Equinor stock falls 1.37 percent as gas outlook shifts

Published on 09/30/2026 at 12:00 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Equinor stock has a new BofA target of NOK 465.00, up from NOK 400.00 on September 18, 2026. Q2 adjusted EPS was USD 1.33 versus USD 1.38 forecast.

Fotorealistische Offshore-Ölplattform in rauer Nordsee mit Versorgungsschiff — Equinor ASA (NO0010096985) fördert Öl und Gas auf einer typischen Offshore-Plattform in der stürmischen Nordsee, Illustration mit AI erstellt.

Equinor stock (ISIN NO0010096985) was trading at EUR 36.03 at Lang & Schwarz on September 30, 2026 at 11:53 a.m. CEST, down 1.37 percent versus the prior close of EUR 36.53. The move follows a split analyst picture, with gas prices and the next quarterly report shaping the debate.

Bank of America lifts its target

According to Investing.com on September 18, 2026, Bank of America upgraded Equinor from Neutral to Buy and raised its price target from NOK 400.00 to NOK 465.00. The target increase was tied to a higher European gas price outlook and a 23.00 percent increase in the bank's free cash flow estimate for 2026 and 2027.

The same report said BofA expects Equinor to exit 2027 with more than USD 10.0 billion in net cash. That view contrasts with TD Cowen, which kept a Hold rating while lifting its target from USD 38.00 to USD 41.00, according to MarketBeat on September 28, 2026.

Q2 production strengthens the case

Equinor's second-quarter 2026 call showed adjusted EPS of USD 1.33 versus USD 1.38 consensus, while revenue reached USD 35.18 billion against a USD 35.21 billion forecast. The figures came with production of 2.165 million barrels per day, up 3.00 percent from the same quarter in 2025, according to Yahoo Finance.

Management maintained its 3.00 percent full-year production growth guidance. The call also reported USD 4.8 billion in IFRS net income for the quarter and USD 13.7 billion in first-half cash flow from operations after tax, giving investors a stronger operating benchmark than the modest EPS miss alone.

October brings the next checkpoint

Equinor's investor calendar lists the Q3 2026 analyst conference for October 28, 2026, when production delivery and gas-market exposure will provide the next measurable test of the bullish cash-flow thesis, per the Equinor investor page.

Equinor stock trades below its yearly high

At Lang & Schwarz, Equinor stock was trading at EUR 36.03 on September 30, 2026 at 11:53 a.m. CEST, down 1.37 percent from the prior close of EUR 36.53. The ADR's quoted 52-week range was USD 22.26 to USD 45.84 as of September 30, 2026.