Equinor Shares Gain 75.7% in a Year: Buy the Strength or Wait?

Equinor ASA (EQNR) shares have surged 75.7% over the past year and are trading near 52-week highs. The Norwegian energy company is positioned for 3% production growth in 2026 driven by new Norwegian Continental Shelf fields and international developments. Elevated oil and gas prices, strong refining margins, and a discounted valuation (2.15X EV/EBITDA vs. industry average 5.88X) support a constructive outlook. As Europe's leading piped gas supplier, EQNR benefits from tight LNG supplies and robust demand. The stock carries a Zacks Rank #2 (Buy) rating.