RBC Adjusts Model, Estimates for Equinor Post-Q3 Trading Update

03:35 AM EDT, 10/08/2026 (MT Newswires) -- RBC Capital Markets revised its model for Equinor (EQNR.OL), lowering earnings forecasts to reflect the Norwegian energy company's third-quarter trading update released ahead of the earnings report on Oct. 28. "Weaker upstream results weigh on numbers. While Norwegian realizations were better than we had modeled, Equinor's trading update this morning outlined a number of items which were weaker than our forecasts, including underlift across multiple divisions and weaker underlying upstream volumes," the research firm said Wednesday. Equinor attributed lower performance to operational disruptions across its upstream divisions, including shutdown days at Johan Castberg and natural decline. Consequently, the company reported underlift impacts of 20,000 barrels of oil equivalent per day in E&P Norway and 45,000 barrels of oil equivalent per day in E&P International, dragging down revenue and cost lines in both segments. Against this backdrop, analysts cut their net income forecast for the quarter to $3.2 billion from $3.7 billion, compared with the consensus expectations of $3.4 billion. Meanwhile, projected cash flow from operating activities was reduced to $7.5 billion from $10 billion, primarily reflecting Equinor's decision to accelerate Norwegian tax payments, a move the research firm believes offers an offset for its full-year 2027 estimates. RBC rates the stock at sector perform, with a price target of 420 Norwegian kroner.