Statoil: BarCap maintains 'underweight' rating.

(CercleFinance.com) - Barclays Capital maintains an "underweight" rating on Statoil, with a target price of 165 Norwegian kronor, even though the Norwegian oil group hosted an "impressive" field trip to showcase its latest developments.


In a research note, BarCap acknowledges that Statoil's portfolio has one of the lowest break-even oil prices for future projects, with the group being fully able to cover its capex and dividends at an oil price of 50 dollars per barrel.

"It is not yet enough to make us more positive on the stock, given the momentum that also exists elsewhere in the sector," the broker writes in the report.

In a nutshell, Barclays continues to see absolute value in the stock, but thinks that its relative value remains "challenging."

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