Statoil Upgraded to “Buy” by Bank of America Corp. (STO)
Statoil (NYSE:STO) was upgraded by equities researchers at Bank of America Corp. from a “neutral” rating to a “buy” rating in a research report issued on Wednesday, StockRatingsNetwork.com reports. The firm currently has a $25.00 target price on the stock, up from their previous target price of $23.00. Bank of America Corp.’s target price indicates a potential upside of 14.63% from the company’s current price.
The analysts wrote, “We believe Statoil is following a sensible strategy, targeting modest production growth, balanced with respectable return investments carrying relatively low execution and political risk. Given the long lead times of project development, patience is required before the true earnings potential of the group becomes apparent; but $18bn of recent disposals serve to illustrate the inherent value within the portfolio and management’s commitment to shareholders over other stakeholders. We believe Statoil has a growth ambition, but not an obsession – an important distinction. We upgrade to Buy with a PO of NOK150 [US$25.00].”
Several other analysts have also recently commented on the stock. Analysts at Barclays Capital upgraded shares of Statoil from an “equal weight” rating to an “overweight” rating in a research note to investors on Wednesday, August 14th. Separately, analysts at Fearnley Fonds downgraded shares of Statoil from a “buy” rating to an “accumulate” rating in a research note to investors on Tuesday, August 13th. Finally, analysts at Swedbank downgraded shares of Statoil from a “buy” rating to a “neutral” rating in a research note to investors on Friday, July 26th.
Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $24.50.
Statoil (NYSE:STO) traded up 3.81% on Wednesday, hitting $22.64. 1,279,380 shares of the company’s stock traded hands. Statoil has a one year low of $20.02 and a one year high of $27.40. The stock’s 50-day moving average is $21.64 and its 200-day moving average is $23.02. The company has a market cap of $72.025 billion and a price-to-earnings ratio of 10.40.
Statoil (NYSE:STO) last posted its quarterly earnings results on Thursday, July 25th. The company reported $0.60 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.65 by $0.05. On average, analysts predict that Statoil will post $2.54 earnings per share for the current fiscal year.
Statoil ASA (NYSE:STO), formerly StatoilHydro ASA is an integrated energy company based in Norway with locations in approximately 40 other countries worldwide.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.