Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.76, read 2026-11-03
Ethical passes the values gate
Price45.63 USD
Fair value41.49
Ethical score70.0/100
Value readFairas of 3 Nov 2026
Our investment reviews on this name
2026-11-01Read Markup48.75-6.4% to today Accumulation gives way to Markup after a 9% rise in 2 weeks
2026-10-18Read Accumulation44.92+1.6% to today ✓Markdown gives way to Accumulation after a 7% rise in 7 days
2026-10-11Read Markdown42.17+8.2% to today Distribution gives way to Markdown
2026-10-02Read Distribution42.17+8.2% to today Markup gives way to Distribution after a 7% rise in 6 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Equinor ASA ADR holds its Markup at $45.63. The statistical read favours the sellers, held for 46 days.
As held on the ledger · 2026-11-03
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 46 days
Price at the screen
$45.63
Valuation
9.47 trailing · 9.18 forward price to earnings
Values screen
PASS· score 70.0
Beta
-0.65
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
23.70%
Below 33%
Interest-bearing debt is just 23.7% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
3.39%
Below 33%
Cash held in interest-bearing accounts and securities is 3.4% of assets, under the one-third limit.
Pass
Receivables
11.59%
Below 49%
Money owed to the company is 11.6% of assets, under the 49% limit.
Pass
Revenue purity
0.98%
Below 5%
Only 1.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Equinor ASA clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 24%, inside the ~33% line, and almost none of its income is interest, so it passes.
Read as at 2026-11-04. It updates when the underlying figures move, and past reads are kept below.
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Today EQNR passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Fair vs our fair value, as of 3 Nov 2026: it trades above our $41.49 fair value estimate, narrow competitive moat, 26.60% revenue growth.
Fair value range in USD, drawn from the 2026-11-03 screen. The gold marker is the market price at the same screen. The price runs 10.0% above the base estimate.
Where our models see it going: fair-value estimate $41.49, with a range of $31.49 to $52.48, dated to the 2026-11-03 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Oil Giant Trades Above Its Fair Value
Picture an oil trader watching Brent swing from $60 to $120 and back again. Equinor sits right in that storm, yet its shares sit 14% above our fair value with revenue already falling 5%. The low 10 times forward earnings look tempting on the surface, but in a cyclical industry that multiple often signals peak profits rather than a bargain.
We pass on Equinor for one clear reason. The business carries only a narrow moat, returns just 12% on equity and 5% profit margins, and offers no margin of safety at the current price. Six analysts rate it a hold with a median target of $33, reinforcing that the market sees limited upside.
The real danger lies in the cycle itself. When energy prices roll over, earnings collapse faster than the multiple can expand, turning an apparently cheap stock into a value trap. Ethical screen clears, yet the numbers still do not justify stepping in. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The things to watch: its business and earnings are exposed to Norway and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
EQNR trades on the NYSE (the company is based in Norway). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-01Markup · changed$48.75+5.6%Entry 15
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 5.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 33% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 58%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (6 analysts) rates it hold, with a mean price target of $37.
2026-10-25Accumulation$46.15+2.7%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.7% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 30% above its long-term trend line with momentum reading overbought. Over the past year the shares are up 58%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (6 analysts) rates it hold, with a mean price target of $37.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 6.5% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 32% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 58%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (6 analysts) rates it hold, with a mean price target of $37.
2026-10-11Markdown · changed$42.17+0.0%Entry 12
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 32% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 58%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (6 analysts) rates it hold, with a mean price target of $37.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 6.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 32% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 58%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (6 analysts) rates it hold, with a mean price target of $37.
2026-08-23Markup · changed$39.46+5.6%Entry 10
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 5.6% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 32% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 58%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (6 analysts) rates it hold, with a mean price target of $37.
2026-07-22Distribution$37.37+0.0%Entry 9
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 32% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 58%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (6 analysts) rates it hold, with a mean price target of $37. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-21Distribution$37.37+0.0%Entry 8
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 32% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 58%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (6 analysts) rates it hold, with a mean price target of $37. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-20Distribution$37.37+0.0%Entry 7
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 32% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 58%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (6 analysts) rates it hold, with a mean price target of $37. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-19Distribution$37.37+3.3%Entry 6
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 3.3% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is holding around 32% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 58%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (6 analysts) rates it hold, with a mean price target of $37. It reported earnings in this window, a natural checkpoint for the thesis.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
