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Downgrade Alert for StatoilHydro (STO)

By James Quinn

StatoilHydro (NYSE:STO) was downgraded from Sector Perform to Underperform at RBC Capital today. The stock closed yesterday at $15.76 on volume of 3.7 million shares, above average daily volume of 2.8 million.

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 $15.76, 45% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has remained constant.

There is potential upside of 30.0% for shares of StatoilHydro based on a current price of $15.76 and an average consensus analyst price target of $20.49. The stock should hit resistance at its 50-day moving average (MA) of $15.79, as well as support at its 200-day MA of $15.13.

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