Should I Buy EQNR? EQNR 2026 Analysis

Should You Buy Equinor ASA (EQNR) Today? Analysis, Price Targets, and 2026 Outlook.

Conclusion

Hold

Latest Price

27.520

1 Day change

4.01%

52 Week Range

28.270

Analysis Updated At

2026/02/04

Should I buy Analysis is updated weekly. For real time "Should I Buy" analysis, please sign up to get free answers.

Not a good buy right now: risk/reward is skewed to the downside near resistance (R1 ~27.18) while options positioning is notably bearish.
Despite strong shareholder-return signals (higher dividend + new buyback), the market is pricing elevated near-term uncertainty (high IV percentile) and put-heavy flow.
For an impatient buyer who wants to enter immediately, EQNR does not offer a clean, high-probability entry at the current post-market price (~26.85).

Technical Analysis

Trend is still bullish on moving averages (SMA_5 > SMA_20 > SMA_200), indicating the broader uptrend remains intact.
MACD histogram is positive (0.093) but contracting, suggesting upside momentum is fading rather than accelerating.
RSI(6) ~65 is neutral-to-warm and close to overbought conditions, consistent with limited near-term upside.
Key levels: Pivot 26.03 (near-term magnet/support); Resistance R1 27.18 then R2 27.89; Supports S1 24.87 then S2 24.16.
Pattern-based forward stats imply mild negative drift: ~60% chance of -0.4% next day, -2.34% next week, -4.71% next month.

Options Data

Bearish

Open Interest Put-Call Ratio

Bearish

Option Volume Put-Call Ratio

Put open interest exceeds call open interest (put/call OI = 1.4), leaning bearish/hedged.
Put volume dominates strongly (put/call volume = 3.84), signaling defensive or bearish near-term sentiment.
Implied volatility is elevated (30D IV ~35.93) with IV percentile ~87.25: the options market is pricing high uncertainty; this often coincides with caution rather than aggressive dip-buying.
Today’s volume is below the 30-day average (~~77.78% of avg), but open interest is elevated vs average (~~120.31%), consistent with positioning/hedging staying in place.

Technical Summary

Sell

Buy

Positive Catalysts

- Cost discipline: plan to cut operating costs by ~10% and reduce capex guidance by ~$4B through 2027 (supports free cash flow resilience).

Neutral/Negative Catalysts

- Production headwind: Equinor expects at least a 10% oil production decline at Johan Sverdrup by 2026 (material field, sentiment negative).
- Revenue pressure: Q4 adjusted revenue $25.26B, down ~4% YoY.
- Options market is signaling caution (put-heavy flow + high IV), often preceding choppy-to-down price action.
- Sell-side tone remains mixed-to-cautious with multiple Underweight/Hold stances and lowered targets recently.

Financial Performance

Latest provided quarter (2025/Q3): Revenue $26.017B (+2.36% YoY), but profitability deteriorated sharply.
Net income fell to -$0.21B (-109.20% YoY) and EPS to -0.08 (-109.76% YoY), indicating a swing into a loss vs the prior year.
Gross margin 36.73%, down 5.58% YoY (margin compression).
QDEC 2025 (reported 2026-02-04): adjusted revenue down ~4% YoY, while total production rose ~6% YoY—mixed operating picture (volume up, pricing/mix likely pressured).

Growth

Profitability

Efficiency

Analyst Ratings and Price Target Trends

Recent direction: modest improvement at the margin (Danske upgraded to Hold from Sell on 2026-01-29), but the broader trend is cautious.
Targets have been reduced and/or remain conservative: JPMorgan cut to NOK 220 (Underweight), Morgan Stanley cut to NOK 214 (Underweight), Jefferies reinstated Hold with NOK 220.
Wall Street pros: dividend growth + buybacks, cost/capex cuts that can support cash returns.
Wall Street cons: perceived production/field decline risk and softer revenue backdrop; multiple Underweight calls imply limited conviction on upside from current levels.
Influence/flows check: Hedge funds neutral, insiders neutral; no recent Congress trading data available; no politician/influential-figure trades provided.

2 Analyst Rating

Wall Street analysts forecast EQNR stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for EQNR is 23.89 USD with a low forecast of 22 USD and a high forecast of 25.79 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.

1 Buy

1 Hold

0 Sell

Moderate Buy

Current: 26.460

Low

Averages

23.89

High

25.79

Current: 26.460

Low

Averages

23.89

High

25.79

Danske Bank

Sell

Buy

upgrade

NOK 285

AI Analysis

2026-02-06

New

Reason

Danske Bank

Price Target

NOK 285

AI Analysis

2026-02-06

New

upgrade

Sell

Buy

Reason

Danske Bank upgraded Equinor to Buy from Sell with a NOK 285 price target.

BofA

Buy -> Neutral

downgrade

NOK 260

2026-02-05

New

Reason

BofA

Price Target

NOK 260

2026-02-05

New

downgrade

Buy -> Neutral

Reason

BofA downgraded Equinor to Neutral from Buy with an unchanged price target of NOK 260. The firm cites valuation for the downgrade. The shares are close to pricing in $70 per barrel Brent in the long-term, the analyst tells investors in a research note.

Unlock Full Analyst Thesis， Get the complete breakdown of rating reason for EQNR

Unlock Now

EQNR Should I Buy

EQNR Should I Buy

Should You Buy Equinor ASA (EQNR) Today? Analysis, Price Targets, and 2026 Outlook.

Technical Analysis

Options Data

Technical Summary

Positive Catalysts

Neutral/Negative Catalysts

Financial Performance

Growth

Profitability

Efficiency

Analyst Ratings and Price Target Trends

People Also Watch