Equinor Buys 369K Shares at NOK 320 in Second Tranche

Equinor ASA repurchased 369,300 of its own shares last week at an average price of NOK 319.62 apiece, part of the second tranche of its 2026 buyback programme. The buys were executed between June 15 and June 19, the company said in a regulatory filing Monday.

The second tranche was announced on May 6 and runs through July 20. The company has now accumulated 67.1 million own shares, or 2.63% of total share capital, including those held under the share savings plan. Excluding the savings plan, the stake is 56.6 million shares, or 2.22% of capital.

The buyback is the second leg of a programme that has grown sharply. In February, Equinor doubled its 2026 buyback target to $3 billion and laid out a $2 billion to $4 billion range for 2027. The current pace suggests the company is on track to hit that $3 billion figure, assuming similar weekly volumes through the tranche's end.

Each repurchase reduces the outstanding share count and mechanically lifts earnings per share, all else equal. The average price of NOK 319.62 is below the NOK 327 that Equinor paid in the first tranche's early weeks and below the NOK 353 it paid for a separate buyback in late 2025, a sign that the stock has traded lower this year. Equinor shares have faced headwinds from weaker crude prices and a wider discount applied by investors to European oil majors with energy transition exposure.

AlphaScala's proprietary scoring system gives Equinor a 51 out of 100 Alpha Score, a "Mixed" label. That reading balances the support from a strong buyback commitment against the sector's structural concerns. The score sits in the middle of the range, implying no clear directional conviction from the factor models.

The buyback programme is part of Equinor's broader capital allocation framework, which also funds the ordinary dividend and a separate employee share savings programme. The shares bought in this tranche are expected to be cancelled, reducing the overall share register.

Investors watching the oil and gas sector often treat buyback announcements as a vote of confidence from management. In Equinor's case, the practice is well-established; the company has run continuous buyback programmes for years. What changes year to year is the ceiling. The 2026 target of $3 billion, double the 2025 level, suggests the board sees room to return more cash without compromising investment plans, including renewable energy projects and oil-field maintenance.

The next disclosure will come next week, when Equinor reports another batch of purchases under the second tranche. The programme continues through July 20, and each weekly update will show whether Equinor maintains the current pace or adjusts to market conditions.