Bank of America Downgrades Statoil ASA (STO) to Underperform

Bank of America downgraded shares of Statoil ASA (NYSE:STO) from a neutral rating to an underperform rating in a research report released on Tuesday morning, The Fly reports.

STO has been the subject of a number of other reports. Barclays cut shares of Statoil ASA from an equal weight rating to an underweight rating in a research report on Monday, August 21st. Piper Jaffray Companies set a $16.00 target price on shares of Statoil ASA and gave the company a hold rating in a research report on Friday, August 25th. BidaskClub upgraded shares of Statoil ASA from a hold rating to a buy rating in a research report on Saturday, August 26th. Scotiabank set a $17.00 target price on shares of Statoil ASA and gave the company a hold rating in a research report on Friday, August 25th. Finally, Deutsche Bank upgraded shares of Statoil ASA from a sell rating to a hold rating in a research report on Monday, September 4th. Five equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. Statoil ASA has an average rating of Hold and a consensus target price of $18.33.

Statoil ASA (STO) opened at $20.13 on Tuesday. The company has a current ratio of 1.54, a quick ratio of 1.38 and a debt-to-equity ratio of 0.71. The stock has a market cap of $66,710.00, a price-to-earnings ratio of 20.43, a price-to-earnings-growth ratio of 0.67 and a beta of 0.96. Statoil ASA has a twelve month low of $16.18 and a twelve month high of $21.02.

A number of institutional investors have recently added to or reduced their stakes in STO. Advisor Group Inc. increased its position in Statoil ASA by 39.5% during the second quarter. Advisor Group Inc. now owns 7,995 shares of the oil and gas company’s stock worth $114,000 after purchasing an additional 2,262 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in Statoil ASA during the second quarter worth about $132,000. PNC Financial Services Group Inc. increased its position in Statoil ASA by 4.8% during the second quarter. PNC Financial Services Group Inc. now owns 9,920 shares of the oil and gas company’s stock worth $165,000 after purchasing an additional 451 shares during the last quarter. HighTower Advisors LLC acquired a new stake in Statoil ASA during the second quarter worth about $168,000. Finally, Pacad Investment Ltd. increased its position in Statoil ASA by 8.1% during the second quarter. Pacad Investment Ltd. now owns 10,700 shares of the oil and gas company’s stock worth $177,000 after purchasing an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 5.18% of the company’s stock.

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About Statoil ASA

Statoil ASA (Statoil) is an energy company. The Company is engaged in oil and gas exploration and production activities. The Company’s segments include Development and Production Norway (DPN), Development and Production International (DPI), Marketing, Midstream and Processing (MMP) and Other. DPN segment manages the Company’s upstream activities on the Norwegian continental shelf (NCS) and explores for and extracts crude oil, natural gas and natural gas liquids.

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