The analyst thinks the company has underperformed its peers YTD with European gas prices returning to the long-term trend from unusually high levels in 2022. 

The analyst notes Europe is highly dependent on LNG imports to balance the market, with pricing skewed to the upside into winter.

The analyst believes weaker gas and earnings momentum is factored in the share underperformance, and any further weakness should will drive buying opportunities for long-term investors.

The analyst expects a 2024 DPS of $3.68, 57% ahead of consensus and thinks investors are comfortable with 2023 distributions and focus is likely to shift to 2024.

The analyst expects EQNR's balance sheet and net cash position to drive 2024 distributions, which is expected to be same level as 2023.  

Borkhataria sees Equinor as well placed to profit from volatile gas prices and has the potential to capture 15-30mtpa of CO2 over time.

The analyst expects EPS of $3.31 in 2023 and $3.12 in 2024.

Price Action: EQNR shares are trading up 5.1% at $32.44 on the last check Wednesday.