CNOOC (NYSE:CEO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday, January 11th.
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. “
A number of other brokerages have also recently commented on CEO. Macquarie cut CNOOC from an “outperform” rating to a “neutral” rating in a research report on Tuesday, January 9th. Nomura started coverage on CNOOC in a research note on Thursday, December 7th. They issued a “top pick” rating and a $13.64 price objective for the company. Finally, CLSA raised CNOOC from a “sell” rating to an “outperform” rating in a research note on Friday, September 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. CNOOC currently has an average rating of “Buy” and a consensus target price of $99.55.
Shares of CNOOC (NYSE:CEO) opened at $157.63 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.71 and a current ratio of 1.82. CNOOC has a 52-week low of $108.05 and a 52-week high of $166.23.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Oaktree Capital Management LP boosted its stake in shares of CNOOC by 5.0% in the third quarter. Oaktree Capital Management LP now owns 223,071 shares of the oil and gas company’s stock worth $28,932,000 after acquiring an additional 10,646 shares during the period. Stevens Capital Management LP bought a new position in shares of CNOOC in the third quarter worth about $736,000. First Trust Advisors LP boosted its stake in shares of CNOOC by 16.9% in the third quarter. First Trust Advisors LP now owns 54,176 shares of the oil and gas company’s stock worth $7,027,000 after acquiring an additional 7,851 shares during the period. Community Bank & Trust Waco Texas boosted its stake in shares of CNOOC by 55.0% in the fourth quarter. Community Bank & Trust Waco Texas now owns 4,729 shares of the oil and gas company’s stock worth $679,000 after acquiring an additional 1,679 shares during the period. Finally, NorthCoast Asset Management LLC boosted its stake in CNOOC by 15.5% during the third quarter. NorthCoast Asset Management LLC now owns 16,601 shares of the oil and gas company’s stock valued at $2,153,000 after buying an additional 2,225 shares during the last quarter. 1.64% of the stock is owned by hedge funds and other institutional investors.
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CNOOC Limited is a Hong Kong-based investment holding company principally engaged in the exploration, production and trading of oil and gas. Its businesses include conventional oil and gas businesses, shale oil and gas businesses, oil sands businesses and other unconventional oil and gas businesses. The Company mainly operates businesses through three segments.
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