Equinor ASA
Buy, Hold or Sell?

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Penke I guess you are interested in Equinor ASA. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Equinor ASA. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

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Quick analysis of Equinor (30 sec.)

What can you expect buying and holding a share of Equinor? (30 sec.)

What is your share worth?

Current worth

kr0.00

Expected worth in 1 year

kr0.00

How sure are you?

+ What do you gain per year?

Total Gains per Share

kr0.00

Return On Investment

0.0%

For what price can you sell your share?

Current Price per Share

kr294.48

Expected price per share

kr256.70 - kr329.99

How sure are you?

50%

1. Valuation of Equinor (5 min.)

Live pricePrice per Share (EOD)

kr294.48

Book Value per Share

kr0.00

2. Growth of Equinor (5 min.)

Is Equinor growing?

	Current year	Previous year	Grow	Grow %
How rich?	$3b	$3b	0.00	0.0%

How much money is Equinor making?

	Current year	Previous year	Grow	Grow %
Making money	$2.6b	$779.2m	$1.8b	70.2%
Net Profit Margin	0.0%	0.0%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Equinor (5 min.)

What can you expect buying and holding a share of Equinor? (5 min.)

Welcome investor! Equinor's management wants to use your money to grow the business. In return you get a share of Equinor.

What can you expect buying and holding a share of Equinor?

First you should know what it really means to hold a share of Equinor. And how you can make/lose money.

Speculation

The Price per Share of Equinor is kr294.48. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Equinor.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Equinor, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is kr0.00.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash.

Based on historical numbers we can estimate the returns while holding a share of Equinor.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	kr	% of Price per Share	kr	% of Price per Share	kr	% of Price per Share	kr	% of Price per Share	kr	% of Price per Share
Usd Eps	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%	0.00	0.0%
Usd Book Value Change Per Share
Usd Dividend Per Share
Usd Total Gains Per Share
Usd Price Per Share	32.23	-	32.23	-	21.53	-	19.29	-	18.28	-
Price to Earnings Ratio	0.00	-	0.00	-	0.00	-	0.00	-	0.00	-
Price-to-Total Gains Ratio
Price to Book Ratio	0.00	-	0.00	-	0.00	-	0.00	-	0.00	-
Price-to-Total Gains Ratio

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	26.797225
Number of shares	37

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	-	-
Usd Book Value Change Per Share	-	-
Usd Total Gains Per Share	-	-
Gains per Quarter (37 shares)	-	-
Gains per Year (37 shares)	-	-

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	-	-	-10	-	-	-10
2	-	-	-10	-	-	-10
3	-	-	-10	-	-	-10
4	-	-	-10	-	-	-10
5	-	-	-10	-	-	-10
6	-	-	-10	-	-	-10
7	-	-	-10	-	-	-10
8	-	-	-10	-	-	-10
9	-	-	-10	-	-	-10
10	-	-	-10	-	-	-10

Fundamentals of Equinor

About Equinor ASA

https://www.equinor.com
23449
Forusbeen 50, Stavanger, Norway, 4035
Google Maps Bing Maps

Equinor ASA, an energy company, engages in the exploration, production, transportation, refining, and marketing of petroleum and other forms of energy in Norway and internationally. It operates through Exploration & Production Norway; Exploration & Production International; Exploration & Production USA; Marketing, Midstream & Processing; Renewables; and Other segments. The company also transports, processes, manufactures, markets, and trades in oil and gas commodities, such as crude and condensate products, gas liquids, natural gas, and liquefied natural gas; trades in power and emissions; operates refineries, terminals and processing, and power plants; and develops low carbon solutions for oil and gas. In addition, it develops carbon capture and storage projects; provides transportation solutions, including pipelines, shipping, trucking, and rail; and develops and explores for renewable energy, such as offshore wind, green hydrogen, and solar power. The company was formerly known as Statoil ASA and changed its name to Equinor ASA in May 2018. Equinor ASA was incorporated in 1972 and is headquartered in Stavanger, Norway.

Fundamental data was last updated by Penke on 2024-04-15 16:21:02.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
Using its assets, the company is very efficient in making profit.
Using its investors money, the company is very efficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry

Liquidity Details

	Compared to previous year	Compared to industry
The company is able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry

1.1. Profitability of Equinor ASA.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Equinor earns for each kr1 of revenue.

Above 10% is considered healthy but always compare Equinor to the industry mean.
A Net Profit Margin of 0.0% means that kr0.00 for each kr1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Equinor ASA:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-	0.0%
TTM	-	YOY	-	0.0%
TTM	-	5Y	0.1%	-0.1%
5Y	0.1%	10Y	0.2%	-0.1%

Measures how much net profit Equinor earns for each kr1 of revenue.

Revenue is the amount of profit Equinor generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you kr3. The company does not earn kr3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is kr1.5.

The kr3 you pay for a cup of coffee is called revenue.
The kr1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Equinor earns for each kr1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Equinor to the industry mean.
Can be used to compare companies within the industry.

You typically want a high profit margin. This means that for each kr1 in sales, Equinor makes more profit. This shows the investor how efficiently Equinor is operating in general and compared to other companies in the same industry. Equinor operates in the industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Equinor. If profit margins remain low (compared to the industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Equinor is 0.00. This means that Equinor earned kr0.00 for each kr1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the industry is .
What is the trend?
The trend is important because it shows you how Equinor is performing over time. The most recent quarter might be important if Equinor released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Equinor up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Equinor with other companies in the same industry ().
Net profit margin should rise over the years.
Can be influenced when Equinor sells assets (profit will increase while costs remain the same).
It won’t show what part of Equinor is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Equinor

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Equinor =
Total revenue MRQ Equinor =
kr / kr = 0.00 or 0.0%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Equinor is using its assets to generate profit.

Above 5% is considered healthy but always compare Equinor to the industry mean.
23.6% Return on Assets means that Equinor generated kr0.24 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Equinor ASA:

The MRQ is 23.6%. Using its assets, the company is very efficient in making profit. +2
The TTM is 23.6%. Using its assets, the company is very efficient in making profit. +2

Trends

Current period		Compared to		+/-
MRQ	23.6%	TTM	23.6%	0.0%
TTM	23.6%	YOY	7.0%	+16.5%
TTM	23.6%	5Y	6.0%	+17.6%
5Y	6.0%	10Y	4.7%	+1.3%

Shows how efficient Equinor is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Equinor to the industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Equinor is using its resources to generate profit. If the return on assets (23.6%) from Equinor are higher than the mean () that means Equinor is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Equinor is 23.6%. This means the company generated kr0.24 for each kr1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the industry is .
What is the trend?
The trend is important because it shows you how Equinor is performing over time. The most recent quarter might be important if Equinor released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Equinor up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Equinor

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Equinor =
Total assets MRQ (balance sheet) from Equinor =
/ = 0.24 or 23.6%

ROA is an important ratio as it will tell you how effectively Equinor is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Equinor is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Equinor to the industry mean.
84.9% Return on Equity means Equinor generated kr0.85 for each kr1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Equinor ASA:

The MRQ is 84.9%. Using its investors money, the company is very efficient in making profit. +2
The TTM is 84.9%. Using its investors money, the company is very efficient in making profit. +2

Trends

Current period		Compared to		+/-
MRQ	84.9%	TTM	84.9%	0.0%
TTM	84.9%	YOY	25.3%	+59.6%
TTM	84.9%	5Y	20.1%	+64.8%
5Y	20.1%	10Y	15.4%	+4.6%

Shows how efficient Equinor is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Equinor to the industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Equinor is 84.9%. This means Equinor generated kr0.85 for each kr1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the industry is .
What is the trend?
The trend is important because it shows you how Equinor is performing over time. The most recent quarter might be important if Equinor released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Equinor up to 10 years back (depending if Equinor existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Equinor

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Equinor =
Shareholders equity (balance sheet) MRQ Equinor =
/ = 0.85 or 84.9%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Equinor ASA.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Equinor is operating .

Measures how much profit Equinor makes for each kr1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Equinor to the industry mean.
An Operating Margin of 0.0% means the company generated kr0.00 for each kr1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Equinor ASA:

The MRQ is 0.0%. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-	0.0%
TTM	-	YOY	-	0.0%
TTM	-	5Y	4.5%	-4.5%
5Y	4.5%	10Y	3.3%	+1.1%

Measures how efficient Equinor is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Equinor to the industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Equinor is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Equinor is 0.0%. This means that Equinor earned kr0.00 for each kr1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the industry is .
What is the trend?
The trend is important because it shows you how Equinor is performing over time. The most recent quarter might be important if Equinor released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Equinor up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Equinor

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Equinor =
Total revenue MRQ Equinor =
kr / kr = 0.00 or 0.0%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Equinor is keeping operating costs low.

Below 1 is considered healthy (always compare to industry mean).
An Operation Ratio of 0.00 means that the operating costs are kr0.00 for each kr1 in net sales.

Let's take a look of the Operating Ratio trends of Equinor ASA:

The MRQ is 0.000. The data is not here.

Trends

Current period		Compared to		+/-
MRQ	-	TTM	-	0.000
TTM	-	YOY	-	0.000
TTM	-	5Y	0.236	-0.236
5Y	0.236	10Y	0.294	-0.058

Measures how efficient Equinor is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Equinor to the industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Equinor is 0.0%. This means that Equinor earned kr0.00 for each kr1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the industry is .
What is the trend?
The trend is important because it shows you how Equinor is performing over time. The most recent quarter might be important if Equinor released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Equinor up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Equinor

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
( +) \ = 0.00

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Equinor ASA.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Equinor is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to industry mean).
A Current Ratio of 1.78 means the company has kr1.78 in assets for each kr1 in short-term debts.

Let's take a look of the Current Ratio trends of Equinor ASA:

The MRQ is 1.784. The company is able to pay all its short-term debts. +1
The TTM is 1.784. The company is able to pay all its short-term debts. +1

Trends

Current period		Compared to		+/-
MRQ	1.784	TTM	1.784	0.000
TTM	1.784	YOY	1.597	+0.187
TTM	1.784	5Y	1.518	+0.266
5Y	1.518	10Y	1.494	+0.024

Measures if Equinor is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Equinor if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Equinor is 1.78. This means Equinor has kr1.78 in assets for each kr1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the industry is .
What is the trend?
The trend is important because it shows you how Equinor is performing over time. The most recent quarter might be important if Equinor released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Equinor up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Equinor

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
36,679,000 \ 34,623,000) = 1.78

The current ratio measures if Equinor is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Equinor is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Equinor does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Equinor is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Equinor is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Equinor to the industry mean.
A Quick Ratio of 0.51 means the company can pay off kr0.51 for each kr1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Equinor ASA:

The MRQ is 0.513. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.513. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.513	TTM	0.513	0.000
TTM	0.513	YOY	0.458	+0.054
TTM	0.513	5Y	1.069	-0.557
5Y	1.069	10Y	1.194	-0.125

1.4. Solvency of Equinor ASA.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Equinor assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Equinor to industry mean.
A Debt to Asset Ratio of 0.72 means that Equinor assets are financed with 72.2% credit (debt) and the remaining percentage (100% - 72.2%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Equinor ASA:

The MRQ is 0.722. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.722. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.722	TTM	0.722	0.000
TTM	0.722	YOY	0.722	0.000
TTM	0.722	5Y	0.681	+0.041
5Y	0.681	10Y	0.674	+0.007

Measures how much % of Equinor assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Equinor than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Equinor to industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Equinor is 0.72. This means means that Equinor is financed with 72.2% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the industry is .
What is the trend?
The trend is important because it shows you how Equinor is performing over time. The most recent quarter might be important if Equinor released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Equinor up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Equinor has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Equinor

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
\ = 72.2% or 0.72.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Equinor is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Equinor to the industry mean.
A Debt to Equity ratio of 260.1% means that company has kr2.60 debt for each kr1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Equinor ASA:

The MRQ is 2.601. The company is unable to pay all its debts with equity. -1
The TTM is 2.601. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	2.601	TTM	2.601	0.000
TTM	2.601	YOY	2.601	0.000
TTM	2.601	5Y	2.193	+0.407
5Y	2.193	10Y	2.116	+0.077

Measures if Equinor is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Equinor is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Equinor is 2.60. This means that Equinor can pay off kr2.60 for each kr1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the industry is .
What is the trend?
The trend is important because it shows you how Equinor is performing over time. The most recent quarter might be important if Equinor released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Equinor up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Equinor

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
\ = 2.60 or 260.1%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Equinor ASA

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every kr1 in earnings Equinor generates.

Above 15 is considered overpriced but always compare Equinor to the industry mean.
A PE ratio of 0.00 means the investor is paying kr0.00 for every kr1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Equinor ASA:

The MRQ is 0.000. The data is not here.

Trends

Current period		Compared to
MRQ	-	TTM	-
TTM	-	YOY	-
TTM	-	5Y	-
5Y	-	10Y	-

Measures how much money you pay for each share for every kr1 in earnings Equinor generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Equinor to the industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Equinor is 0.00. This means the investor is paying kr0.00 for every kr1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the industry is .
What is the trend?
The trend is important because it shows you how Equinor is performing over time. The most recent quarter might be important if Equinor released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Equinor up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Equinor

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
2,497,000 \ = EPS
PE ratio MRQ = 0.00

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Equinor ASA:

The MRQ is 0.000. The data is not here.

Trends

Current period		Compared to
MRQ	-	TTM	-
TTM	-	YOY	-
TTM	-	5Y	-
5Y	-	10Y	-

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Equinor is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to industry mean).
A PB ratio of 0.00 means the investor is paying kr0.00 for each kr1 in book value.

Let's take a look of the Price to Book Ratio trends of Equinor ASA:

The MRQ is 0.000. The data is not here.

Trends

Current period		Compared to
MRQ	-	TTM	-
TTM	-	YOY	-
TTM	-	5Y	-
5Y	-	10Y	-

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Equinor ASA compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Current Ratio	-	-	1.784	1.784	0%	1.597	+12%	1.518	+18%	1.494	+19%
Debt To Asset Ratio	-	-	0.722	0.722	0%	0.722	0%	0.681	+6%	0.674	+7%
Debt To Equity Ratio	-	-	2.601	2.601	0%	2.601	0%	2.193	+19%	2.116	+23%
Eps	-	-	-	-	0%	-	0%	-	0%	-	0%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Market Cap	-	-	-	-	0%	-	0%	-	0%	-	0%
Net Profit Margin	-	-	-	-	0%	-	0%	0.001	-100%	0.002	-100%
Operating Margin	-	-	-	-	0%	-	0%	0.045	-100%	0.033	-100%
Operating Ratio	-	-	-	-	0%	-	0%	0.236	-100%	0.294	-100%
Pb Ratio	-	-	-	-	0%	-	0%	-	0%	-	0%
Pe Ratio	-	-	-	-	0%	-	0%	-	0%	-	0%
Price Per Share	294.475	-20%	354.215	354.215	0%	236.575	+50%	211.986	+67%	200.864	+76%
Price To Free Cash Flow Ratio	-	-	-	-	0%	-	0%	-	0%	-	0%
Quick Ratio	-	-	0.513	0.513	0%	0.458	+12%	1.069	-52%	1.194	-57%
Return On Assets	-	-	0.236	0.236	0%	0.070	+236%	0.060	+294%	0.047	+406%
Return On Equity	-	-	0.849	0.849	0%	0.253	+236%	0.201	+323%	0.154	+449%
Usd Book Value	-	-	3082443000.000	3082443000.000	0%	3082443000.000	0%	3440831333.333	-10%	3432986375.000	-10%
Usd Book Value Per Share	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Eps	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Free Cash Flow	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Market Cap	-	-	-	-	0%	-	0%	-	0%	-	0%
Usd Price Per Share	26.797	-20%	32.234	32.234	0%	21.528	+50%	19.291	+67%	18.279	+76%
Usd Profit	-	-	2615886000.000	2615886000.000	0%	779233000.000	+236%	652485166.667	+301%	508337375.000	+415%
Usd Revenue	-	-	-	-	0%	-	0%	2839488166.667	-100%	3342862250.000	-100%
	EOD	+1 -1	MRQ	TTM	+0 -0	YOY	+6 -1	5Y	+6 -8	10Y	+6 -8

3.2. Fundamental Score

Let's check the fundamental score of Equinor ASA based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Net Profit Margin (MRQ)	Greater than	0	0.000
Operating Margin (MRQ)	Greater than	0	0.000
Quick Ratio (MRQ)	Greater than	1	0.513
Current Ratio (MRQ)	Greater than	1	1.784
Debt to Asset Ratio (MRQ)	Less than	1	0.722
Debt to Equity Ratio (MRQ)	Less than	1	2.601
Return on Equity (MRQ)	Greater than	0.15	0.849
Return on Assets (MRQ)	Greater than	0.05	0.236
Total			4/8 (50.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

3.3. Technical Score

Let's check the technical score of Equinor ASA based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	50.717
Ma 20	Greater than	Ma 50	298.099
Ma 50	Greater than	Ma 100	281.148
Ma 100	Greater than	Ma 200	295.285
Open	Greater than	Close	294.475
Total			2/5 (40.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Latest Balance Sheet

Balance Sheet of 2022-12-31. Currency in NOK. All numbers in thousands.

Summary

	As reported
Total Liabilities	-
Total Stockholder Equity	+ -
Total Assets	= -

Assets

Total Assets	-
Total Current Assets	78,169,000
Long-term Assets	-

Total Current Assets

Total Current Assets (as reported)	78,169,000
Net Receivables	22,452,000
Inventory	5,205,000
Other Current Assets	5,057,000
Total Current Assets (calculated)	32,714,000
+/-	45,455,000

Long-term Assets

Long-term Assets (as reported)	0
Property Plant Equipment	56,498,000
Long-term Assets (calculated)	56,498,000
+/-	56,498,000

Liabilities & Shareholders' Equity

Total Current Liabilities	43,806,000
Long-term Liabilities	-
Total Stockholder Equity	-

Total Current Liabilities

Total Current Liabilities (as reported)	43,806,000
Total Current Liabilities (calculated)	0
+/-	43,806,000

Long-term Liabilities

Long-term Liabilities (as reported)	0
Long-term Liabilities (calculated)	0
+/-	0

Total Stockholder Equity

Total Stockholder Equity (as reported)	0
Common Stock	1,142,000
Other Stockholders Equity	-8,431,000
Total Stockholder Equity (calculated)	-7,289,000
+/-	7,289,000

Other

Net Tangible Assets	48,830,000

Balance Sheet

Currency in NOK. All numbers in thousands.

Trend

2022-12-31

2021-12-31

2020-12-31

2020-01-01

2019-12-31

2018-12-31

2017-12-31

2016-12-31

> Total Assets

104,530,000
111,100,000
112,508,000
118,063,000
0
121,972,000
0
0

121,972,000

118,063,000

112,508,000

111,100,000

104,530,000

> Total Current Assets

24,859,000
25,820,000
26,056,000
24,778,000
24,777,000
32,186,000
62,501,000
78,169,000

78,169,000

62,501,000

32,186,000

24,777,000

24,778,000

26,056,000

25,820,000

24,859,000

Cash And Cash Equivalents

3,959,000
3,362,000
5,915,000
2,959,000
0
4,110,000
0
0

4,110,000

2,959,000

5,915,000

3,362,000

3,959,000

Short-term Investments

8,211,000
8,448,000
7,041,000
7,426,000
0
11,865,000
0
0

11,865,000

7,426,000

7,041,000

8,448,000

8,211,000

Net Receivables

6,096,000
8,127,000
8,998,000
6,053,000
8,233,000
8,232,000
17,927,000
22,452,000

22,452,000

17,927,000

8,232,000

8,233,000

6,053,000

8,998,000

8,127,000

6,096,000

Inventory

3,227,000
3,398,000
2,144,000
3,363,000
3,363,000
3,084,000
3,395,000
5,205,000

5,205,000

3,395,000

3,084,000

3,363,000

2,144,000

3,398,000

3,227,000

Other Current Assets

1,027,000
596,000
317,000
1,131,000
578,000
2,248,000
5,807,000
5,057,000

5,057,000

5,807,000

2,248,000

578,000

1,131,000

317,000

596,000

1,027,000

> Long-term Assets

Property Plant Equipment

59,556,000
63,637,000
65,262,000
69,953,000
71,751,000
68,508,000
62,075,000
56,498,000

56,498,000

62,075,000

68,508,000

71,751,000

69,953,000

65,262,000

63,637,000

59,556,000

Goodwill

328,000
339,000
565,000
1,458,000
0
1,481,000
0
0

1,481,000

1,458,000

565,000

339,000

328,000

Intangible Assets

8,915,000
8,282,000
9,107,000
9,280,000
0
6,667,000
0
0

6,667,000

9,280,000

9,107,000

8,282,000

8,915,000

> Total Liabilities

69,458,000
71,239,000
69,537,000
76,924,000
0
88,099,000
0
0

88,099,000

76,924,000

69,537,000

71,239,000

69,458,000

> Total Current Liabilities

16,744,000
19,017,000
16,605,000
19,557,000
19,557,000
19,820,000
39,138,000
43,806,000

43,806,000

39,138,000

19,820,000

19,557,000

16,605,000

19,017,000

16,744,000

Short-term Debt

1,116,000
1,183,000
1,083,000
935,000
0
2,617,000
0
0

2,617,000

935,000

1,083,000

1,183,000

1,116,000

Accounts payable

0
0
2,532,000
0
10,450,000
2,748,000
6,249,000
0

6,249,000

2,748,000

10,450,000

2,532,000

Other Current Liabilities

0
0
11,610,000
0
5,020,000
11,295,000
26,503,000
0

26,503,000

11,295,000

5,020,000

11,610,000

> Long-term Liabilities

Other Liabilities

0
0
29,650,000
0
34,200,000
38,759,000
39,105,000
0

39,105,000

38,759,000

34,200,000

29,650,000

> Total Stockholder Equity

35,072,000
39,861,000
42,971,000
41,139,000
0
33,873,000
0
0

33,873,000

41,139,000

42,971,000

39,861,000

35,072,000

Common Stock

1,156,000
1,180,000
1,185,000
1,185,000
1,185,000
1,164,000
1,164,000
1,142,000

1,142,000

1,164,000

1,185,000

1,180,000

1,156,000

Retained Earnings

32,573,000
34,406,000
38,788,000
37,481,000
37,480,000
30,051,000
36,683,000
58,236,000

58,236,000

36,683,000

30,051,000

37,480,000

37,481,000

38,788,000

34,406,000

32,573,000

Capital Surplus

6,607,000
7,933,000
8,247,000
7,732,000
0
6,852,000
0
0

6,852,000

7,732,000

8,247,000

7,933,000

6,607,000

Treasury Stock

Other Stockholders Equity

-8,431,000

-5,245,000

-4,194,000

-5,258,000

-5,259,000

-5,250,000

-3,594,000

-5,264,000

Balance Sheet

Currency in NOK. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2020-01-01	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Accounts Payable	-	6,249,000	2,748,000	10,450,000	-	2,532,000	-	-
Capital Surpluse	-	-	6,852,000	-	7,732,000	8,247,000	7,933,000	6,607,000
Cash	-	-	4,110,000	-	2,959,000	5,915,000	3,362,000	3,959,000
Cash And Short Term Investments	-	-	17,623,000	-	12,051,000	14,096,000	12,401,000	12,766,000
Common Stock	1,142,000	1,164,000	1,164,000	1,185,000	1,185,000	1,185,000	1,180,000	1,156,000
Good Will	-	-	1,481,000	-	1,458,000	565,000	339,000	328,000
Intangible Assets	-	-	6,667,000	-	9,280,000	9,107,000	8,282,000	8,915,000
Inventory	5,205,000	3,395,000	3,084,000	3,363,000	3,363,000	2,144,000	3,398,000	3,227,000
Long Term Debt	-	-	29,118,000	-	21,754,000	23,264,000	24,183,000	27,999,000
Net Receivables	22,452,000	17,927,000	8,232,000	8,233,000	6,053,000	8,998,000	8,127,000	6,096,000
Net Tangible Assets	48,830,000	32,558,000	25,724,000	30,401,000	-	33,298,000	-	-
Other Assets	12,705,000	10,060,000	9,621,000	7,553,000	7,139,000	6,200,000	6,914,000	5,576,000
Other Current Assets	5,057,000	5,807,000	2,248,000	578,000	1,131,000	317,000	596,000	1,027,000
Other Current Liab	-	26,503,000	11,295,000	5,020,000	-	11,610,000	-	-
Other Liab	-	39,105,000	38,759,000	34,200,000	-	29,650,000	-	-
Other Stockholder Equity	-8,431,000	-5,245,000	-4,194,000	-5,258,000	-5,259,000	-5,250,000	-3,594,000	-5,264,000
Property Plant Equipment	56,498,000	62,075,000	68,508,000	71,751,000	69,953,000	65,262,000	63,637,000	59,556,000
Retained Earnings	58,236,000	36,683,000	30,051,000	37,480,000	37,481,000	38,788,000	34,406,000	32,573,000
Short Long Term Debt Total	-	-	32,338,000	-	24,945,000	23,264,000	24,183,000	27,999,000
Short Term Debt	-	-	2,617,000	-	935,000	1,083,000	1,183,000	1,116,000
Short Term Investments	-	-	11,865,000	-	7,426,000	7,041,000	8,448,000	8,211,000
Total Assets	-	-	121,972,000	-	118,063,000	112,508,000	111,100,000	104,530,000
Total Current Assets	78,169,000	62,501,000	32,186,000	24,777,000	24,778,000	26,056,000	25,820,000	24,859,000
Total Current Liabilities	43,806,000	39,138,000	19,820,000	19,557,000	19,557,000	16,605,000	19,017,000	16,744,000
Total Liab	-	-	88,099,000	-	76,924,000	69,537,000	71,239,000	69,458,000
Total Stockholder Equity	-	-	33,873,000	-	41,139,000	42,971,000	39,861,000	35,072,000

	2023-09-30	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30
Accounts Payable	11,573,000	-	12,589,000	10,985,000	14,372,000	6,249,000	11,157,000	10,022,000	-	-	-
Capital Surpluse	-	-	-	-	-	-	6,741,000	6,844,000	6,848,000	6,852,000	6,855,000
Cash	-	-	-	-	-	-	13,815,000	9,912,000	8,992,000	6,757,000	7,844,000
Cash And Short Term Investments	-	-	-	-	-	-	28,847,000	25,064,000	19,914,000	18,622,000	18,407,000
Common Stock	1,101,000	1,142,000	1,142,000	1,142,000	1,164,000	1,164,000	1,164,000	1,164,000	1,164,000	1,164,000	1,164,000
Common Stock Shares Outstanding	-	-	-	-	-	-	371,388	388,961	382,446	360,101	355,793
Intangible Assets	-	-	-	-	-	-	6,762,000	6,829,000	8,150,000	8,148,000	9,667,000
Inventory	4,834,000	5,205,000	6,395,000	5,257,000	3,504,000	3,395,000	2,994,000	2,548,000	2,917,000	3,084,000	2,860,000
Long Term Debt	-	-	-	-	-	-	27,832,000	28,112,000	27,991,000	29,118,000	32,193,000
Net Receivables	15,053,000	22,452,000	21,204,000	17,741,000	19,938,000	17,927,000	11,695,000	8,564,000	-	-	-
Net Tangible Assets	42,986,000	48,830,000	37,596,000	35,899,000	37,508,000	32,558,000	30,256,000	30,194,000	-	-	-
Other Assets	10,374,000	12,705,000	9,890,000	9,532,000	10,132,000	10,060,000	9,680,000	9,408,000	9,765,000	10,983,000	8,746,000
Other Current Assets	1,848,000	5,057,000	8,839,000	9,208,000	7,564,000	5,807,000	6,812,000	3,201,000	1,096,000	886,000	569,000
Other Current Liab	17,767,000	-	30,066,000	31,132,000	28,641,000	26,503,000	15,029,000	8,500,000	-	-	-
Other Liab	31,586,000	-	35,180,000	35,329,000	38,512,000	39,105,000	39,003,000	36,212,000	-	-	-
Other Stockholder Equity	-12,232,000	-8,431,000	-12,971,000	-9,483,000	-5,073,000	-5,245,000	-4,871,000	-4,121,000	-4,240,000	-4,193,000	-6,991,000
Property Plant Equipment	55,930,000	56,498,000	52,467,000	54,787,000	62,475,000	62,075,000	64,063,000	65,373,000	63,161,000	65,672,000	62,988,000
Retained Earnings	59,849,000	58,236,000	50,888,000	45,295,000	41,068,000	36,683,000	33,984,000	33,136,000	31,992,000	30,050,000	33,056,000
Short Long Term Debt Total	-	-	-	-	-	-	30,464,000	30,908,000	30,997,000	32,338,000	32,193,000
Short Term Investments	-	-	-	-	-	-	15,032,000	15,152,000	10,922,000	11,865,000	10,563,000
Total Assets	-	-	-	-	-	-	136,773,000	127,259,000	119,991,000	121,972,000	114,432,000
Total Current Assets	36,679,000	78,169,000	80,781,000	77,893,000	75,577,000	62,501,000	50,348,000	39,377,000	32,619,000	30,824,000	27,944,000
Total Current Liabilities	34,623,000	43,806,000	48,890,000	49,030,000	49,662,000	39,138,000	30,272,000	23,098,000	18,770,000	19,502,000	14,996,000
Total Liab	-	-	-	-	-	-	99,755,000	90,236,000	84,227,000	88,099,000	80,348,000
Total Stockholder Equity	-	-	-	-	-	-	37,018,000	37,023,000	35,764,000	33,873,000	34,084,000

Cash Flow

Currency in NOK. All numbers in thousands.

	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2020-01-01	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Capital Expenditures	0	0	8,040,000	8,476,000	10,204,000	10,204,000	11,367,000	10,755,000	12,191,000
Change In Cash	-	1,592,000	7,230,000	1,579,000	-2,379,000	-2,379,000	3,166,000	-701,000	-3,523,000
Change In Working Capital	-	-	-	-3,309,000	-	-7,519,000	-8,713,000	-7,541,000	-6,274,000
Change To Liabilities	-	0	0	0	0	-	0	-	-
Change To Netincome	-	-	14,195,000	4,392,000	-2,170,000	-	858,000	-	-
Change To Operating Activities	-	-4,616,000	-4,546,000	-524,000	259,000	-	1,090,000	-	-
Depreciation	-	-	10,604,000	12,028,000	13,817,000	13,204,000	10,211,000	8,644,000	11,550,000
Dividends Paid	-	5,380,000	1,797,000	2,330,000	3,342,000	3,342,000	2,672,000	1,491,000	1,876,000
Investments	-	-10,089,000	-9,951,000	-3,703,000	-1,012,000	-	1,358,000	-	-
Net Borrowings	-	-6,718,000	-2,718,000	6,380,000	-1,711,000	-	-2,353,000	-	-
Net Income	11,885,000	28,746,000	8,563,000	-5,510,000	1,843,000	9,292,000	7,535,000	13,420,000	-178,000
Other Cashflows From Financing Activities	-	-1,000	-1,000	-1,000	-1,000	-	1,000	-	-
Other Cashflows From Investing Activities	-	1,871,000	27,000	-418,000	288,000	-390,000	581,000	638,000	1,745,000
Sale Purchase Of Stock	-	-	-	-1,059,000	-	-442,000	-	-	-
Total Cash From Financing Activities	-	-15,414,000	-4,836,000	2,991,000	-5,496,000	-5,496,000	-5,024,000	-5,822,000	-1,959,000
Total Cash From Operating Activities	-	35,136,000	28,816,000	10,386,000	13,749,000	13,749,000	19,694,000	14,802,000	9,034,000
Total Cashflows From Investing Activities	-	-15,863,000	-16,211,000	-12,092,000	-10,594,000	-10,594,000	-11,212,000	-10,117,000	-10,446,000

	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30
Capital Expenditures	0	2,652,000	2,652,000	2,652,000	2,652,000	2,053,000	2,049,000	1,846,000	2,226,000	1,964,000	1,747,000	2,151,000	8,476,000	5,972,000
Change In Cash	-	-5,230,000	-5,230,000	-5,230,000	-7,769,000	2,786,000	-320,000	6,895,000	202,000	3,881,000	1,047,000	2,101,000	1,579,000	2,668,000
Change In Working Capital	-	-	-	-	-	-	-	-	-	-4,271,000	-1,139,000	-514,000	-3,309,000	-1,785,000
Change To Liabilities	-	0	0	0	0	0	0	0	0	0	0	-	-	-
Change To Netincome	-	2,619,000	2,619,000	2,619,000	2,619,000	-3,976,000	1,513,000	7,805,000	4,604,000	5,265,000	2,125,000	-	-	-
Change To Operating Activities	-	-2,357,000	-2,357,000	-2,357,000	-2,357,000	-946,000	-1,160,000	23,000	-3,180,000	-1,260,000	444,000	-	-	-
Depreciation	-	2,477,000	2,477,000	2,477,000	2,477,000	2,116,000	1,410,000	3,233,000	3,359,000	2,628,000	2,136,000	2,797,000	15,235,000	11,757,000
Dividends Paid	-	2,613,000	2,613,000	2,613,000	2,231,000	1,256,000	1,311,000	582,000	565,000	488,000	389,000	355,000	2,330,000	2,037,000
Investments	-	-2,679,000	-2,679,000	-2,679,000	-2,679,000	2,821,000	-3,160,000	-2,759,000	-6,387,000	-39,000	-4,224,000	-	-	-
Net Borrowings	-	-1,531,000	-1,531,000	-1,531,000	-1,531,000	-619,000	-2,594,000	-3,121,000	1,144,000	-1,500,000	378,000	-	-	-
Net Income	2,603,000	2,497,000	1,824,000	4,962,000	7,895,000	9,384,000	6,757,000	4,710,000	3,368,000	1,406,000	1,938,000	4,513,000	-4,259,000	-2,859,000
Other Cashflows From Financing Activities	-	-	-	-	-	-	-	-	-	-	1,000	-	-	-
Other Cashflows From Investing Activities	-	-205,000	-205,000	-205,000	-205,000	840,000	970,000	427,000	341,000	195,000	-199,000	1,538,000	-3,616,000	-3,497,000
Sale Purchase Of Stock	-	-	-	-	-	-	-	-	-	-99,000	-	-	-1,059,000	-1,059,000
Total Cash From Financing Activities	-	-4,675,000	-4,675,000	-4,675,000	-3,193,000	-3,871,000	-4,208,000	-4,142,000	357,000	-2,087,000	-10,000	-3,096,000	2,991,000	4,095,000
Total Cash From Operating Activities	-	5,236,000	5,236,000	5,236,000	4,267,000	6,578,000	8,520,000	15,771,000	8,151,000	8,039,000	6,643,000	5,984,000	10,386,000	8,043,000
Total Cashflows From Investing Activities	-	-5,636,000	-5,636,000	-5,636,000	-9,687,000	1,856,000	-3,567,000	-4,465,000	-8,200,000	-1,808,000	-5,589,000	-613,000	-12,092,000	-9,469,000

Income Statement

Currency in NOK. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2020-01-01	2019-12-31	2018-12-31	2017-12-31	2016-12-31
Cost Of Revenue	-	-	20,986,000	-	29,532,000	38,516,000	28,212,000	21,505,000
Ebit	-	32,187,000	1,734,000	10,712,000	-	18,034,000	-	-
Gross Profit	-	-	24,767,000	-	33,379,000	40,039,000	32,759,000	24,183,000
Income Before Tax	-	-	-4,259,000	-	9,292,000	18,874,000	13,420,000	-178,000
Income Tax Expense	49,861,000	23,007,000	1,237,000	7,441,000	-	11,335,000	-	-
Interest Expense	-	0	0	0	0	0	0	0
Interest Income	-	-	424,000	-	449,000	803,000	62,000	163,000
Net Income	-	-	-5,510,000	-	1,843,000	7,536,000	4,590,000	-2,922,000
Net Income Applicable To Common Shares	28,746,000	8,563,000	-5,510,000	1,843,000	1,843,000	7,535,000	4,590,000	-2,922,000
Operating Income	-	-	-3,423,000	-	9,299,000	20,137,000	13,771,000	80,000
Other Operating Expenses	-	453,000	412,000	456,000	-	461,000	-	-
Selling General Administrative	-	-	706,000	-	809,000	758,000	738,000	762,000
Tax Provision	-	-	1,237,000	-	7,441,000	11,335,000	8,822,000	2,724,000
Total Revenue	-	-	45,753,000	-	62,911,000	78,555,000	60,971,000	45,688,000

	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30
Cost Of Revenue	-	-	-	-	-	-	-	-	9,052,000	7,399,000	7,166,000	5,533,000	5,307,000
Ebit	8,297,000	-	-	-	24,126,000	18,481,000	16,905,000	14,315,000	8,863,000	4,826,000	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	14,059,000	9,981,000	8,963,000	6,342,000	5,943,000
Income Before Tax	-	-	-	-	-	-	-	-	9,031,000	4,905,000	4,513,000	-1,400,000	-2,220,000
Income Tax Expense	4,965,000	-	-	6,572,000	17,785,000	12,995,000	12,509,000	9,765,000	7,622,000	2,962,000	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	75,000	16,000	30,000	137,000	86,000
Interest Income	-	-	-	-	-	-	-	-	535,000	393,000	707,000	410,000	200,000
Net Income	-	-	-	-	-	-	-	-	1,406,000	1,938,000	1,851,000	-2,422,000	-2,128,000
Net Income Applicable To Common Shares	2,497,000	2,497,000	2,497,000	7,895,000	9,384,000	6,757,000	4,710,000	3,368,000	1,406,000	1,938,000	1,851,000	-2,422,000	-2,127,000
Operating Income	-	-	-	-	-	-	-	-	9,567,000	5,298,000	5,220,000	-989,000	-2,019,000
Other Operating Expenses	-	-	-	-	-	-	-	453,000	453,000	453,000	-	-	-
Selling General Administrative	-	-	-	-	-	-	-	-	145,000	195,000	218,000	151,000	181,000
Tax Provision	-	-	-	-	-	-	-	-	7,622,000	2,962,000	2,659,000	1,016,000	-95,000
Total Revenue	-	-	-	-	-	-	-	-	23,111,000	17,380,000	16,129,000	11,875,000	11,250,000

Latest Income Statement (annual, 2022-12-31)

Gross Profit (+$)
totalRevenue	-
Cost of Revenue	--
Gross Profit	-	0

Operating Income (+$)
Gross Profit	-
Operating Expense	--
Operating Income	-	0

Operating Expense (+$)
Research Development	-
Selling General Administrative	-
Selling And Marketing Expenses	-
Operating Expense	-	0

Net Interest Income (+$)
Interest Income	-
Interest Expense	--
Other Finance Cost	-0
Net Interest Income	-

Pretax Income (+$)
Operating Income	-
Net Interest Income	-
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	-	0 EBIT - interestExpense = 0 49,861,000 0
Interest Expense	-
Earnings Before Interest and Taxes (EBIT)	-	0
Earnings Before Interest and Taxes (EBITDA)	-

After tax Income (+$)
Income Before Tax	-
Tax Provision	--
Net Income From Continuing Ops	-	0
Net Income	-
Net Income Applicable To Common Shares	28,746,000

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	-
Total Other Income/Expenses Net	-	0

Technical Analysis of Equinor
The psychology behind the price

Technical indicators reflecting market sentiment and the collective psychology of you and other traders. Your emotions and other traders' emotions, such as fear and greed, play a significant role in driving price movements.

General trend

First of all, I'm going to put something in the back of your mind. One of the most stable factors that gives you more confidence as a trader: the general trend of Equinor. The general trend of Equinor is BEARISH with 14.3% confidence. It is very important for your mental being to use each indicator with this in mind. But beware, also the general trend flips once in a while! You can use moving averages to determine Equinor's overall trend. For convenience I use the most commonly used moving averages: 20, 50, 100 & 200. Of course you can use other moving averages or other indicators to determine the trend.

Indicator phases

Some of the indicators I use have 3 zones: overbought, oversold and neutral. Transitions between these zones (market phases) provide valuable trading signals and insights. Expecially with the general trend mind, I use the highlighted phases:

Indicator zone transitions	Bullish trend (-14.3%)		Bearish trend (14.3%)
Overbought to neutral	Bullish pullback	=	Bearish reversal
Upper to lower neutral	Bullish correction	=	Bearish continuation
Nuetral to oversold	Oversold	=	Oversold
Oversold to neutral	Bullish reversal	=	Bearish correction
Lower to upper neutral	Bullish continuation	=	Bearish pullback
Nuetral to overbought	Overbought	=	Overbought

1. Price Targets

1.1 Support & Resistance

Support and resistance are levels on a price chart that act as barriers or zones where the price of an asset tends to stop, reverse, or experience a significant amount of buying or selling pressure.

Support is a price level at which demand for an asset is strong enough to prevent the price from falling further.
Resistance is a price level at which selling pressure becomes significant enough to prevent the price of an asset from rising further.

Score

Let's take a look at the Support & Resistance of Equinor ASA.

The long score for the Support & Resistance is 0/1.
The longshort score for the Support & Resistance is 0/(-1 +1).

Between support/resistance: The price is trading between support and resistance lines.

The bullish price targets are: 313.40 < 313.43 < 329.99.

The bearish price targets are: 275.80 > 259.25 > 256.70.

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Equinor ASA Daily Support & Resistance Chart

2. Trend Indicators

2.1 Moving Averages

Shows the moving average of the selected period.

Moving averages are lagging trend indicators.
There are many types of moving averages.
Moving averages are also used within other indicators.

Score

Let's take a look at the Moving Averages of Equinor ASA. The current mas is .

The long score for the Moving Averages is 6/14.
The longshort score for the Moving Averages is -2/(-14 +14).

MA 20 trending up: The MA 20 is trending up. +1
Close < MA 20: The price is below the MA 20. -1
MA 20 > MA 50: The MA 20 is higher than the MA 50. +1
MA 20 > MA 100: The MA 20 is higher than the MA 100. +1
MA 20 < MA 200: The MA 20 is lower than the MA 200. -1
MA 50 trending up: The MA 50 is trending up. +1
Close > MA 50: The price is above the MA 50. +1
MA 50 < MA 100: The MA 50 is lower than the MA 100. -1
MA 50 < MA 200: The MA 50 is lower than the MA 200. -1
MA 100 trending down: The MA 100 is trending down. -1
Close < MA 100: The price is below the MA 100. -1
MA 100 < MA 200: The MA 100 is lower than the MA 200. -1
MA 200 trending up: The MA 200 is trending up. +1
Close < MA 200: The price is below the MA 200. -1

Directionalities and relatives.

Moving Average	Amount of candles	vs. MA 50	vs. MA 100	vs. MA 200
MA 20	20
MA 50	50	-
MA 100	100	-	-
MA 200	200	-	-	-

Explanation: https://www.youtube.com/watch?v=xwW8h0lrQ-I

Shows the moving average of the selected period.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

There are various kinds of moving averages:

Simple moving average (SMA);
Exponential moving average (EMA);
Smoothed moving average (SMMA);
Linear weighted moving average (LWMA).

The moving average looks at a certain period of time and it calculates the price average. The various types of averages are using various formulas. Don’t worry, you don’t have to memorize any formula. All moving averages are calculated automatically by basically every charting software you use. But it’s good to know how moving averages are actually calculated.

Simple moving average

SMA is calculated by summing up the price closures of the selected period. The price is then divided by the selected period. For example, when using the 21 day moving average you sum up all the closing prices for each day and divide that by 21. The result is a line on the chart representing the average. Because it’s an average in the selected timeframe, the trend is always lagging. An moving average looks like this on the chart:

Source: Tradingview.com

In this case, the blue line represents a 21 day moving average. Because the average is based on results from the past, the indicator will always lag behind. For example, when price would suddenly go up, the moving average won't immediately follow.

All other moving averages discussed below look the same on the chart. The only difference is that the line will move in different directions based on the maths behind the used indicators and the amount of days used to determine the average.

Exponential moving average

The EMA gives more weight to the latest closing prices by giving them more value in the equation. EMA is calculated by adding a certain percentage to the latest closing prices:

EMA = (CLOSE (i) * P) + (EMA (i - 1) * (1 - P))

Where:

CLOSE (i) = current period close price.
EMA (i - 1) = value of the Moving Average of a preceding period.
P = the percentage of using the price value.

Smoothed moving average

A smoothed moving average is an exponential moving average with a long lookback period. Older prices are reduced in weight but are never left out in the calculation. Unlike SMA and EMA where prices are removed when they are beyond the selected period. SMMA is a combination of the SMA and EMA. The main advantage is that it smooths out fluctuations in price.

Linear weighted moving average

The LWMA gives the latest price the highest weight and then lineary scales down with each price before that. The result is that the LWMA reacts quicker to changes in price than the SMA or EMA. The formula:

LWMA = ((Pn∗W1)+(Pn−1∗W2)+(Pn−2∗W3)...) / ∑W

Where:

P = Price for the period.
n = The most recent period, n-1 is the prior period, and n-2 is two periods prior.
W = The assigned weight to each period, with the highest weight going first and then descending linearly based on the number of periods being used.

Moving averages are widely used by many traders. Which moving average you need depends on your trading strategy. Common practise is using a combination of multiple periods. For example, the EMA21, EMA50, EMA100 and EMA200. How does that look on a chart:

Source: Tradingview.com

The lowest (purple) line on the chart represents the EMA200 then following up the EMA100, EMA50 and EMA21.

You can use moving averages to determine a trend. The 200 moving average is mostly used as a baseline for determining the current trend:

When the 200 moving average is moving up it is considered a bullish trend.
When the 200 moving average is down it is considered a bearish trend.
When moving averages are flatlined, there is no clear trend so you should look for market structure, consolidation or trend reversals. Depending on how you want to trade.

This is not set in stone. Most trading strategies use multiple moving averages each with different settings. While one strategy might use the EMA20, the other uses the SMA21. There can be hundreds of different variations. Moving averages can also be used as support and resistance. More often than not, prices will bounce on moving averages.

2.2 Moving Average Convergence/Divergence (MACD)

Shows the momentum of the selected period based on two moving averages.

MACD is a lagging momentum indicator.
Uses two moving averages.
Can show buy or sell signals based on momentum.
Can show overbought. and oversold. levels.

Score

Let's take a look at the Moving Average Convergence/Divergence (MACD) of Equinor ASA. The current macd is 4.38903752.

The long score for the Moving Average Convergence/Divergence (MACD) is 1/4.
The longshort score for the Moving Average Convergence/Divergence (MACD) is -2/(-4 +4).

MACD line < signal line: The MACD line is below the signal line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Equinor price going down in the near term. -2
MACD > 0: The MACD is above the zero line (centerline), it indicates a bullish signal for Equinor. This means that the short-term moving average is higher than the long-term moving average, signaling positive momentum and suggesting a higher likelihood of the Equinor price continuing to rise in the near future. It indicates that buyers are gaining control, and there is optimism in the market, leading to potential price increases. +1
Trending down: The MACD line is trending down. This indicates that the short-term moving average is falling faster than the long-term moving average, suggesting negative momentum in the market. This signals that sellers are becoming more active and insecure, leading to potential price decreases as traders anticipate further losses and are willing to sell at lower prices. -1

Equinor ASA Daily Moving Average Convergence/Divergence (MACD) Chart

2.3 Directional Movement Index (DMI)

The DMI is a collection of 3 indicators: +DI (Plus Direction Indicator), -DI (Minus Direction Indicator) and ADX (Average Directional Index). The ADX helps you determine the strength of a trend.

Score

Let's take a look at the Directional Movement Index (DMI) of Equinor ASA. The current adx is 32.81.

The long score for the Directional Movement Index (DMI) is 0/7.
The longshort score for the Directional Movement Index (DMI) is -3/(-7 +7).

PLUS_ID < MINUS_DI: The +DI line is below the -DI line. This indicates a bearish signal in the market, as the negative directional movement is currently stronger than the positive directional movement, showing that sellers have the upper hand. Market psychology suggests that traders are pessimistic, expecting further price decreases, and are more willing to sell Equinor shares, leading to potential downward momentum in its price. -1
PLUS_ID < MINUS_DI && ADX > 25 && ADX trending down: The ADX is above 25 and indicates a strong bearish trend. The ADX is declining, the bearish trend is weakening. Could be a potential reversal to the upside. -2

Equinor ASA Daily Directional Movement Index (DMI) Chart

2.4 Parabolic SAR

Shows the current trend and potential entry and exit signals.

Parabolic SAR (stop and reverse) is a lagging trend indicator.
Shows the current trend.
Shows potential entry signals.
Shows potential exit signals.
Can be used to place trailing stoplosses..

Score

Let's take a look at the Parabolic SAR of Equinor ASA. The current sar is 312.56.

The long score for the Parabolic SAR is 0/1.
The longshort score for the Parabolic SAR is -1/(-1 +1).

Close < SAR: The price is below the SAR. It's generally considered a bearish signal. -1

3. Momentum Indicators

3.1 Relative Strength Index (RSI)

Measures the speed and change of price movements.

Leading momentum indicator, meaning the signals are instant.
Ranges between 0 and 100.
Above 70 is considered overbought.
Below 30 is considered oversold.
Above or below 50 can also be used to determine price trend or support and resistance.
RSI divergence looks at a deviation between RSI and price movement. Penketrading automatically calculates RSI divergences.
Can be used in many different ways

Score

Let's take a look at the Relative Strength Index (RSI) of Equinor ASA. The current rsi is 50.72. The current phase is Correction in bear market.

The long score for the Relative Strength Index (RSI) is 3/13.
The longshort score for the Relative Strength Index (RSI) is 2/(-13 +13).

Correction in bear market: Extended price decline in a downtrend, significant pullback. Consider reducing exposure, wait for signs of trend reversal.
Trending down: The RSI is trending down. -1

Measures the speed and change of price movements.

There are four types of indicators:

Trend indicators
Momentum indicators
Volatility indicators
Volume indicators

The RSI measures the magnitude of recent price changes to determine if the asset is overbought or oversold.

Overbought (RSI above 70) means that the trading price is above its intrinsic value. This might indicate a sell or short signal.
Oversold (RSI below 30) means that the trading price is below its intrinsic value. This might indicate a buy or long signal.
RSI levels above or below 50 can also be used to determine a trend.
RSI divergence looks at a deviation between RSI and price movement.
Can be used in many different ways.

Original usage

Keep in mind that almost every indicator can be used in different ways. Even beyond the orginal settings. The relative strength index was developed by J. Welles Wilder. Wilder recommended a smoothing period of 14 days. That means a 14 day moving average (read more about this setting below). Another quote from the wikipedia page:

Wilders also considers the RSI 50 line as both support and resistance. I recommend to always read the original settings first before using an indicator. Many traders and websites are using their own version of the indicator which might be confusing.

How you can use RSI (Divergence)

First and foremost, there is no real right or wrong usage of the RSI indicator. You can use it in any way you want. Wilder recommends using a 14 day average but you can make it 50 or 100 if you like. Just keep in mind that using an indicator is just part of a larger trading plan. In other words, it’s not recommended to do any trading or investing based on a single indicator like the RSI.

The RSI is measured on a scale between 0 and 100. From 30 till 0 is considered oversold. and from 70 -100 is overbought. The RSI is a leading indicator, meaning the signals are instant.

I like to use the RSI as a trend\momentum indicator and not as an overbought or oversold indicator. I use the middle (50) as the baseline. When prices go above RSI 50 the trend is bullish and can indicate long positions. When below 50 it is considered bearish and can indicate short positions. Other traders use the 70 and 30 levels as overbought/oversold depending on the used strategy. The RSI indicator looks like this:

Source: Tradingview.com

The general concensus is that an RSI above 70 indicates that the security is overbought. In other words, the price this security is trading for is to high and should come down. So if RSI hits 70 or above this might indicate a sell signal or taking a short position (expecting the price will go down). Although RSI above 70 indicates the security is trading above it's fair value, that does not mean the price will go down.

Use tradingview to add indicators

I highly recommend using tradingview to add indicators to a chart. It has all the indicators you can think off and can add them for free (up to three indicators) to any chart you want. You can see that the levels 30 and 70 are marked with a dotted line. If you want you can remove these lines or give it another colour using Tradingview. You can also adjust the moving average used. You can also find RSI indicators made by the community that include other settings like RSI divergences.

Tradingview

Use Tradingview to (back)test your strategies and add hundreds of indicators created by the community.

View tool on Tradingview.com

RSI divergence

RSI is not only used to determine momentum but can also spot reversals or continuations of the trend. A reversal means that the trend is going in the opposite direction. From bullish to bearish or from bearish to bullish. These reversals can be spotted by looking at the price and the direction of the RSI. When the price is going up but the RSI is going down that means there is a divergence. This is also the case when RSI goes up but price is going down.

There are four types of divergences:

Regular bullish divergence
Regular bearish divergence
Hidden bullish divergence
Hidden bearish divergence

Regular bullish divergence

With a regular bullish divergence, the price is making lower highs but the oscillator (in this case the RSI) is making higher lows. A regular bullish divergence might indicate the end of the current trend. You’ll see regular bullish divergences mostly at the end of a downtrend. But that does not mean that every regular bullish divergence is a trend reversal.

Price is making lower highs
RSI is making higher lows
Indicating bullish reversal (price might go up)

Source: Tradingview.com

Regular bearish divergence

With a regular bearish divergence the price is making higher highs but the oscillator (in this case the RSI) is making lower highs. This might indicate the end of an uptrend.

Price is making higher highs
RSI is making lower highs
Indicating bearish reversal

Source: Tradingview.com

Hidden bullish divergence

With a hidden bullish divergence, the price is making a higher low while the RSI is making a lower low. This might indicate bullish trend continuation.

Price is making higher lows
RSI is making lower lows
Indicating bullish continuation

Source: Tradingview.com

As you have noticed, you can have multiple divergences in a row.

Hidden bearish divergence

With a hidden bearish divergence, price is making lower highs but RSI is making higher highs. This might indicate bearish trend continuation.

Price is making lower highs
RSI making higher highs
Indicating bearish continuation

Source: Tradingview.com

You can find many cheatsheets of RSI divergences online. Search for "RSI divergence overview" and you'll find a lot of examples. You can print these to learn the various types of divergences.

Equinor ASA Daily Relative Strength Index (RSI) Chart

3.2 Stochastic Oscillator

Compares a certain price to multiple prices ranging over time.

Leading momentum indicator, meaning the signals are instant.
Used to determine overbought and oversold areas much like the RSI.
Ranges between 0 and 100.
Above 80 is considered overbought.
Below 20 is considered oversold.
Consists of two lines named K and D.
K compares the highest high and lowest low on the selected price range.
The D line is a moving average of the K line.
Can be used to spot divergences

Score

Let's take a look at the Stochastic Oscillator of Equinor ASA. The current phase is Oversold in bear market.

The long score for the Stochastic Oscillator is 0/6.
The longshort score for the Stochastic Oscillator is -6/(-6 +6).

STOCH < 50: The STOCH %K is below 50. There are more sellers than buyers. -1
STOCH < 20: The STOCH %K is below 20 and oversold. -2
STOCH %K line < STOCH %D line: The STOCH %K line is below the STOCH %D line, which indicates a bearish signal in the market. This means that the negative momentum is currently stronger than the average momentum, suggesting that sellers are more active than buyers, and there's a higher probability of the Equinor price going down in the near term. -2
Trending down: The STOCH %K is trending down. -1

Equinor ASA Daily Stochastic Oscillator Chart

3.3 Commodity Channel Index (CCI)

Measures the difference between the current price and the historical average price.

Lagging or leading Momentum indicator
When the CCI is above zero, the price is above the historical average
When the CCI is below zero, the price is below the historical average
Used for spotting trends
- If the CCI moves from negative or near zero to positive 100 that might indicate an uptrend
- If the CCI moves from positive or near zero to negative -100 that might indicate a downtrend

Score

Let's take a look at the Commodity Channel Index (CCI) of Equinor ASA. The current cci is -52.44207753.

Equinor ASA Daily Commodity Channel Index (CCI) Chart

3.4 Chande Momentum Oscillator (CMO)

Measures the difference between the sum of recent gains and the sum of recent losses. Then divides the result by the sum of all price movements in that period.

Lagging momentum indicator
Ranges between +100 and -100
Considered overbought above +50
Considered oversold below -50
It's possible to add a moving average that acts as a signal line

Score

Let's take a look at the Chande Momentum Oscillator (CMO) of Equinor ASA. The current cmo is -12.66885174.

The long score for the Chande Momentum Oscillator (CMO) is 0/1.
The longshort score for the Chande Momentum Oscillator (CMO) is -1/(-1 +1).

CMO < 0: The CMO is below 0, the momentum of the price is negative, indicating a potential downtrend in the price. -1

Equinor ASA Daily Chande Momentum Oscillator (CMO) Chart

3.5 Williams %R

Shows the current price relative to the highest high over the last 14 days.

Lagging momentum indicator
Ranging between 0 and -100
Above -20 is considered overbought
Below -80 is considered oversold
Is prone to give false signals

Score

Let's take a look at the Williams %R of Equinor ASA. The current willr is -89.05882353.

The long score for the Williams %R is 0/1.
The longshort score for the Williams %R is -1/(-1 +1).

WILLR < -80: The Williams %R is below -80. This indicates that the price is in oversold territory, suggesting a potential price correction or trend reversal to the upside. -1

4. Volatility Indicators

4.1 Bollinger Bands

Shows if the price is to high or to low relative to an average.

Lagging volatility indicator
Uses 3 bands: one upper, one lower and one in the middle
Works best when the middle band reflects an intermediate trend (MA20).
When the price is moving closer to the upper band, the market might be overbought
When the price is moving closer to the lower band, the market might be oversold

Score

Let's take a look at the Bollinger Bands of Equinor ASA.

4.2 Average True Range (ATR)

Measures market volatility

Leading volatility indicator
Can be used to determine stop-loss positions
Calculated by:
- Current high minus the current low
- Current high minus the previous close
- Current low minus the previous close
The larger the range of the candles, the greater the ATR value

Score

Let's take a look at the Average True Range (ATR) of Equinor ASA. The current atr is 5.45458059.

Equinor ASA Daily Average True Range (ATR) Chart

5. Volume Indicators

5.1 On-Balance Volume (OBV)

Measures market volatility

Leading momentum indicator
Calculation:
- If the closing price is above the previous closing price: OBV = previous OBV + current volume
- If the closing price is below the previous closing price: OBV = previous OBV - current volume
- If the closing price is the same as the previous closing price than the OBV is the same.
Can be used to confirm price trends
Can be used with divergences

Score

Let's take a look at the On-Balance Volume (OBV) of Equinor ASA. The current obv is -74,934,752.

Equinor ASA Daily On-Balance Volume (OBV) Chart

5.2 Money Flow Index (MFI)

Measures the flow of money in and out of a security

Lagging momentum indicator
Looks like RSI but uses volume as an extra metric (RSI only considers price)
Above 80 is considered overbought
Below 20 is considered oversold
Can be used with divergences

Score

Let's take a look at the Money Flow Index (MFI) of Equinor ASA. The current mfi is 34.97.

The long score for the Money Flow Index (MFI) is 0/2.
The longshort score for the Money Flow Index (MFI) is -1/(-2 +2).

MFI < 50: -1

Equinor ASA Daily Money Flow Index (MFI) Chart

6. Summary

6.1. Notifications

Type	Notification	Date
Currently no notifications for Equinor ASA.

6.2. Trading Signals

Below you will find trading signals as the indicator is commonly used. This doesn't mean you should use it that way. Learn from these, but don't use them blindly. I recommend using at least 4 indicators, 1 from each category: trend, momentum, volatility and volume.

Date	Indicator	Signal
2023-11-30	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2023-12-01	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2023-12-04	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-05	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-07	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-11	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-12	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2023-12-13	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-14	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
2023-12-15	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-18	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-19	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-20	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2023-12-21	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
2023-12-22	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2023-12-27	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2023-12-28	STOCH	LONG EXIT		The %K line crosses below the %D line.
2023-12-29	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-02	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-03	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-04	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-01-08	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-01-10	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-01-11	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-01-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-15	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-16	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-17	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-01-19	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-01-23	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
2024-01-24	MFI	SHORT ENTRY	LONG CLOSE	20 crossover to downside
2024-01-25	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	MFI	LONG ENTRY	SHORT CLOSE	20 crossover to upside
2024-01-29	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
2024-02-06	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-02-07	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	CCI	SHORT ENTRY	LONG CLOSE	-100 crossover to downside
	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-02-08	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-02-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-13	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-02-14	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-19	RSI	LONG ENTRY	SHORT CLOSE	30 crossover to upside
2024-02-20	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-22	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-23	MACD	LONG ENTRY	SHORT CLOSE	The MACD line crosses above the signal line.
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside
2024-02-27	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-02-29	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-01	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
2024-03-06	DMI	LONG ENTRY	SHORT CLOSE	The +DI crossed the -DI to the upside. The trend is reversing to an up trend.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-03-07	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-08	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
2024-03-11	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-03-12	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CMO	LONG ENTRY	SHORT CLOSE	Zero line crossover to upside
2024-03-13	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-15	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-19	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-03-21	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
2024-03-25	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
2024-03-26	STOCH	LONG EXIT		The %K line crosses below the %D line.
2024-04-02	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	WILLR	LONG ENTRY	SHORT CLOSE	-20 crossover to upside
	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
	MFI	LONG ENTRY	SHORT CLOSE	80 crossover to upside
2024-04-04	STOCH	LONG EXIT		The %K line crosses below the %D line.
	MFI	SHORT ENTRY	LONG CLOSE	80 crossover to downside
2024-04-09	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
2024-04-11	SAR	LONG ENTRY	SHORT CLOSE	The price broke the SAR to the upside.
	STOCH	SHORT EXIT		The %K line crosses above the %D line.
	CCI	LONG ENTRY	SHORT CLOSE	100 crossover to upside
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-12	BB	SHORT ENTRY	LONG CLOSE	Price closed above the lower band.
	ATR	LONG ENTRY	SHORT CLOSE	Price closed above (close + ATR).
2024-04-15	RSI	SHORT ENTRY	LONG CLOSE	70 crossover to downside
	STOCH	LONG EXIT		The %K line crosses below the %D line.
	ATR	SHORT ENTRY	LONG CLOSE	Price closed below (close - ATR).
2024-04-18	MACD	SHORT ENTRY	LONG CLOSE	The MACD line crosses below the signal line.
2024-04-19	SAR	SHORT ENTRY	LONG CLOSE	The price broke the SAR to the downside
2024-04-22	CMO	SHORT ENTRY	LONG CLOSE	Zero line crossover to downside
2024-04-23	DMI	SHORT ENTRY	LONG CLOSE	The +DI crossed the -DI to the downside. The trend is reversing to a down trend.
	WILLR	SHORT ENTRY	LONG CLOSE	-80 crossover to downside

6.3. Candlestick Patterns

Date	Candlestick Pattern

6.4. Technical Score

Let's check the technical score of Equinor ASA based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	50.717
Ma 20	Greater than	Ma 50	298.099
Ma 50	Greater than	Ma 100	281.148
Ma 100	Greater than	Ma 200	295.285
Open	Greater than	Close	294.475
Total			2/5 (40.0%)

Create your own Symbol Scanner

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Quick analysis of Equinor (30 sec.)

What can you expect buying and holding a share of Equinor? (30 sec.)

What is your share worth?

+ What do you gain per year?

For what price can you sell your share?

1. Valuation of Equinor (5 min.)

kr294.48

kr0.00

2. Growth of Equinor (5 min.)

Is Equinor growing?

How much money is Equinor making?

How much money comes from the company's main activities?

3. Financial Health of Equinor (5 min.)

What can you expect buying and holding a share of Equinor? (5 min.)

What can you expect buying and holding a share of Equinor?

Speculation

Investing

How much money are you going to get?

When do you get the money?

Fundamentals of Equinor

About Equinor ASA

Financial Health

Valuation

1.1. Profitability of Equinor ASA.

1.1. Profitability

1.1.1. Net Profit Margin

Trends

1.1.2. Return on Assets

Trends

1.1.3. Return on Equity

Trends

1.2. Operating Efficiency of Equinor ASA.

1.2. Operating Efficiency

1.2.1. Operating Margin

Trends

1.2.2. Operating Ratio

Trends

1.3. Liquidity of Equinor ASA.

1.3. Liquidity

1.3.1. Current Ratio

Trends

1.3.2. Quick Ratio

Trends

1.4. Solvency of Equinor ASA.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Trends

1.4.2. Debt to Equity Ratio

Trends

2. Market Valuation of Equinor ASA

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Trends

2.2. Price To Free Cash Flow Ratio

Trends

2. Book Value per Share

2.3. Price to Book Ratio

Trends

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

Equinor ASA
Buy, Hold or Sell?