Grupo Santander Upgrades Equinor (EQNR) to Outperform

Equinor ASA (NYSE:EQNR) is one of the 10 Best Affordable Stocks to Buy According to Wall Street Analysts.

On May 11, 2026, Grupo Santander analyst Alejandro Vigil upgraded Equinor ASA (NYSE:EQNR) to Outperform from Neutral with a NOK 415 price target. The firm said Equinor stands to benefit from tailwinds tied to a tighter European natural gas market.

On May 7, 2026, TD Cowen raised the firm’s price target on Equinor ASA (NYSE:EQNR) to $40 from $38 while maintaining a Hold rating. The firm said the company’s earnings beat was supported by stronger U.S. gas realizations and solid operational performance in Norway.

Meanwhile, DZ Bank analyst Werner Eisenmann upgraded Equinor ASA (NYSE:EQNR) to Buy from Hold with a NOK 400 price target.

Grupo Santander Upgrades Equinor (EQNR) to Outperform

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A day earlier, Equinor ASA (NYSE:EQNR) reported Q1 adjusted EPS of $1.48, versus the consensus estimate of $1.37. Adjusted revenue totaled $28.4B, versus the consensus estimate of $29.3B. The company said it delivered exceptional operational performance and record-high production during the quarter, supported by higher commodity prices and strong financial results. Equinor also cited heightened geopolitical tensions and continued disruptions in global energy flows, adding that high production from the Norwegian continental shelf reinforces its role as a key energy supplier to Europe. The company further highlighted successful exploration results in Norway, along with its U.S. onshore gas exposure and optimized international portfolio as factors supporting future competitiveness and cash flow generation.

Equinor ASA (NYSE:EQNR) operates as an international energy company with operations spanning oil, natural gas, renewables, and related energy businesses.

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