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CNOOC (NYSE:CEO) Raised to Strong-Buy at Zacks Investment Research

Last updated on Wednesday, July 15th, 2020 by MarketBeat

CNOOC (NYSE:CEO) was upgraded by Zacks Investment Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Wednesday, Zacks.com reports. The firm presently has a $133.00 price target on the oil and gas company's stock. Zacks Investment Research's price target points to a potential upside of 15.28% from the company's current price.

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. "

CEO has been the subject of a number of other research reports. Daiwa Capital Markets upgraded shares of CNOOC from a "hold" rating to an "outperform" rating in a research note on Monday, May 18th. Sanford C. Bernstein raised CNOOC from a "market perform" rating to an "outperform" rating in a research note on Tuesday, May 5th. DBS Vickers upgraded CNOOC from a "hold" rating to a "buy" rating in a report on Tuesday, June 2nd. UBS Group upgraded CNOOC from a "neutral" rating to a "buy" rating in a research note on Monday, June 15th. Finally, Cfra downgraded shares of CNOOC from a "strong-buy" rating to a "hold" rating and cut their price objective for the stock from $179.00 to $103.00 in a report on Thursday, March 26th. One research analyst has rated the stock with a sell rating, four have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. CNOOC has a consensus rating of "Buy" and an average price target of $118.00.

NYSE CEO traded up $1.32 on Wednesday, hitting $115.37. 143,800 shares of the company were exchanged, compared to its average volume of 167,368. The company has a market cap of $50.92 billion, a PE ratio of 5.86, a PEG ratio of 3.24 and a beta of 1.16. The stock has a fifty day moving average of $115.84 and a 200-day moving average of $128.52. The company has a current ratio of 2.26, a quick ratio of 2.19 and a debt-to-equity ratio of 0.32. CNOOC has a 12 month low of $81.11 and a 12 month high of $181.13.

A number of institutional investors have recently modified their holdings of CEO. FMR LLC lifted its position in shares of CNOOC by 4.1% in the 1st quarter. FMR LLC now owns 154,286 shares of the oil and gas company's stock worth $28,661,000 after purchasing an additional 6,147 shares during the period. Amundi Pioneer Asset Management Inc. purchased a new stake in CNOOC in the first quarter worth about $799,000. State Street Corp lifted its holdings in CNOOC by 112.7% in the fourth quarter. State Street Corp now owns 8,800 shares of the oil and gas company's stock worth $1,467,000 after buying an additional 4,663 shares during the period. Raymond James & Associates boosted its position in CNOOC by 8.4% during the 4th quarter. Raymond James & Associates now owns 1,850 shares of the oil and gas company's stock valued at $309,000 after acquiring an additional 144 shares in the last quarter. Finally, Advisor Group Inc. grew its holdings in shares of CNOOC by 13.3% during the 4th quarter. Advisor Group Inc. now owns 1,523 shares of the oil and gas company's stock worth $254,000 after acquiring an additional 179 shares during the period. Institutional investors and hedge funds own 3.01% of the company's stock.

About CNOOC

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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