TD Cowen Reiterates a Hold Rating on Equinor ASA (EQNR), Sets a $22 PT

Equinor ASA (NYSE:EQNR) is one of the best undervalued stocks to buy under $50. On October 31, TD Cowen analyst Jason Gabelman reiterated a Hold rating on Equinor ASA (NYSE:EQNR) and set a $22 price target.

Separately, Equinor ASA (NYSE:EQNR) reported on November 9 the awarding of new framework agreements for insulation, scaffolding, and surface treatment (ISS) at its onshore plants in Norway, signed with the the joint venture Beerenberg Services AS / Linjebygg AS, KAEFER Energy AS, Bilfinger ISP Offshore Norway AS, and StS-ISONOR AS.

Management reported that this collectively represents over a thousand full-time equivalents, with a duration of up to eight years; four years firm with options for extra two-year extensions. The agreements have an estimated value of around NOK 17 billion.

Equinor ASA (NYSE:EQNR) further reported that with the current agreements expiring at year end, the new ones would be formally put into effect on January 1, 2026. The company expects a “gradual transition” between the new and existing suppliers to ensure operational continuity.

​Equinor ASA (NYSE:EQNR) explores, transports, produces, refines, and markets petroleum and petroleum-derived products. The company’s operations are divided into the following segments: Exploration and Production Norway, Exploration and Production International, Exploration and Production USA, Marketing, Midstream, and Processing, Renewables, and Other.

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Disclosure: None. This article is originally published at Insider Monkey.