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Downgrade Alert for StatoilHydro (STO)

By Amy Schwartz

StatoilHydro (NYSE:STO) was downgraded from Buy to Hold at HSBC today. The stock closed yesterday at $16.53 on volume of 2.1 million shares, below average daily volume of 2.8 million.

StatoilHydro has overhead space with shares priced $16.53, or 19.3% below the average consensus analyst price target of $20.49. The stock should discover initial support at its 50-day moving average (MA) of $15.79 and subsequent support at its 200-day MA of $15.13.

In the past 52 weeks, StatoilHydro share prices have been bracketed by a low of $10.89 and a high of $21.72 and closed yesterday at $16.53, 52% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.5%.

StatoilHydro ASA explores for, produces, transports, refines, and trades oil and natural gas. The Company explores for oil in Europe, Africa, the Middle East, Asia, and the Americas.

SmarTrend is monitoring the recent change of momentum in StatoilHydro. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of StatoilHydro in search of a potential trend change.

Keywords: analyst upgrades/downgrades statoilhydro

Ticker(s): STO