Statoil Has Been Upgrared

Norway's oil and gas company Statoil ASA's shares have been upgraded to 'overweight' from 'neutral' at JP Morgan ahead of Thursday's strategy presentation.

JP Morgan said the Norwegian company has attractive long-term prospects thanks to its strong upstream production profile and the robust potential for growth in the Natural Gas division.

And since the shares have underperformed recently -- on the back of falling oil prices -- it believes it is now a good idea to buy the shares, especially as this week's presentation could act as a catalyst for share price growth.

At 10.02, Statoil shares were 1.5 nkr, or 1.66 pct, lower at 89 nkr.