Equinor ASA

EQNR · OSLO

$48.82+$2.40 (+5.17%)TodayMarket closed · Oct 23, 7:59 PM ET

Prev close $46.42

EQNR analyst rating

HoldConsensus of 2 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold2
Underperform0
Sell0

12-month price target · 30 analysts

Average $42.39 (−13.2% downside)

Low: $27.89
Now: $48.82
High: $53.52

Upgrades and downgrades

The latest rating actions, newest first

EQNR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
TD Cowen	Sep 28, 2026	Maintains	Hold	$38.00 → $41.00	66%
TD Cowen	Jun 29, 2026	Maintains	Hold	$42.00 → $37.00	66%
TD Cowen	Jun 5, 2026	Maintains	Hold	$40.00 → $42.00	66%
TD Cowen	May 7, 2026	Maintains	Hold	$38.00 → $40.00	66%
TD Cowen	Mar 20, 2026	Maintains	Hold	$25.00 → $37.00	66%
Jefferies	Jan 8, 2026	Initiates	Hold	—	67%

The case for and against

Updated Oct 7, 2025

Bull case

Equinor's operations on the Norwegian Continental Shelf yielded a production of 2.1 million barrels of oil equivalent per day in 2024, showcasing its significant output capacity. The company also ended the year with 6.1 billion barrels of proven reserves, highlighting robust asset strength and potential future production. Additionally, Equinor's commitment to a structured buyback program is anticipated to enhance shareholder value, while its ramp-up in global LNG exports to 109.7 million tons in the first quarter underscores its competitive position in the energy market.

Bear case

Equinor's negative outlook is influenced by expected weak LNG demand due to near-record thermal coal inventories, which may hinder revenue growth. Additionally, the company's reliance on oil leverage alongside Norway's tax structure is anticipated to lead to compressed free cash flow (FCF) and increasing gearing, making its FCF and distributions less attractive compared to peers. Furthermore, a downside scenario positing $50/barrel Brent prices by 2026 points to potential weakening in refining, chemicals, and marketing earnings, with projections referencing earnings from previous recessionary periods.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.