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Equinor: Jefferies downgrades stock

( - Jefferies announced on Wednesday that it has downgraded Equinor shares from "hold" to "underperform", with a target price reduced from 330 NOK to 270 NOK.

In a report on the European oil sector, the analyst highlights the company's heavy dependence on the gas market, which he believes should start to deteriorate from 2024.

The broker also points to a lack of upside potential in shareholder remuneration, with the consensus even expecting a 16% fall in remuneration in 2024.

Jefferies also cites current problems with its renewable energy projects, namely the postponement of the Dogger Bank project and provisions for wind power in the north-east of the US.

Jefferies says that Equinor's excessive valuation should start to come under pressure as the energy market normalises.

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