CNOOC Ltd. (NYSE:CEO) shares dropped 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 trading hands. The stock had previously closed at $123.81.

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

The stock has a market capitalization of $53.75 billion and a PE ratio of 17.97. The stock has a 50-day moving average price of $123.18 and a 200-day moving average price of $114.97.

Several institutional investors recently made changes to their positions in CEO. TD Asset Management Inc. raised its position 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 valued at $1,220,000 after buying an additional 1,551 shares in the last quarter. Trilogy Global Advisors LP raised its position in shares of CNOOC by 14.8% in the fourth quarter. Trilogy Global Advisors LP now owns 386,472 shares of the company’s stock valued at $40,340,000 after buying an additional 49,804 shares in the last quarter. Comerica Bank raised its position in shares of CNOOC by 2.4% in the fourth quarter. Comerica Bank now owns 24,126 shares of the company’s stock valued at $2,301,000 after buying an additional 576 shares in the last quarter. New York State Common Retirement Fund bought a new position in shares of CNOOC during the fourth quarter valued at $1,764,000. Finally, Sei Investments Co. raised its position in shares of CNOOC by 159.3% in the fourth quarter. Sei Investments Co. now owns 12,184 shares of the company’s stock valued at $1,272,000 after buying an additional 7,485 shares in the last quarter.

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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