CNOOC (CEO) Cut to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of CNOOC (NYSE:CEO) from a hold rating to a sell rating in a research report released on Tuesday morning.

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. “

A number of other research firms have also weighed in on CEO. Macquarie lowered shares of CNOOC from an outperform rating to a neutral rating in a report on Friday, September 28th. UBS Group lowered shares of CNOOC from a buy rating to a neutral rating in a report on Wednesday, October 3rd. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and a consensus price target of $113.82.

CNOOC stock opened at $168.43 on Tuesday. The company has a market cap of $73.79 billion, a PE ratio of 18.11, a P/E/G ratio of 0.36 and a beta of 1.16. The company has a current ratio of 2.63, a quick ratio of 2.52 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.

Several hedge funds have recently bought and sold shares of the stock. Envestnet Asset Management Inc. grew its holdings in shares of CNOOC by 9.0% in the second quarter. Envestnet Asset Management Inc. now owns 4,622 shares of the oil and gas company’s stock valued at $791,000 after purchasing an additional 382 shares in the last quarter. Wetherby Asset Management Inc. boosted its stake in CNOOC by 16.5% during the third quarter. Wetherby Asset Management Inc. now owns 2,697 shares of the oil and gas company’s stock worth $533,000 after buying an additional 382 shares during the period. Community Bank & Trust Waco Texas boosted its stake in CNOOC by 9.0% during the third quarter. Community Bank & Trust Waco Texas now owns 5,429 shares of the oil and gas company’s stock worth $1,072,000 after buying an additional 450 shares during the period. Mount Yale Investment Advisors LLC boosted its stake in CNOOC by 10.7% during the second quarter. Mount Yale Investment Advisors LLC now owns 5,244 shares of the oil and gas company’s stock worth $898,000 after buying an additional 507 shares during the period. Finally, Icon Wealth Partners LLC purchased a new position in CNOOC during the second quarter worth $100,000. 1.91% of the stock is owned by hedge funds and other institutional investors.

CNOOC Company Profile

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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