BofA Keeps Equinor at Buy Amid Upside Risks to European Gas Prices

MT Newswires · 1d ago
08:15 AM EDT, 10/08/2026 (MT Newswires) -- BofA Global Research reiterated its buy rating on Equinor (EQNR.OL), with a price objective of 480 Norwegian kroner, expecting more upside than downside risks to gas prices in Europe as the winter heating season begins. "While Equinor's 3Q26 trading update revealed lower Upstream production than we had anticipated, we see higher turnarounds as transitory while higher 3Q26 underlifts will turn into 4Q26 overlifts. At the same time, achieved liquids pricing in Norway in 3Q26 significantly exceeded our expectation and means we also increase achieved premia vs. Brent into 4Q26 and 1H27," analysts wrote Thursday. "Indications for stronger commodity trading results further help cushion our 3Q26 estimates - down [less than] 5% to inline with VA consensus for overall earnings in 3Q26." Against this backdrop, the research firm reduced its third-quarter after-tax adjusted earnings forecast for the group by 4%. For 2026 and 2027, BofA "finetuned" its earnings projections, including higher adjusted net income assumptions for both years. The Norwegian energy company is set to publish its latest quarterly earnings report on Oct. 28.