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Equinor ASA EQNR

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Stock XOSL Rating as of
NOK 402.80 +1.00 (0.25%)
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Equinor Exerts Capital Discipline With Less Spending; Increasing Valuation on Higher Oil Prices

Allen Good

Equinor has slowed its push into renewable energy in the short term, pivoting toward increasing oil and gas production to support capital distribution, while reaffirming its commitment to net zero emissions by 2050. After acquiring a 10% stake in Ørsted at the end of 2024, Equinor’s renewable net installed capacity reached 2.4 gigawatts. The firm plans to increase it to 10-12 GW by 2030, down from its previous 12-16 GW target. Central to its strategy is offshore wind, which accounts for most of the 4.5 GW currently under development.

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Price vs Fair Value

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EQNR is trading at a LOCK|<z!GC% premium.
Price
NOK 402.80
Fair Value
#G?
Uncertainty
LOCK|DY
1-Star Price
LOCK|^.bvB
5-Star Price
LOCK|B.q>
Economic Moat
LOCK|Mp
Capital Allocation
LOCK|dpVsY!

Bulls Say, Bears Say

Bulls

Equinor is exerting capital discipline by reducing investment in lower-return renewable and low-carbon projects and instead focusing on oil and gas, which should boost returns.

Bears

Equinor's investments in renewables might not generate the returns its oil and gas investments historically have, resulting in a dilution of returns, if not impairments.

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Trading Information

Previous Close Price
NOK 401.80
Day Range
NOK 397.90–406.70
52-Week Range
NOK 226.40–426.00
Bid/Ask
NOK 395.50 / NOK 407.00
Shares Outstanding
2.37B
Market Cap
NOK 954.57B
Volume/Avg
3M / 3M

Key Statistics

Price/Earnings (Normalized)
9.26
Price/Sales
0.90
Dividend Yield (Trailing)
3.61%
Dividend Yield (Forward)
3.61%
Dividend Payment Schedule
Feb, May, Aug, Nov
Total Yield
9.24%

Company Profile

Equinor is a Norway-based integrated oil and gas company. It has been publicly listed since 2001, but the government retains a 67% stake. Operating primarily on the Norwegian Continental Shelf, the firm produced 2.1 million barrels of oil equivalent per day in 2025 (50% liquids) and ended 2025 with 5.2 billion barrels of proven reserves (45% liquids). Operations also include oil refineries and natural gas processing, marketing, and trading. The renewables portfolio includes offshore and onshore wind and solar, with total power generation of 5.65 TWh in 2025.
Sector
Energy
Industry
Oil & Gas Integrated
Stock Style Box
Large Value
Total Number of Employees
24,140
Website
https://www.equinor.com

Competitors

Valuation

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Metric
EQNR
CVX
BP
Price/Earnings (Normalized)
 9.2619.1110.04
Price/Book Value
 2.342.143.91
Price/Sales
 0.901.960.54
Price/Cash Flow
 4.568.902.92
Price/Earnings
EQNR
CVX
BP

Financial Strength

Metric
EQNR
CVX
BP
Quick Ratio
 1.050.840.77
Current Ratio
 1.181.251.27
Interest Coverage
 32.4622.464.12
Quick Ratio
EQNR
CVX
BP

Profitability

Metric
EQNR
CVX
BP
Return on Assets (Normalized)
 7.18%6.86%4.40%
Return on Equity (Normalized)
 23.60%11.95%22.25%
Return on Invested Capital (Normalized)
 13.37%10.05%10.42%
Return on Assets
EQNR
CVX
BP

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Market Cap
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LOCK|C&FMJpXLOCK|<np%q$674B
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LOCK|&Y@NyjP@LOCK|MfJ@$406B
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—LOCK|<V$297B
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—LOCK|?v$262B
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LOCK|?^^v##LOCK|$P$262B
 TotalEnergies SE
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LOCK|n^!<#WLOCK|Tm$186B
 Petroleo Brasileiro SA Petrobras ADR
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LOCK|WDnD^m$LOCK|Ry$132B
 BP PLC ADR
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LOCK|Ht&h$vPLOCK|jr$114B
 Equinor ASA ADR
EQNR
LOCK|q!tD^$LOCK|Dsn$99B
 Eni SpA ADR
E
LOCK|ms!$G?LOCK|<Yq$78B

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