CNOOC Ltd. (NYSE:CEO)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $118.11, but opened at $118.86. CNOOC shares last traded at $120.70, with a volume of 97,372 shares trading hands.

Several equities analysts have commented on the company. BOCOM International Holdings upgraded CNOOC from a “neutral” rating to a “buy” rating in a report on Tuesday, June 21st. Credit Suisse Group AG downgraded CNOOC from a “neutral” rating to an “underperform” rating in a report on Sunday. Nomura upgraded CNOOC from a “neutral” rating to a “buy” rating in a report on Wednesday, May 18th. Mizuho upgraded CNOOC from a “neutral” rating to a “buy” rating in a report on Tuesday, May 17th. Finally, Morgan Stanley downgraded CNOOC from an “overweight” rating to an “equal weight” rating in a report on Tuesday, May 10th. Three investment analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company. CNOOC has a consensus rating of “Hold” and an average target price of $110.00.

The stock has a 50 day moving average of $122.78 and a 200 day moving average of $116.55. The company has a market cap of $53.91 billion and a price-to-earnings ratio of 17.76.

A number of large investors have recently added to or reduced their stakes in the stock. New York State Common Retirement Fund purchased a new stake in CNOOC during the fourth quarter valued at approximately $1,764,000. Dimensional Fund Advisors LP boosted 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 valued at $81,294,000 after buying an additional 69,450 shares during the last quarter. Finally, Bank of Montreal Can boosted 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 valued at $1,646,000 after buying an additional 1,653 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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