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Investing.com - TD Cowen has raised its price target on Equinor ASA (NYSE:EQNR) to $21.00 from $19.00 while maintaining a Hold rating on the stock. According to InvestingPro data, the company maintains a "GREAT" financial health score and appears slightly undervalued at its current price of $26.55, trading at an attractive P/E ratio of 8.4.
The firm reduced its second-quarter 2025 earnings per share estimate for the Norwegian energy company from $0.65 to $0.61 due to a one-time abandonment charge and higher tax rate.
These negative factors were partially offset by better liquids realization in Norway, according to TD Cowen’s analysis.
The research firm noted it does not expect a material headwind from the pause on Empire Wind, though it mentioned the possibility of a partial impairment of offshore US wind assets.
TD Cowen maintained its Hold rating on Equinor stock while implementing the price target increase.
In other recent news, Equinor announced a significant investment of over $2 billion in the North Sea Fram Sor project alongside partners Var Energi and Inpex Idemitsu Norge. This development will increase oil and gas supplies to Europe, with production expected to begin by the end of 2029. Additionally, Equinor has agreed to sell its 60% stake in Brazil’s Peregrino oil field to Prio Tigris Ltda. for $3.35 billion, marking a notable transaction in the energy sector.
Barclays (LON:BARC) recently downgraded Equinor’s stock rating from Overweight to Equalweight, citing concerns about exposure to the European gas market and challenges in its low-carbon investment portfolio. Similarly, Morgan Stanley (NYSE:MS) downgraded Equinor from Overweight to Equalweight, adjusting the price target to NOK250.00, reflecting a shift in the oil market outlook. JPMorgan also downgraded Equinor, changing the rating to Neutral and lowering the price target to NOK270.00 due to concerns about financial gearing and valuation. These developments highlight the evolving landscape for Equinor amid changing market conditions and strategic shifts.
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