CNOOC (NYSE: CEO) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Monday. The firm currently has a $243.59 target price on the stock, up from their previous target price of $216.67.
The analysts wrote, “CNOOC FY12 results are inline and non-event, in our view. On the other hand, management is very positive on volume growth in 2014E and 2015E. The optimistic guidance is supported by (1) solid reserve replacement ratio (excluding Nexen, 188% in 2012 vs. 158% in 2011), and (2) very strong project pipeline in the next 3 years (30-50 new projects in 2013-2015), in our view.”
Shares of CNOOC (NYSE: CEO) traded up 2.82% during mid-day trading on Monday, hitting $190.29. CNOOC has a one year low of $171.58 and a one year high of $226.77. The stock’s 50-day moving average is currently $194.7. The company has a market cap of $84.957 billion and a P/E ratio of 8.19.
A number of other analysts have also recently weighed in on CEO. Analysts at Nomura downgraded shares of CNOOC from a “neutral” rating to a “reduce” rating in a research note to investors on Friday, March 1st. Separately, analysts at Zacks upgraded shares of CNOOC from a “neutral” rating to an “outperform” rating in a research note to investors on Monday, January 14th. They now have a $252.00 price target on the stock. Finally, analysts at Mizuho downgraded shares of CNOOC from a “buy” rating to a “neutral” rating in a research note to investors on Wednesday, January 9th.
One research analyst has rated the stock with a sell rating, four have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $247.80.
CNOOC Limited, incorporated on August 20, 1999, is an investment holding company. The Company, through its subsidiaries, is engaged in the exploration, development, production and sales of crude oil and natural gas and other petroleum products.