Statoil ASA (NYSE:STO) has been assigned a $17.00 price objective by Scotiabank in a research report issued on Friday. The firm currently has a “hold” rating on the oil and gas company’s stock. Scotiabank’s price objective indicates a potential downside of 9.24% from the company’s current price.

A number of other brokerages also recently issued reports on STO. Piper Jaffray Companies set a $16.00 price target on shares of Statoil ASA and gave the stock a “hold” rating in a research note on Friday. BidaskClub upgraded shares of Statoil ASA from a “hold” rating to a “buy” rating in a research note on Saturday. Barclays PLC downgraded shares of Statoil ASA from an “equal weight” rating to an “underweight” rating in a research note on Monday, August 21st. BMO Capital Markets upgraded shares of Statoil ASA from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 25th. Finally, Zacks Investment Research downgraded shares of Statoil ASA from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 15th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $18.00.

Shares of Statoil ASA (NYSE:STO) opened at 18.73 on Friday. Statoil ASA has a 12 month low of $14.98 and a 12 month high of $19.27. The company’s market cap is $60.65 billion. The company’s 50 day moving average is $18.01 and its 200 day moving average is $17.43.

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Hedge funds have recently modified their holdings of the company. Folketrygdfondet increased its stake in shares of Statoil ASA by 0.9% in the first quarter. Folketrygdfondet now owns 119,174,942 shares of the oil and gas company’s stock valued at $2,047,426,000 after buying an additional 1,086,176 shares in the last quarter. Renaissance Technologies LLC increased its stake in 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. Bank of America Corp DE increased its stake in Statoil ASA by 40.0% in the first quarter. Bank of America Corp DE now owns 3,344,260 shares of the oil and gas company’s stock valued at $57,455,000 after buying an additional 955,727 shares during the period. Sei Investments Co. increased its stake in 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. Finally, State Street Corp increased its stake in Statoil ASA by 1.9% in the second quarter. State Street Corp now owns 1,590,002 shares of the oil and gas company’s stock valued at $26,283,000 after buying an additional 28,916 shares during the period. Institutional investors and hedge funds own 4.97% 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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