Equinor: Earnings May Disappoint (Rating Downgrade)

Equinor ASA has benefited from resumed U.S. wind project construction and surging oil prices, driving strong recent returns. EQNR is aggressively expanding internationally, notably with a $9B Brazil investment and wind acquisitions, but domestic growth remains slow. Despite a nearly 45% share price run-up, EQNR's earnings must significantly rise to justify current valuations; upcoming guidance is crucial.