On July 23, Equinor ASA rose 3.2% in pre-market trading, trading at $41.24/share, with turnover of $1.2113 million. The stock continued its upward momentum following the release of strong second-quarter results and an aggressive capital return plan.

The company reported Q2 adjusted earnings per share of $1.33, up 107.81% from $0.64 a year earlier, while revenue came in at approximately $35.18 billion, up 39.8% year-over-year. Although EPS slightly missed the analyst consensus estimate of $1.39, the substantial year-over-year profit improvement bolstered market sentiment. The company declared a cash dividend of $0.39 per share and initiated a third tranche of its share buyback program of up to $1.13 billion, commencing on July 23. Equinor had previously doubled its full-year buyback target to $3 billion and projects cumulative free cash flow exceeding $40 billion through 2030. Additionally, the broader energy sector provided a tailwind, with WTI crude trading 3.2% higher at $87.06 per barrel.

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