CNOOC Ltd. (NYSE:CEO) shares gapped up prior to trading on Friday . The stock had previously closed at $121.59, but opened at $122.16. CNOOC shares last traded at $123.56, with a volume of 46,056 shares.

CEO has been the subject of several analyst reports. Morgan Stanley downgraded shares of CNOOC from an “overweight” rating to an “equal weight” rating in a report on Tuesday, May 10th. Mizuho raised shares of CNOOC from a “neutral” rating to a “buy” rating in a report on Tuesday, May 17th. Nomura raised shares of CNOOC from a “neutral” rating to a “buy” rating in a report on Wednesday, May 18th. BOCOM International Holdings raised shares of CNOOC from a “neutral” rating to a “buy” rating in a report on Tuesday, June 21st. Finally, Credit Suisse Group AG downgraded shares of CNOOC from a “neutral” rating to an “underperform” rating in a report on Sunday, August 7th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and eight have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $110.00.

The stock has a market capitalization of $55.32 billion and a PE ratio of 18.22. The company’s 50-day moving average is $122.53 and its 200 day moving average is $116.85.

Several hedge funds and institutional investors have recently modified their holdings of CEO. Dimensional Fund Advisors LP increased its position in shares of 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 in the last quarter. Bank of Montreal Can boosted its position 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. Finally, New York State Common Retirement Fund bought a new position in CNOOC during the fourth quarter valued at $1,764,000.

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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