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Equinor ASA - Stock Quote EQNR

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Morningstar's Equinor ASA Stock Analysis

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Equinor's Q1 Earnings Show Benefit of High Oil and Gas Prices; Shares Undervalued

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

High oil and gas prices drove a stellar first quarter for Equinor as quarterly adjusted earnings soared to $18.0 billion before tax and $5.2 billion after tax, compared with $4.1 billion and $1.3 billion, respectively, the year before. Equinor posted free cash flow (operating cash flow including working capital less capital investment) of $13.6 billion during the quarter compared with $3.8 billion the year before. Given the strong financial performance, Equinor will move forward with the next tranche of its $5 billion repurchase plan for 2022 with $1.33 billion in repurchases and continuation of the extraordinary quarterly dividend of $0.20 per share. We expect Equinor to fully execute on its previously announced repurchase and dividend plans, implying $10 billion of total distribution for 2022 or about 9% of its current market capitalization. Our fair value estimate and moat rating are unchanged. We recently increased our fair value estimate to incorporate the strong commodity price environment, leaving the shares trading at a discount currently.

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Equinor ASA's Company Profile

Business Description

Equinor is a Norway-based integrated oil and gas company. It has been publicly listed since 2001, but the government retains a 67% stake. Operating primarily on the Norwegian Continental Shelf, the firm produced 2.1 million barrels of oil equivalent per day in 2021 (52% oil) and ended the year with 5.4 billion barrels of proven reserves (49% oil). Operations also include offshore wind, solar, oil refineries and natural gas processing, marketing, and trading.

Forusbeen 50
Stavanger, N-4035, Norway
T +47 51990000
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 21,126