Statoil ASA (STO) Downgraded by Citigroup Inc. to “Neutral”

Citigroup Inc. lowered shares of Statoil ASA (NYSE:STO) from a buy rating to a neutral rating in a research note issued to investors on Monday.

Other equities analysts have also issued reports about the company. BidaskClub raised Statoil ASA from a hold rating to a buy rating in a research note on Saturday, August 26th. Tudor Pickering lowered Statoil ASA from a buy rating to a hold rating in a research report on Tuesday, September 5th. Deutsche Bank AG raised Statoil ASA from a sell rating to a hold rating in a research report on Monday, September 4th. Scotiabank set a $17.00 price target on Statoil ASA and gave the stock a hold rating in a research report on Friday, August 25th. Finally, Piper Jaffray Companies set a $16.00 price target on Statoil ASA and gave the stock a hold rating in a research report on Friday, August 25th. Four research analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus price target of $17.67.

Statoil ASA (NYSE STO) traded down 0.998% during mid-day trading on Monday, reaching $20.335. 1,432,694 shares of the company were exchanged. Statoil ASA has a 1-year low of $15.58 and a 1-year high of $20.77. The stock has a 50-day moving average of $20.02 and a 200 day moving average of $18.22. The firm’s market capitalization is $65.84 billion.

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A number of hedge funds have recently made changes to their positions in STO. Renaissance Technologies LLC lifted its holdings in shares of Statoil ASA by 36.1% in the second quarter. Renaissance Technologies LLC now owns 6,330,576 shares of the oil and gas company’s stock valued at $104,644,000 after buying an additional 1,680,032 shares during the period. Sei Investments Co. lifted its holdings in shares of Statoil ASA by 93.8% in the second quarter. Sei Investments Co. now owns 2,010,897 shares of the oil and gas company’s stock valued at $33,241,000 after buying an additional 973,529 shares during the period. Credit Suisse AG lifted its holdings in shares of Statoil ASA by 304.5% in the first quarter. Credit Suisse AG now owns 490,858 shares of the oil and gas company’s stock valued at $8,433,000 after buying an additional 369,501 shares during the period. Crossmark Global Holdings Inc. acquired a new stake in shares of Statoil ASA in the third quarter valued at $2,480,000. Finally, UBS Oconnor LLC acquired a new stake in shares of Statoil ASA in the second quarter valued at $2,040,000. Institutional investors own 5.02% of the company’s stock.

Statoil ASA Company Profile

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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