- Statoil (STO -0.9%) is upgraded to Buy from Hold at Deutsche Bank, which says STO stands out relative to other oil majors with the greatest bias to upstream and attractive reinvestment returns.
- DB sees scope for a 65% value uplift (40% NAV accretion, 25% yield) within five years, which seems underappreciated as shares trade at a 7% discount to peers, and STO Statoil offers investors twice the leverage to exploration as its major peers.
- The firm eye six field start-ups in 2014 driving the next wave of growth, plus potential from frontier exploration offshore Angola.
Statoil upgraded to Buy at Deutsche Bank, but shares slip
Jan 17 2014, 14:56 ET