RBC Updates Estimates for Equinor After 'Mixed' Q3 Results

03:04 AM EDT, 10/29/2026 (MT Newswires) -- RBC Capital Markets revised its earnings forecasts for Equinor (EQNR.OL) to reflect the Norwegian energy group's third-quarter results and the research firm's latest commodity price deck. "3Q numbers have puts and takes. Equinor reported a mixed set of 3Q26 numbers, broadly in line with consensus expectations, driven by solid results in MMP and E&P Norway but offset by weaker trends in the international upstream segments. Although typically not associated with Equinor, strong operational performance from its Mongstad refinery contributed materially to results, while the outlook for its midstream division looks set to be strong into the winter months, supported by volatility in both oil and gas prices. Production guidance for 2027 was soft relative to our expectations, and it looks like following multi-year periods of upside surprise, declines at Johan Sverdrup look set to weigh on numbers into 2027," according to a Wednesday note. Equinor posted $2.54 billion in third-quarter net income attributable to equity holders, bouncing back from a $210 million loss in the prior-year period. Quarterly revenue came in at $32.94 billion, compared with $26.02 billion previously. Analysts also updated their forecasts to reflect the revised commodity deck, which models Brent crude at $91 per barrel in 2026 and $88/bbl in 2027, noting the revision places upward pressure on their earnings and cash flow projections. Meanwhile, the research firm raised its net production forecast for full-year 2026, while lowering its production estimates for 2027 and 2028. Accordingly, RBC maintained the stock's sector perform rating and price target of 420 Norwegian kroner.