RBC Capital Markets views Equinor (EQNR.OL) as well placed to benefit from higher commodity prices amid expectations that disruptions in the oil and gas markets provide a significant tailwind for the energy sector.
"Ongoing disruptions in the Middle East continue to drive volatility in gas markets, and Qatar LNG outages have been more prolonged than anticipated. With winter pricing providing limited incentive to fill storage, we see room for European gas prices to remain elevated in 2026 and into 2027. This shifts the bear thesis on gas prices to the right, leaving Equinor's investment case more balanced than we previously assessed," analysts said in a Thursday note. "As one of the most gas-sensitive names in the European peer group and with no Middle East exposure, Equinor is a direct beneficiary of any sustained upside in commodity prices."
As such, the stock's underperform rating was upgraded to sector perform, while the price target was increased to 420 Norwegian kroner from 360 kroner.
The research firm also updated its forecasts, taking into account its latest commodity price deck and the energy group's second-quarter results. EPS projections for 2026 through 2028 were cut, mainly due to a lower price deck.