CNOOC Ltd. (NYSE:CEO)’s share price gapped up before the market opened 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 changing hands.

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

The stock has a market capitalization of $55.32 billion and a P/E ratio of 18.49. The company has a 50-day moving average of $122.53 and a 200 day moving average of $116.85.

A hedge fund recently raised its stake in CNOOC stock. Bank of Montreal Can boosted its stake in shares of CNOOC Ltd. (NYSE:CEO) by 11.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,766 shares of the company’s stock after buying an additional 1,653 shares during the period. Bank of Montreal Can’s holdings in CNOOC were worth $1,646,000 as of its most recent filing with the SEC.

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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