Shares of CNOOC Ltd. (NYSE:CEO) fell 4.2% on Thursday . The company traded as low as $118.27 and last traded at $118.57, with a volume of 130,316 shares traded. The stock had previously closed at $123.81.

A number of brokerages recently weighed in on CEO. BOCOM International Holdings upgraded shares of CNOOC from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 21st. Nomura upgraded shares of CNOOC from a “neutral” rating to a “buy” rating in a research note on Wednesday, May 18th. Mizuho upgraded shares of CNOOC from a “neutral” rating to a “buy” rating in a research note on Tuesday, May 17th. Finally, Morgan Stanley cut shares of CNOOC from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, May 10th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $110.00.

The company has a 50 day moving average of $123.29 and a 200-day moving average of $114.77. The stock has a market capitalization of $52.84 billion and a P/E ratio of 17.67.

Several hedge funds recently modified their holdings of CEO. TD Asset Management Inc. raised its stake in shares of CNOOC by 15.3% in the fourth quarter. TD Asset Management Inc. now owns 11,681 shares of the company’s stock worth $1,220,000 after buying an additional 1,551 shares during the period. Sei Investments Co. raised its stake in shares of CNOOC by 159.3% in the fourth quarter. Sei Investments Co. now owns 12,184 shares of the company’s stock worth $1,272,000 after buying an additional 7,485 shares during the period. Bank of Montreal Can raised its stake in shares of CNOOC by 11.7% in the fourth quarter. Bank of Montreal Can now owns 15,766 shares of the company’s stock worth $1,646,000 after buying an additional 1,653 shares during the period. New York State Common Retirement Fund bought a new stake in shares of CNOOC during the fourth quarter worth about $1,764,000. Finally, Comerica Bank raised its stake in shares of CNOOC by 2.4% in the fourth quarter. Comerica Bank now owns 24,126 shares of the company’s stock worth $2,301,000 after buying an additional 576 shares during the period.

CNOOC Limited is a holding company. The Company is an upstream company engaged in the exploration, development and production of oil and natural gas. The Company operates through three segments: exploration and production, trading business and corporate. The Company is engaged in the upstream operating activities of the conventional oil and gas, shale oil and gas, oil sands and other unconventional oil and gas business.

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