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Saturday, August 31, 2013 5:43:58 AM
The company is picking up some positive catalysts recently. Statoil reported it struck oil offshore of NewFoundland the other day in a field that is believed to contain 100mm to 200mm barrels of recoverable oil.
In addition, BofA/Merrill Lynch upgraded the shares to "Buy" from "Neutral" today and raised its price target to $25 a share from $23. The upgrade noted the shares carried "relatively low execution and political risk."
The company has raised earnings at just over an 8% CAGR over the past five years. In addition, the shares sell near the bottom of its five-year valuation range based on P/E, P/S, P/CF and P/B.
Purely my own opinion. Do your Due Diligence.
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