CNOOC (CEO) Stock Rating Lowered by JPMorgan Chase & Co.

CNOOC (NYSE:CEO) was downgraded by research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report released on Friday, The Fly reports.

Other equities analysts have also issued research reports about the company. Goldman Sachs Group lowered CNOOC from a “conviction-buy” rating to a “buy” rating in a research note on Tuesday, February 19th. Zacks Investment Research raised CNOOC from a “strong sell” rating to a “hold” rating in a research note on Tuesday. Finally, UBS Group raised CNOOC from a “neutral” rating to a “buy” rating in a research note on Friday, November 16th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $214.00.

Shares of CEO opened at $174.64 on Friday. 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 one year low of $138.99 and a one year high of $202.38. The company has a market cap of $77.23 billion, a P/E ratio of 18.78, a PEG ratio of 0.43 and a beta of 1.08.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CEO. ClariVest Asset Management LLC raised its holdings 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 valued at $1,731,000 after buying an additional 2,600 shares during the period. Crossmark Global Holdings Inc. increased its holdings 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 valued at $3,819,000 after acquiring an additional 1,114 shares during the last quarter. Macquarie Group Ltd. increased its holdings 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 valued at $1,267,000 after acquiring an additional 6,400 shares during the last quarter. Capital Fund Management S.A. acquired a new stake in shares of CNOOC in the 3rd quarter valued at about $2,742,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of CNOOC in the 3rd quarter valued at about $877,000. 1.88% of the stock is currently owned by institutional investors.

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.

Further Reading: Commodities

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