CNOOC (CEO) Upgraded to “Hold” at Zacks Investment Research

CNOOC (NYSE:CEO) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “Cnooc Limited is a company that engages primarily in the exploration, development and production of crude oil and natural gas offshore China. We are the dominant producer of crude oil and natural gas and the only company permitted to conduct exploration and production activities with international oil and gas companies offshore China. “

Other equities analysts have also issued reports about the company. Macquarie upgraded CNOOC from a “neutral” rating to an “outperform” rating in a research report on Wednesday, November 14th. Goldman Sachs Group lowered CNOOC from a “conviction-buy” rating to a “buy” rating in a research report on Tuesday, February 19th. JPMorgan Chase & Co. upgraded CNOOC from a “neutral” rating to an “overweight” rating in a research report on Thursday, November 29th. Finally, UBS Group upgraded CNOOC from a “neutral” rating to a “buy” rating in a research report on Friday, November 16th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. CNOOC presently has a consensus rating of “Buy” and a consensus target price of $214.00.

CEO traded up $0.55 on Tuesday, hitting $171.14. 72,217 shares of the company were exchanged, compared to its average volume of 97,919. The company has a debt-to-equity ratio of 0.33, a current ratio of 2.63 and a quick ratio of 2.52. CNOOC has a 12 month low of $138.99 and a 12 month high of $202.38. The firm has a market cap of $75.09 billion, a price-to-earnings ratio of 18.40, a PEG ratio of 0.42 and a beta of 1.08.

Hedge funds have recently modified their holdings of the company. ClariVest Asset Management LLC grew its position in shares of CNOOC by 42.2% in the 3rd quarter. ClariVest Asset Management LLC now owns 8,761 shares of the oil and gas company’s stock worth $1,731,000 after buying an additional 2,600 shares during the last quarter. Crossmark Global Holdings Inc. grew its position in shares of CNOOC by 6.1% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 19,333 shares of the oil and gas company’s stock worth $3,819,000 after buying an additional 1,114 shares during the last quarter. Macquarie Group Ltd. grew its position in shares of CNOOC by 45,714.3% in the 3rd quarter. Macquarie Group Ltd. now owns 6,414 shares of the oil and gas company’s stock worth $1,267,000 after buying an additional 6,400 shares during the last quarter. Capital Fund Management S.A. bought a new stake in shares of CNOOC in the 3rd quarter worth approximately $2,742,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of CNOOC in the 3rd quarter worth approximately $877,000. Hedge funds and other institutional investors own 1.89% of the company’s stock.

CNOOC Company Profile

CNOOC Limited, an investment holding company, explores for, develops, produces, and sells crude oil, natural gas, and other petroleum products. It operates through Exploration and Production, and Trading Business segments. The company produces offshore crude oil and natural gas primarily in Bohai, Western South China Sea, Eastern South China Sea, and East China Sea in offshore China.

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