10 Ridiculously Cheap Stocks to Buy Right Now

8. Equinor ASA (NYSE:EQNR)

Analyst Upside as of November 25, 2024: 26%

Forward P/E as of November 25, 2024: 7.80

Market Capitalization as of November 25, 2024: $67.6 Billion

Equinor ASA (NYSE:EQNR) is an energy company headquartered in Norway with 23,000 employees located in 30 countries across the globe. The company provides energy to nearly 170 million people from across the globe. By 2050, Equinor expects to become a net zero entity and is currently working on finding new solutions to oil, gas, and renewables to make the transition a reality.

The company is notorious for securing strategic partnerships. On November 15, Equinor ASA (NYSE:EQNR) partnered with BP, Shell, and TotalEnergies with a staggering $500 million in total investment to make energy accessible for certain regions in the coming years. The four entities are targeting areas in Sub-Saharan Africa, South Asia, and Southeast Asia. Similarly, on November 18, the company was awarded a two-year contract with Northern Ocean Wind AS to establish a mobile rig on the Norwegian continental shelf.

In the third quarter of 2024, Equinor ASA (NYSE:EQNR) reported net operating income worth $6.91 billion and net income worth $2.29 billion. With such solid results, the company is on track to post solid cash flow from operations before the year’s end. The company has also updated and increased its capacity in its gas value chain and orchestrated strategic decisions to expand throughout the quarter.

Equinor ASA (NYSE:EQNR) celebrates a strong ecosystem and operational infrastructure, that supports its ranking on our list. Analysts are also bullish on the stock and their median price target represents an upside of 26% from current levels.