CNOOC (CEO) Raised to “Buy” at UBS Group

CNOOC (NYSE:CEO) was upgraded by UBS Group from a “neutral” rating to a “buy” rating in a research note issued to investors on Friday, www.benzinga.com reports.

Several other brokerages have also weighed in on CEO. Macquarie lowered CNOOC from an “outperform” rating to a “neutral” rating in a research note on Friday, September 28th. Zacks Investment Research upgraded CNOOC from a “hold” rating to a “buy” rating and set a $214.00 price target for the company in a research note on Wednesday, October 17th. One equities research analyst has rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $113.82.

Shares of CNOOC stock traded up $2.41 on Friday, hitting $169.80. The company’s stock had a trading volume of 1,238 shares, compared to its average volume of 98,093. The company has a quick ratio of 2.52, a current ratio of 2.63 and a debt-to-equity ratio of 0.33. CNOOC has a 1 year low of $132.62 and a 1 year high of $202.38. The firm has a market cap of $72.83 billion, a PE ratio of 18.26, a P/E/G ratio of 0.34 and a beta of 1.16.

Several institutional investors have recently made changes to their positions in CEO. Advisors Asset Management Inc. increased its stake in shares of CNOOC by 7,612.3% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,017,714 shares of the oil and gas company’s stock valued at $1,896,000 after purchasing an additional 1,004,518 shares in the last quarter. BlackRock Inc. increased its stake in shares of CNOOC by 1,327.8% in the 3rd quarter. BlackRock Inc. now owns 165,159 shares of the oil and gas company’s stock valued at $32,625,000 after purchasing an additional 153,592 shares in the last quarter. Hsbc Holdings PLC increased its stake in shares of CNOOC by 428.1% in the 3rd quarter. Hsbc Holdings PLC now owns 173,957 shares of the oil and gas company’s stock valued at $34,363,000 after purchasing an additional 141,017 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in CNOOC in the 2nd quarter worth about $16,847,000. Finally, Pendal Group Ltd boosted its holdings in CNOOC by 38.0% in the 3rd quarter. Pendal Group Ltd now owns 282,867 shares of the oil and gas company’s stock worth $55,878,000 after buying an additional 77,912 shares during the last quarter. Hedge funds and other institutional investors own 1.82% 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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Analyst Recommendations for CNOOC (NYSE:CEO)

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