Bull of the Day: Statoil (STO)

010418sto - Bull of the Day: Statoil (STO)

Commodity prices have been on the move in recent weeks. Part of that move can be attributed to a weakening US dollar but another big chunk of that is chalked up to increased global demand. With the world economy humming along on all cylinders, demand for energy is on the move. Not only has crude oil been on the move, but other energy prices have been increasing as well. The cold start to winter has natural gas on the move and that’s good news for producers like today’s Bull of the Day.

Statoil ASA (STO) is a Zacks Rank #1 (Strong Buy) in an industry which ranks in the Top 8% of our Zacks Industry Rank. Statoil ASA, an energy company, explores for, produces, transports, refines, and markets petroleum and petroleum-derived products, and other forms of energy in Norway and internationally. The company operates through Development and Production Norway; Development and Production International; Marketing, Midstream and Processing; and Other segments. The company also transports, processes, manufactures, markets, and trades oil and gas commodities, such as crude, condensate, gas liquids, products, natural gas, and liquefied natural gas (LNG); markets and trades electricity and emission rights; and operates refineries, gas processing plants, LNG plant, methanol plant, and crude oil terminals. In addition, the company develops offshore wind, and carbon capture and storage projects, as well as offers other renewable energy and low-carbon energy solutions. 

A series of bullish earnings estimate revisions is the reason for the favorable rank. Over the last sixty days, 2 analysts have increased their estimates for the current year, while two have also done so for next year. The moves have had a very bullish effect on the Zacks Consensus Estimates for those periods. The current year consensus number has jumped up from $ 1.07 to $ 1.28 while next year’s number has gone from 87 cents all the way to $ 1.22.

010418sto - Bull of the Day: Statoil (STO)

The bullish moves have helped underpin a move in the stock. There’s a big breakout happening right now, with the stock pushing on up through new 52-week highs. The last resistance level at $ 21 was broken on heavy volume two weeks ago. This means new highs are likely over the short term.

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