Equinor earnings beat fails to lift shares after strong run

Bluenord ASA

06/05/2026 08:41

** Shares in Equinor EQNR.OL fall 4% despite the Norwegian energy company delivering better-than-expected Q1 earnings

** J.P. Morgan flags that the group's cash conversion missed estimates by 20%

** The brokerage notes the earnings beat but keeps a neutral stance on the stock, saying that oil&gas gearing to upcoming macroeconomic and geopolitical developments will matter more

** It also adds that U.S. result was driven by higher January gas realizations from the North American deep freeze, which is "welcome but arguably more quarter specific in nature"

** Guidance remained broadly unchanged and there was no revision to capital allocation ahead of a CMD scheduled for mid-June, JPM also notes

** The stock, which was up 60% year-to-date as of Tuesday's close, had gained nearly 17% between April 21 and yesterday's close

 (Reporting by Izabela Niemiec)

 ((izabela.niemiec@thomsonreuters.com))