Equinor (EQNR)
NYSE:EQNR
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Equinor ASA
(NYSE:EQNR)
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Rating:60Neutral
Price Target:
$34.00
▼(-4.14% Downside)
Action:Reiterated
Date:06/06/26
The score is driven primarily by fundamentals that remain solid (manageable leverage and healthy operating profitability) but are offset by sharply weaker free cash flow and normalized earnings versus prior peak-cycle levels. Technical signals are neutral-to-soft, while valuation is moderately supportive due to the ~4% dividend yield alongside a mid-range P/E.
Positive Factors
Manageable leverage and substantial equity
A debt-to-equity near 0.73 and a large equity base versus an extensive asset base provide structural balance-sheet resilience. This supports multi-year investment capacity, access to capital for projects, and the ability to withstand commodity cycles without forcing distressed asset sales.
Negative Factors
Sharply reduced free cash flow
A ~65% fall in free cash flow to about $2.1B materially reduces financial flexibility. Over multiple quarters this constrains reinvestment, project funding and shareholder returns, making the company more sensitive to further price or operational setbacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Manageable leverage and substantial equity
A debt-to-equity near 0.73 and a large equity base versus an extensive asset base provide structural balance-sheet resilience. This supports multi-year investment capacity, access to capital for projects, and the ability to withstand commodity cycles without forcing distressed asset sales.
Read all positive factors
Equinor ASA (EQNR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$82.75B
Dividend Yield7.43%
Average Volume (3M)3.99M
Price to Earnings (P/E)14.4
Beta (1Y)-0.27
Revenue Growth-1.94%
EPS Growth-30.62%
CountryUS
Employees24,126
SectorEnergy
Sector Strength52
IndustryOil & Gas Integrated
Share Statistics
EPS (TTM)2.18
Shares Outstanding2,556,807,600
10 Day Avg. Volume4,390,323
30 Day Avg. Volume3,989,342
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 Cap1.33
Enterprise Value/Revenue1.05
Enterprise Value/Gross Profit3.01
Enterprise Value/Ebitda2.78
Forecast
1Y Price Target
$39.15Price Target Upside10.37% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)5.12
Revenue Forecast (FY)$122.20B
Equinor ASA Business Overview & Revenue Model
Company Description
Based in Stavanger, Norway, Equinor ASA is a global energy enterprise founded in 1972, formerly known as Statoil ASA until its rebranding in May 2018. The company is deeply involved in all stages of the petroleum industry, encompassing the discove...
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:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 22, 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
63
Positive
Balance Sheet
68
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 104.23B | 106.16B | 102.50B | 106.85B | 149.00B | 88.74B |
| Gross Profit | 36.46B | 28.50B | 42.63B | 48.04B | 88.81B | 41.87B |
| EBITDA | 39.47B | 36.46B | 41.95B | 49.59B | 86.27B | 44.07B |
| Net Income | 5.52B | 5.06B | 8.81B | 11.88B | 28.75B | 8.56B |
Balance Sheet | ||||||
| Total Assets | 141.15B | 131.73B | 131.14B | 143.58B | 158.02B | 147.12B |
| Cash, Cash Equivalents and Short-Term Investments | 20.10B | 19.33B | 23.45B | 38.87B | 39.31B | 33.28B |
| Total Debt | 31.86B | 33.44B | 30.09B | 31.80B | 32.17B | 36.24B |
| Total Liabilities | 97.51B | 91.23B | 88.76B | 95.08B | 104.03B | 108.10B |
| Stockholders Equity | 43.57B | 40.42B | 42.34B | 48.49B | 53.99B | 39.01B |
Cash Flow | ||||||
| Free Cash Flow | 2.08B | 6.00B | 7.93B | 14.13B | 26.38B | 20.78B |
| Operating Cash Flow | 16.20B | 20.03B | 20.11B | 24.70B | 35.14B | 28.82B |
| Investing Cash Flow | -8.14B | -9.60B | -3.53B | -12.41B | -15.86B | -16.21B |
| Financing Cash Flow | -9.76B | -11.53B | -17.74B | -18.14B | -15.41B | -4.84B |
Equinor ASA Technical Analysis
Negative
35.47
Price Trends
37.59
Negative
35.15
Negative
29.25
Positive
Market Momentum
-1.14
Positive
29.93
Positive
5.08
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EQNR, the sentiment is Negative. The current price of 35.47 is below the 20-day moving average (MA) of 36.54, below the 50-day MA of 37.59, and above the 200-day MA of 29.25, indicating a neutral trend. The MACD of -1.14 indicates Positive momentum. The RSI at 29.93 is Positive, neither overbought nor oversold. The STOCH value of 5.08 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $102.60B | 6.15 | 27.02% | 14.10% | 3.35% | 133.76% | |
66 Neutral | $219.73B | 11.86 | 10.58% | 3.92% | -5.34% | 47.93% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $72.61B | 24.84 | 5.25% | 5.41% | -3.06% | 9.20% | |
63 Neutral | $102.93B | 32.01 | 5.52% | 5.62% | 4.29% | ― | |
60 Neutral | $82.75B | 14.42 | 13.33% | 7.43% | -1.94% | -30.62% |
* Energy Sector Average
EQNR
Equinor ASA
32.38
6.94
27.30%
BP
BP
39.10
10.32
35.84%
E
Eni SPA
48.95
17.66
56.43%
PBR
Petroleo Brasileiro SA- Petrobras
16.75
4.86
40.91%
SHEL
Shell
78.81
10.59
15.53%
TTE
TotalEnergies SE
80.43
20.91
35.14%
Equinor ASA Corporate Events
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.