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Equinor Maintained at Underperform as RBC Notes International Growth Efforts

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RBC Capital Markets maintained its underperform rating on Equinor (EQNR.OL), citing a "more cautious" view on the international gas market in the coming years and the company's relative valuation.

"As in recent years, European gas prices are set to dominate the investment case for Equinor. If repairs to damaged facilities in Qatar from the US-Iran war take much longer than expected or LNG flows through the Strait take a long time to normalise, this could drive material upside for prices. Our base case assumes a revert to norm over the course of the coming months, which still leaves us in a relatively sloppy international gas macro for 2027+," analysts said Thursday, following the Norwegian energy company's recent capital markets day and roadshow events with its executives.

The research firm also noted Equinor's efforts in further expanding its growth projects globally, with increasing focus in the international exploration and production segment as it aims to achieve a 30% growth in international oil and gas production by 2030.

The price target for the stock stands at 360 Norwegian kroner.

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