Equinor stock hits 52-week high after record earnings and new oil discovery
Equinor's stock has surged to a 52-week high, climbing over 70% since January. The rise follows strong financial results, new oil discoveries, and rising energy prices. Analysts at UBS have now upgraded the company's rating from 'Sell' to 'Neutral' while lifting the price target significantly.
The company's latest quarterly earnings exceeded expectations. Revenue reached $25.3 billion, beating forecasts of $21.3 billion, while earnings per share came in at $0.81—well above the $0.60 consensus. Shareholders will also receive a quarterly dividend of $0.39 per share, with the ex-dividend date on May 15 and payment on May 27.
Oil prices have played a key role in Equinor's performance. Brent crude recently hit $119 per barrel, driven by supply concerns and shipping constraints in the Strait of Hormuz. Meanwhile, tensions in the Middle East and rising European gas prices have further boosted the company's market position. Equinor has also made progress in exploration. A new discovery in the Barents Sea, the Polynya Tubåen prospect, is estimated to hold 14 to 24 million barrels of oil equivalent. Plans are underway to connect it to the Johan Castberg field, potentially adding 200 to 500 million barrels to reserves. The company's market capitalisation now stands at around 90.43 billion EUR. Looking ahead, Equinor will provide its next strategic update at the Capital Markets Day on June 16, 2026. A recent analysis has urged shareholders to make timely decisions on their positions as the stock continues its upward trend.
Equinor's strong financial results, new discoveries, and favourable market conditions have pushed its stock to record levels. With a higher dividend and upcoming strategic updates, the company remains in focus for investors. The upgraded rating from UBS reflects growing confidence in its performance.
