Bank of America upgrades Equinor to buy (neutral), target price 465 Norwegian kroner - BN (R)

Bank of America upgraded Equinor's rating and price target, citing higher gas price forecasts. The company's stock is up 74.73% year-to-date, trading at 414.20 NOK. The upgrade is based on revised earnings and valuation metrics.

BofA upgraded Equinor (EQNR) to 'buy' from 'neutral' and raised its price target to 465 NOK from 400 NOK, citing higher European gas prices. BofA expects TTF gas prices to average 95 euros/MWh this winter, boosting free cash flow estimates. Equinor shares closed at 416.30 NOK.

Equinor has signed a long-term LNG supply agreement with PTT in Thailand. The deal expands PTT's LNG portfolio and supports Equinor's global growth. Equinor supplies LNG from Norway and the US, and already provides crude oil and refined products to PTT.

Equinor aims to increase its LNG supply to 10-15 million metric tons annually by the early 2030s, targeting demand in Europe and Asia. The company expects to announce a new supply agreement with an Asian customer this week. Equinor's current supply is 7 million tons per year, with plans to diversify pricing and explore new sources in the U.S., Canada, South America, and Africa.

Crude oil settled near $100/barrel as Iran and Gulf states plan talks on Strait of Hormuz. IEA, EIA, and OPEC differ on demand forecasts. Valero (VLO) and Marathon (MPC) reported strong Q2 earnings, with high refining margins. Frontline (FRO) saw increased tanker earnings due to rerouted crude flows. Key events this week include Hormuz talks and Fed rate decision.

Angola's ANPG signed offshore exploration deals with Shell, Chevron, TotalEnergies, and others for deepwater blocks in the Kwanza and Congo basins. Contracts cover exploration, development, and production with initial 5-year and 30-year periods. Work commitments include seismic data reprocessing and drilling. Separate agreements focus on emissions reduction and methane measurement.