JPMorgan Lifts PT on Equinor ASA (EQNR) to NOK 240 From NOK 220

Equinor ASA (NYSE:EQNR) is one of the best cheap stocks under $50 to buy right now. On February 25, JPMorgan lifted the price target on Equinor ASA (NYSE:EQNR) to NOK 240 from NOK 220 and reaffirmed an Underweight rating on the shares. In a separate development, Equinor ASA (NYSE:EQNR) and Eneco announced on February 5 the signing of a 5-year agreement for deliveries of gas to Eneco, with the volumes up to 0.5 billion cubic meters (bcm) per year, and deliveries to the Dutch gas grid from 1 February this year. Eneco is a main supplier of natural gas, electricity, and heat in the Netherlands.

Management reported that the agreement concerns gas with a lower-than-average greenhouse gas footprint due to the production and transport of gas on the Norwegian continental shelf having a smaller greenhouse gas footprint than other sources of gas supplied to Europe. Equinor ASA (NYSE:EQNR) further reported that, in addition to the supply of gas, it will transfer guarantees of origin, named ‘sustainability qualities’, to Eneco through a platform operated by provider Attributes SAS. Eneco stated the agreement would lower its CO2 emissions by more than 10%.

​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.

While we acknowledge the potential of EQNR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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