)0.81
Shares Outstanding2,556,807,600
10 Day Avg. Volume7,416,499
30 Day Avg. Volume9,710,254
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 Cap1.24
Enterprise Value/Revenue1.18
Enterprise Value/Gross Profit3.49
Enterprise Value/Ebitda3.26
Forecast
1Y Price Target
$38.65Price Target Upside-0.80% Downside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)4.11
Revenue Forecast (FY)$112.31B
Equinor ASA Business Overview & Revenue Model
Company Description
Equinor ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and petroleum-derived products, and other forms of energy in Norway and internationally. It operates through Exploration &...
How the Company Makes Money
Equinor makes money primarily by selling energy and energy-related products and services. The company’s largest revenue stream historically comes from upstream oil and natural gas production: it generates revenue by producing hydrocarbons from ope...
Equinor ASA Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational execution, record production, robust cash generation ($18bn CFFO) and attractive returns (ROACE 14.5%), together with decisive cost and capital allocation actions (CapEx reduced ~$4bn, target unit cost $6/boe) and continued shareholder distributions (dividend +>5%, $1.5bn buyback). Key challenges include a fatal safety incident, legal/tariff uncertainty and political risk on Empire Wind, short‑term cash flow pressure from the Norwegian tax lag, impairments/losses, and a deliberate scaling back of near‑term renewables/low‑carbon investments. Overall, the positives around cash generation, production growth, portfolio high‑grading and clear capital discipline outweigh the listed challenges, though execution and legal risks (notably Empire Wind) and safety remain important near‑term focuses.Positive Updates
Record Production
Equinor delivered record full-year oil and gas production of 2,137,000 barrels per day, up 3.4% year-over-year; fourth-quarter production rose ~6% quarter-over-quarter.
Negative Updates
Fatal Safety Incident
A colleague was fatally injured in September during a lifting operation at Mongstad; management reiterated safety remains the top priority despite improving safety metrics.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Production
Equinor delivered record full-year oil and gas production of 2,137,000 barrels per day, up 3.4% year-over-year; fourth-quarter production rose ~6% quarter-over-quarter.
Read all positive updates
Company Guidance
Equinor guided to a focused, more resilient program for 2026–27: production is expected to grow ~3% in 2026 (after record 2025 production of 2,137,000 bbl/d), unit production cost targeted down ~10% to $6/boe in 2026, CO2 upstream intensity ~6.3 kg/boe, and a 3‑year average reserve replacement ratio of 100%; organic CapEx is guided at ~$13 billion for 2026 and ~$9 billion for 2027 (a ~$4 billion reduction versus prior outlook), with ~60% of investment prioritized to the Norwegian continental shelf, ~30% to international oil & gas and ~10% to power, while maintaining ~ $10 billion p.a. oil & gas investment run‑rate; cash flow from operations after tax is expected at ~ $16 billion in 2026 and ~ $18 billion in 2027 (reflecting tax‑lag effects and flat price assumptions), net debt/ capital employed ~17.8%, ROACE was 14.5% in 2025 and is targeted ~13% over the next two years, a $1.5 billion share buyback program for 2026 (first tranche $375 million) complements a quarterly cash dividend raised to $0.39/share (ambition to grow the quarterly dividend by $0.02 p.a.), and project‑level detail includes Empire Wind total CapEx now ~ $7.5 billion with ~$3 billion remaining, ~$2.7 billion drawn from project financing, expected ITC cash effect ~$2.5 billion (c. $2.0 billion recognized in 2027) and combined Empire Wind CFFO of ~ $600 million in 2027–28.Equinor ASA Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
67
Positive
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 106.16B | 102.50B | 106.85B | 149.00B | 88.74B |
| Gross Profit | 28.50B | 42.63B | 48.04B | 88.81B | 41.87B |
| EBITDA | 36.46B | 41.95B | 49.59B | 86.27B | 44.07B |
| Net Income | 5.06B | 8.81B | 11.88B | 28.75B | 8.56B |
Balance Sheet | |||||
| Total Assets | 131.73B | 131.14B | 143.58B | 158.02B | 147.12B |
| Cash, Cash Equivalents and Short-Term Investments | 19.33B | 23.45B | 38.87B | 39.31B | 33.28B |
| Total Debt | 33.44B | 30.09B | 31.80B | 32.17B | 36.24B |
| Total Liabilities | 91.23B | 88.76B | 95.08B | 104.03B | 108.10B |
| Stockholders Equity | 40.42B | 42.34B | 48.49B | 53.99B | 39.01B |
Cash Flow | |||||
| Free Cash Flow | 6.00B | 7.93B | 14.13B | 26.38B | 20.78B |
| Operating Cash Flow | 20.03B | 20.11B | 24.70B | 35.14B | 28.82B |
| Investing Cash Flow | -9.63B | -3.53B | -12.41B | -15.86B | -16.21B |
| Financing Cash Flow | -11.56B | -17.74B | -18.14B | -15.41B | -4.84B |
Equinor ASA Technical Analysis
Neutral
38.96
Price Trends
33.49
Positive
28.47
Positive
26.30
Positive
Market Momentum
1.92
Positive
54.48
Neutral
30.14
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQNR, the sentiment is Neutral. The current price of 38.96 is below the 20-day moving average (MA) of 39.92, above the 50-day MA of 33.49, and above the 200-day MA of 26.30, indicating a neutral trend. The MACD of 1.92 indicates Positive momentum. The RSI at 54.48 is Neutral, neither overbought nor oversold. The STOCH value of 30.14 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $132.22B | 3.80 | 27.02% | 14.10% | -11.63% | -15.67% | |
71 Outperform | $260.18B | 12.10 | 10.06% | 3.92% | -6.96% | 0.03% | |
66 Neutral | $100.89B | 12.11 | 3.44% | 7.43% | 1.53% | -35.81% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $82.15B | 19.50 | 5.20% | 5.41% | -3.84% | 15.75% | |
60 Neutral | $120.66B | 1,640.39 | 0.10% | 5.62% | -4.11% | -37.59% |
* Energy Sector Average
EQNR
Equinor ASA
38.96
16.54
73.73%
BP
BP
46.44
21.01
82.64%
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56.43
30.92
121.22%
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10.93
103.35%
SHEL
Shell
92.21
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53.36%
TTE
TotalEnergies SE
92.65
39.32
73.74%
Equinor ASA Corporate Events
Equinor ramps up 2026 buy-back, now holds 2.42% of own shares
Feb 24, 2026
Between 16 and 20 February 2026, Equinor ASA repurchased 645,764 of its own shares on the Oslo Stock Exchange at an average price of NOK 268.88, as part of the first tranche of its 2026 share buy-back programme that began on 5 February. Including ...
Equinor Expands Fourth Tranche of 2025 Share Buy-Back with January Purchases
Jan 13, 2026
Between 5 and 9 January 2026, Equinor ASA repurchased 1,489,502 of its own shares on the Oslo Stock Exchange at an average price of NOK 236.92 per share, as part of the fourth tranche of its 2025 share buy-back programme, which was announced on 29...
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.