Shares of CNOOC Ltd. (NYSE:CEO) gapped up prior to trading on Thursday . The stock had previously closed at $116.55, but opened at $116.85. CNOOC shares last traded at $119.11, with a volume of 61,672 shares changing hands.

A number of research firms have recently weighed in on CEO. BOCOM International Holdings upgraded shares of CNOOC from a “neutral” rating to a “buy” rating in a report 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 research analysts have rated the stock with a sell rating, two have assigned a hold rating and nine have given a buy rating to the company. CNOOC currently has an average rating of “Buy” and a consensus target price of $110.00.

The stock has a market capitalization of $52.86 billion and a PE ratio of 17.41. The firm’s 50-day moving average is $122.73 and its 200-day moving average is $115.68.

Several hedge funds have recently added to or reduced their stakes in CEO. Dimensional Fund Advisors LP raised its stake in CNOOC by 9.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 778,857 shares of the company’s stock worth $81,294,000 after buying an additional 69,450 shares during the last quarter. Bank of Montreal Can raised its stake in 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 last quarter. New York State Common Retirement Fund purchased a new stake in CNOOC during the fourth quarter worth $1,764,000. Comerica Bank raised its stake in 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 last quarter. Finally, Sei Investments Co. raised its stake in 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 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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