Bank of America Upgrades Statoil ASA(ADR) to Buy

Brokerage firm Bank of America Upgrades its rating on Statoil ASA(ADR)(NYSE:STO). The shares have been rated Buy. Previously, the analysts had a Neutral rating on the shares. The rating by Bank of America was issued on Sep 16, 2016.

In a different note, On Sep 9, 2016, Morgan Stanley said it Downgrades its rating on Statoil ASA(ADR). The shares have been rated ‘Underweight’ by the firm. On Sep 7, 2016, HSBC said it Upgrades its rating on Statoil ASA(ADR). The shares have been rated ‘Buy’ by the firm. On Jul 28, 2016, DNB Markets said it Upgrades its rating on Statoil ASA(ADR). The shares have been rated ‘Buy’ by the firm. On Jul 21, 2016, Morgan Stanley said it Downgrades its rating on Statoil ASA(ADR). The shares have been rated ‘Equal-weight’ by the firm. On Jun 21, 2016, Deutsche Bank said it Downgrades its rating on Statoil ASA(ADR). The shares have been rated ‘Sell’ by the firm.

Statoil ASA(ADR) (STO) made into the market gainers list on Thursdays trading session with the shares advancing 2.73% or 0.42 points. Due to strong positive momentum, the stock ended at $15.83, which is also near the day’s high of $15.98. The stock began the session at $15.89 and the volume stood at 49,76,819 shares. The 52-week high of the shares is $17.94 and the 52 week low is $10.885. The company has a current market capitalization of $50,476 M and it has 3,18,86,47,100 shares in outstanding.

Statoil ASA(ADR) has also declared a cash dividend of $0.2201 on Jul 27, 2016. The shares will quote ex-dividend on Nov 1, 2016 and the record date has been fixed on Nov 3, 2016. The dividend payable date has been fixed on Dec 16, 2016.

Statoil ASA(ADR)(STO) last announced its earnings results on Jul 27, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $11.29B. Analysts had an estimated revenue of $11.82B. Earnings per share were $0.01. Analysts had estimated an EPS of $0.08.

Statoil ASA 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 North America (DPNA) Development and Production International (DPI) Marketing Processing and Renewable Energy (MPR) and Other. The DPN segment consists of its exploration field development and operational activities on the Norwegian continental shelf (NCS). The DPI segment develops and produces oil and gas outside the NCS. The DPNA segment comprises of its upstream activities in North America. The MPR segment markets and trades crude oil natural gas power emissions liquids and refined products for transportation and processing and for developing business opportunities in renewables. The Other segment includes activities in Global Strategy and Business Development (GSB); Technology Projects and Drilling (TPD) and corporate staffs and support functions.

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