Equinor ASA

Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.
  • TickerSTL
  • ISINNO0010096985
  • ExchangeOslo Bors
  • SectorOil & Gas Producers
  • CountryNorway

Analysts

With a more favourable environment, EQUINOR ASA improves to Slightly Positive

EQUINOR ASA (NO), a company active in the Integrated Oil & Gas industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 17, 2019, the closing price was NOK 178.30 and its potential was estimated at NOK 187.22.

Statoil ASA: Growth and cost cuts drive recovery in credit profile in 2017

CORPORATES CREDIT OPINION 12 April 2017 Update RATINGS Statoil ASA Domicile Norway Long Term Rating Aa3 Type Senior Unsecured - Fgn Curr Outlook Stable Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Elena Nadtotchi 44-20-7772-5380

Jon Masdal

E&P Sector (DNB Markets) - Solid week, but all about next one

This week started off well for E&P companies, with oil prices up until Wednesday, followed by a drop to end the week. However, with the attacks in Saudi Arabia this weekend fears from last week are likely soon forgotten. Still, the Norwegian E&P companies had another solid week, with Equinor, AkerBP and DNO all outperforming peers. Other news included BP’s plans to sell oil projects to cut its carbon footprint, successful gas testing in Turkey for Equinor’s partner, a dry well for Equinor, and DNO’s announcement of a share buyback.

Jon Masdal

A good week for Norwegian E&P

In this report we take a look at market news, valuation of E&P companies, and commodity market drivers. This was a good week for E&P companies, with Equinor among the best performers after announcing a buyback programme, and with spot Brent having its best week since February. Other news included confirmation of earlier Sverdrup start-up, a dry well for AkerBP/DNO, and further news on Exxon’s NCS sale.

Jon Masdal

Equinor (Buy, TP: NOK192.00) - Look to 2020 for next-generation

We have cut our 2019–2021e adj. EBIT by 5–17% on lower oil price estimates. We like the longer-term Equinor story, with high production growth from its next-generation portfolio to 2025e, and find a 2021e FCF yield of 11% and P/E of 8.8x compelling. However, a headwind from low gas prices is likely to persist near-term, triggering cuts in consensus. We keep our BUY, but have lowered our target price to NOK192 (206).

Equinor ASA

Allen Good

Lower Oil Prices Weigh on Equinor’s 2Q Earnings

Equinor reported second-quarter adjusted earnings of $1.1 billion compared with $1.7 billion last year. Lower oil prices were the primary culprit behind the decline but a lower  share of liquids production and higher operating costs from new fields also played a role. E&P Norway adjusted earnings fell to $2.4 billion from $3.1 billion last year while E&P international adjusted earnings fell to $649 million from $1.0 billion last year primarily on lower prices. Equity production of 2,012 ...

Christoffer Wang Bjørnsen ...
  • Helene Kvilhaug Brøndbo
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mats Bye
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Patrik Ling
  • Rune Majlund Dahl
  • Stefan Gauffin

Northern Lights

Christer Magnergård ...
  • Eivind Sars Veddeng
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Simen Mortensen
  • Stefan Gauffin
  • Tomi Railo

Northern Lights

Alexander Aukner ...
  • Christoffer Wang Bjørnsen
  • Håkon Astrup
  • Jon Masdal
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling
  • Paul Harper
  • Rune Majlund Dahl
  • Simen Mortensen
  • Tomi Railo

Northern Lights

Eivind Sars Veddeng ...
  • Joachim Gunell
  • Jon Masdal
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Mattias Holmberg
  • Nicolai Farstad Olsen
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Paul Harper

Northern Lights

Eivind Sars Veddeng ...
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Marius Knudssøn
  • Martin Arnell
  • Martin Hoang Nguyen
  • Mattias Montgomery
  • Nicolai Farstad Olsen
  • Ole-Andreas Krohn
  • Olof Larshammar

Northern Lights

With a more favourable environment, EQUINOR ASA improves to Slightly Positive

EQUINOR ASA (NO), a company active in the Integrated Oil & Gas industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date September 17, 2019, the closing price was NOK 178.30 and its potential was estimated at NOK 187.22.

Equinor ASA

Equinor ASA

Equinor ASA

Equinor ASA

MarketLine Department

Encana Corporation – Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report

Synopsis Marketline's Encana Corporation Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Encana Corporation since January2007. Summary - Provides intelligence on Encana Corporation's M&A, strategic partnerships and alliances, capital raising and private equity transactions. - Detailed reports of various financial transactions undertaken by Encana Corporation and its su...

Expert Corporate Governance Service (ECGS)

Equinor - AGM 15 May 2019

In general, Equinor is in compliance with the Norwegian regulations relating to the organisation and procedures of the AGM. ITEMS 8-10 and 19 are proposals made by shareholders. From an environmental perspective, ECGS recommends to vote FOR ITEMS 8, 9 and 10, and does not support ITEM 19. Under ITEM 12.1, the board of directors seeks approval of the Company's remuneration guidelines. The proposed remuneration structure is not in line with ECGS' guidelines. Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 12.2, the board of directors seeks approval of a share-related incentive arrange...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EAFE inflecting, aided by strength in Japan Developed international (MSCI EAFE, local currency) is displaying a change in trend, bullishly inflecting topside its downtrend and putting an end to the YTD pattern of lower highs. Despite this incrementally positive development, our outlook remains neutral for MSCI EAFE as there are still many additional resistance areas the index needs to overcome before we would turn outright bullish... see chart below. • Japan: Not too late to add exposure. Improvements in Japan are leading broad developed int'l indexes higher. Last week we highlighted bu...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Big Picture: Our outlook remains neutral for global ex-U.S. markets while horizontal consolidation continues on the MSCI ACWI ex-U.S. index... see chart below. In today's report we take a bottoms-up view on developed ex-U.S. equities, highlighting stocks that present attractive buy opportunities right here, right now. Note: This is part one of a two-part series, where we focus on actionable stocks within the Services, Consumer Discretionary, Consumer Staples, Energy, and Financials Sectors. We will focus on the remaining Sectors in next week's report. For your reference we include a table o...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

The U.S. has continued to separate itself from broad emerging market and developed international indexes. Thankfully, one positive is that MSCI EM and MSCI EAFE have been able to stabilize from a price perspective despite relative strength weakness vs. MSCI ACWI... see charts below. In today's report we scour the globe for attractive investments in an environment where selectivity is key. • Emerging markets. There is still not much to like about broad EM as the MSCI Emerging Markets index has remained weak following price and relative strength breakdowns. Remain underweight broad EM and be...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Emerging Markets breakdown, avoid; MSCI ACWI falls below 200-day moving average; Be selective in Japan Global markets have deteriorated considerably since we published our June International Macro Vision last week. The MSCI EM index has decisively broken down below the 60,000 major support level we identified, which coincided with a breakdown in relative strength. We're cutting EM to underweight and recommend reducing exposure. Additionally, the MSCI ACWI ETF has broken below its 200-day MA, leading us to believe additional consolidation is likely. ACWI long-term breadth as measured by the pe...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

As support levels continue to hold for the MSCI ACWI and S&P 500, our neutral but constructive outlook remains. Additionally, we reiterate our expectation for more consolidation and volatility. In today's report we highlight actionable stocks within countries that are displaying bullish price and relative strength trends. • Asia/Pacific. In Japan, the TOPIX continues to exhibit leadership characteristics. Stay overweight. Broadly speaking, global Consumer Staples stocks are lagging, but Japan is the exception. Hong Kong's Hang Seng Index also remains on bullish footing... see pages 2 and 5-11...

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