Equinor Is Most Exposed to Weaker Commodity Prices -- Market Talk

Dow Jones11-10

1029 GMT - Equinor is the most exposed to European gas prices according to Berenberg's integrated energy coverage, and the bank expects prices to be weak heading into 2026. In addition, the company has downgraded guidance in its midstream, marketing and processing business by roughly one-third, mainly due to difficult trading conditions. "We expect Equinor to lean on the balance sheet to cover the underlying dividend in 2026 and 2027, and therefore reduce our buyback assumptions." However, there remains some scope for upside surprise to gas price strength over the winter and the bank retains its hold rating on the stock for now, but lowers its price target to 225 Norwegian kroner from 245 kroner. Shares rise 0.4% to 246.80 kroner. (dominic.chopping@wsj.com)

(END) Dow Jones Newswires

November 10, 2025 05:30 ET (10:30 GMT)

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In addition, the company has downgraded guidance in its midstream, marketing and processing business by roughly one-third, mainly due to difficult trading conditions. \"We expect Equinor to lean on the balance sheet to cover the underlying dividend in 2026 and 2027, and therefore reduce our buyback assumptions.\" However, there remains some scope for upside surprise to gas price strength over the winter and the bank retains its hold rating on the stock for now, but lowers its price target to 225 Norwegian kroner from 245 kroner. Shares rise 0.4% to 246.80 kroner. 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In addition, the company has downgraded guidance in its midstream, marketing and processing business by roughly one-third, mainly due to difficult trading conditions. \"We expect Equinor to lean on the balance sheet to cover the underlying dividend in 2026 and 2027, and therefore reduce our buyback assumptions.\" However, there remains some scope for upside surprise to gas price strength over the winter and the bank retains its hold rating on the stock for now, but lowers its price target to 225 Norwegian kroner from 245 kroner. Shares rise 0.4% to 246.80 kroner. 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