Zacks Reiterates Neutral Rating for CNOOC Ltd (CEO)
CNOOC Ltd (NYSE:CEO)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued to investors on Tuesday. They currently have a $181.00 target price on the stock. Zacks‘s price target would suggest a potential upside of 5.08% from the company’s current price.
Zacks’ analyst wrote, “We are maintaining our Neutral recommendation on CNOOC Ltd. Although the company reported stable revenues in the first quarter, we are less bullish on the near term due to cascading realizations, a flattish production outlook for 2014 and the absence of catalysts. CNOOC’s growth profile should get a boost over the next 3 to 5 years from numerous development projects from offshore China, international growth from recent acquisitions, and intensive exploration and development programs with its partners. Furthermore, the February acquisition of Canadian energy producer Nexen Inc. brought CNOOC substantial reserves in the Canadian oil sands.”
Separately, analysts at Jefferies Group upgraded shares of CNOOC Ltd from a “hold” rating to a “buy” rating in a research note on Monday, March 31st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. CNOOC Ltd has an average rating of “Hold” and an average target price of $181.00.
Shares of CNOOC Ltd (NYSE:CEO) traded up 1.50% on Tuesday, hitting $174.84. The stock had a trading volume of 57,428 shares. CNOOC Ltd has a 52 week low of $147.24 and a 52 week high of $211.49. The stock has a 50-day moving average of $168.8 and a 200-day moving average of $169.7. The company has a market cap of $78.062 billion and a P/E ratio of 8.53.
CNOOC Limited is an investment holding company. The Company, along with its subsidiaries, is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company.
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