Statoil ASA’s (STO) “Hold” Rating Reaffirmed at Scotiabank

Statoil ASA (NYSE:STO)‘s stock had its “hold” rating restated by Scotiabank in a report issued on Wednesday. They currently have a $19.00 price objective on the oil and gas company’s stock. Scotiabank’s price target would indicate a potential downside of 6.45% from the stock’s previous close.

Several other analysts have also commented on the stock. Deutsche Bank AG upgraded shares of Statoil ASA from a “sell” rating to a “hold” rating in a research report on Monday, September 4th. Tudor Pickering lowered shares of Statoil ASA from a “buy” rating to a “hold” rating in a research report on Tuesday, September 5th. Piper Jaffray Companies set a $16.00 price target on shares of Statoil ASA and gave the company a “hold” rating in a research report on Friday, August 25th. Barclays PLC lowered shares of Statoil ASA from an “equal weight” rating to an “underweight” rating in a research report on Monday, August 21st. Finally, BidaskClub upgraded shares of Statoil ASA from a “hold” rating to a “buy” rating in a research report on Saturday, August 26th. Four analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $18.33.

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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC boosted its position in Statoil ASA by 36.1% during the second quarter. Renaissance Technologies LLC now owns 6,330,576 shares of the oil and gas company’s stock worth $104,644,000 after acquiring an additional 1,680,032 shares during the last quarter. Sei Investments Co. boosted its position in Statoil ASA by 93.8% during the second quarter. Sei Investments Co. now owns 2,010,897 shares of the oil and gas company’s stock worth $33,241,000 after acquiring an additional 973,529 shares during the last quarter. State Street Corp boosted its position in Statoil ASA by 1.9% during the second quarter. State Street Corp now owns 1,590,002 shares of the oil and gas company’s stock worth $26,283,000 after acquiring an additional 28,916 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in Statoil ASA by 7.0% during the second quarter. Goldman Sachs Group Inc. now owns 1,060,874 shares of the oil and gas company’s stock worth $17,536,000 after acquiring an additional 69,709 shares during the last quarter. Finally, Royal Bank of Canada boosted its position in Statoil ASA by 3.8% during the second quarter. Royal Bank of Canada now owns 789,447 shares of the oil and gas company’s stock worth $13,050,000 after acquiring an additional 28,679 shares during the last quarter. Hedge funds and other institutional investors own 5.02% of the company’s stock.

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.

Analyst Recommendations for Statoil ASA (NYSE:STO)

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