Equinor (Buy, TP: NOK340.00) - Minor model adjustment
We have fine-tuned our estimates ahead of the Q2 results (due at 06:45 CET on 26 July), where we are c1% below company-compiled consensus on adj. EBIT but c1% above on adj. EPS. Note that we are c7% below consensus on EPN gas production in the quarter, as we believe the negative impact from outages at Hammerfest LNG and Nyhamna might be underestimated by consensus. We do not consider our estimate changes to be material, and we have not changed our BUY recommendation or NOK340 target price.Equinor is engaged in oil and gas exploration and production activities. Co. is primarily focused on exploration, development and production of oil and gas on the Norwegian continental shelf (NCS). Co.'s operations are organized into four segments. The Development and Production Norway and Development and Production International segments explore, develop, produce and extract crude oil, natural gas and natural gas liquids. The Marketing, Processing and Renewable Energy segment markets, trades, transports and processes oil and natural gas and renewable energy. The Other segment consists of global well and project delivery, research and develpoment, and business development.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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