Equinor (EQNR) Price Target Cut by $5 at TD Cowen. Here is Why

With an annual dividend yield of 4.84%, Equinor ASA (NYSE:EQNR) is included among the 10 Energy Stocks with Highest Dividends.

Equinor ASA (NYSE:EQNR) is an international energy company headquartered in Norway, with over 25,000 employees in around 20 countries worldwide.

On June 29, TD Cowen cut its price target on Equinor ASA (NYSE:EQNR) from $42 to $37, but maintained a ‘Hold’ rating on the shares. The lowered target still implies an upside of almost 18% from the current levels.

According to TD Cowen, Equinor’s outlook is supported by higher output, although this is expected to be offset by higher capital expenditures. The analyst firm also highlighted the increased visibility around the company’s share buyback program.

While EQNR appears cheap relative to its historic levels, the firm believes that it still trades at a premium compared to its peers based on the 2026-27 outlook. Although the higher energy prices could provide support in the near-term, TD Cowen expects more material outperformance to emerge only after the company reaches its free cash flow inflection point in 2029.

At its 2026 Capital Markets Day earlier this month, Equinor revealed that it now plans to spend $3 ​billion on buying back its own shares this year, up from the $1.5 billion projected earlier in February. The company is targeting to raise its quarterly cash dividend by 5% per year with annual share buybacks of $2 billion to $4 billion from 2027, based on ‌oil prices ⁠of $60-$80 per barrel and European gas prices of $7-$11/MMBtu.

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