Equinor Discovers Gas And Condensate In Norwegian Sea: Details
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Sep 10 2024
0mins
Source: Benzinga
Equinor's Recent Discovery: Equinor ASA has discovered gas and condensate in a well located 260 kilometers southwest of Brønnøysund, with preliminary estimates suggesting 2-4 million standard cubic meters of recoverable oil equivalent.
Investment Plans and Stock Performance: The company plans to invest 60-70 billion Norwegian crowns annually in offshore projects until 2035 and expects to supply significant gas to Europe, while its shares are down 0.48% premarket.
Analyst Views on EQNR
Wall Street analysts forecast EQNR stock price to fall over the next 12 months. According to Wall Street analysts, the average 1-year price target for EQNR is 23.89 USD with a low forecast of 22.00 USD and a high forecast of 25.79 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
2 Analyst Rating
1 Buy
1 Hold
0 Sell
Moderate Buy
Current: 24.680
Low
22.00
Averages
23.89
High
25.79
Current: 24.680
Low
22.00
Averages
23.89
High
25.79
About EQNR
Equinor ASA, formerly Statoil ASA is a Norway-based international energy company. The Company’s purpose is to turn natural resources into energy. Equinor sells crude oil and delivers natural gas to the European market. It is also engaged in processing, refining, offshore wind and carbon capture and storage activities. Equinor ASA has five reporting segments: Exploration & Production Norway (E&P Norway), Exploration & Production International (E&P International), Exploration & Production USA (E&P USA), Marketing, Midstream & Processing (MMP) and Renewables (REN). The Company has several subsidiaries such as Equinor Nigeria Energy Company Ltd, Equinor Wind Power AS, Equinor International Netherlands BV and Equinor Brasil Energia Ltda.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
