CNOOC (CEO) Downgraded by JPMorgan Chase & Co. to Neutral

CNOOC (NYSE:CEO) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday.

A number of other equities analysts have also commented on CEO. CLSA raised shares of CNOOC from a “sell” rating to an “outperform” rating in a research report on Friday, September 29th. Zacks Investment Research raised shares of CNOOC from a “hold” rating to a “strong-buy” rating and set a $154.00 target price on the stock in a research report on Tuesday, October 31st. Nomura assumed coverage on shares of CNOOC in a research note on Thursday, December 7th. They set a “top pick” rating and a $13.64 price objective on the stock. Macquarie downgraded shares of CNOOC from an “outperform” rating to a “neutral” rating in a research note on Tuesday, January 9th. Finally, Bank of America upgraded shares of CNOOC from a “neutral” rating to a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $99.55.

Shares of CNOOC (NYSE:CEO) traded down $2.96 during trading hours on Tuesday, hitting $158.29. 189,000 shares of the stock were exchanged, compared to its average volume of 133,011. The stock has a market capitalization of $69,300.00, a price-to-earnings ratio of 18.47, a PEG ratio of 1.41 and a beta of 0.80. CNOOC has a fifty-two week low of $108.05 and a fifty-two week high of $161.35. The company has a current ratio of 1.82, a quick ratio of 1.71 and a debt-to-equity ratio of 0.32.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Atria Investments LLC bought a new position in shares of CNOOC during the fourth quarter valued at approximately $415,000. Parametric Portfolio Associates LLC boosted its stake in shares of CNOOC by 12.0% during the third quarter. Parametric Portfolio Associates LLC now owns 124,784 shares of the oil and gas company’s stock valued at $16,184,000 after purchasing an additional 13,406 shares in the last quarter. Sterling Capital Management LLC bought a new position in shares of CNOOC during the third quarter valued at approximately $228,000. Oppenheimer Asset Management Inc. boosted its stake in shares of CNOOC by 4.9% during the third quarter. Oppenheimer Asset Management Inc. now owns 12,316 shares of the oil and gas company’s stock valued at $1,598,000 after purchasing an additional 580 shares in the last quarter. Finally, Oaktree Capital Management LP boosted its stake in shares of CNOOC by 5.0% during the third quarter. Oaktree Capital Management LP now owns 223,071 shares of the oil and gas company’s stock valued at $28,932,000 after purchasing an additional 10,646 shares in the last quarter. Hedge funds and other institutional investors own 1.64% of the company’s stock.

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About CNOOC

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.

Analyst Recommendations for CNOOC (NYSE:CEO)