Zacks Investment Research Downgrades CNOOC (NYSE:CEO) to Sell

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

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. “

Other analysts have also recently issued research reports about the company. Goldman Sachs Group cut CNOOC from a conviction-buy rating to a buy rating in a research report on Tuesday, February 19th. JPMorgan Chase & Co. reissued a hold rating on shares of CNOOC in a research report on Friday, April 5th. UBS Group cut CNOOC from a buy rating to a neutral rating in a research report on Tuesday, April 2nd. Macquarie raised CNOOC from a neutral rating to an outperform rating in a research report on Thursday, June 6th. Finally, Daiwa Capital Markets initiated coverage on CNOOC in a research report on Monday, May 20th. They set an outperform rating for the company. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The stock has an average rating of Buy and an average price target of $202.00.



CEO opened at $157.21 on Thursday. The firm has a market cap of $70.19 billion, a P/E ratio of 9.22, a PEG ratio of 1.05 and a beta of 1.09. CNOOC has a 1 year low of $142.94 and a 1 year high of $202.38. The company has a quick ratio of 2.62, a current ratio of 2.71 and a debt-to-equity ratio of 0.32.

The business also recently declared a semiannual dividend, which will be paid on Wednesday, July 17th. Shareholders of record on Wednesday, June 5th will be given a $5.0955 dividend. The ex-dividend date of this dividend is Tuesday, June 4th. This represents a dividend yield of 5.81%. This is a boost from CNOOC’s previous semiannual dividend of $3.82. CNOOC’s payout ratio is currently 53.52%.

Large investors have recently made changes to their positions in the business. Lazard Asset Management LLC lifted its stake in CNOOC by 1,748.7% during the first quarter. Lazard Asset Management LLC now owns 444,512 shares of the oil and gas company’s stock worth $82,571,000 after purchasing an additional 420,467 shares during the last quarter. Oaktree Capital Management LP lifted its stake in CNOOC by 9.0% during the first quarter. Oaktree Capital Management LP now owns 344,381 shares of the oil and gas company’s stock worth $63,972,000 after purchasing an additional 28,544 shares during the last quarter. Todd Asset Management LLC lifted its stake in CNOOC by 3.0% during the first quarter. Todd Asset Management LLC now owns 187,776 shares of the oil and gas company’s stock worth $34,881,000 after purchasing an additional 5,492 shares during the last quarter. FMR LLC lifted its stake in CNOOC by 4.1% during the first quarter. FMR LLC now owns 154,286 shares of the oil and gas company’s stock worth $28,661,000 after purchasing an additional 6,147 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in CNOOC by 1.6% during the fourth quarter. Bank of America Corp DE now owns 105,115 shares of the oil and gas company’s stock worth $16,024,000 after purchasing an additional 1,666 shares during the last quarter. 1.93% of the stock is owned by 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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