The stock of CNOOC Ltd (ADR) (NYSE:CEO) gapped up by $0.48 today and has $206.96 target or 55.00% above today’s $133.52 share price. The 5 months technical chart setup indicates low risk for the $58.65 billion company. The gap was reported on Oct, 14 by Barchart.com. If the $206.96 price target is reached, the company will be worth $32.26B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 65,102 shares traded hands. CNOOC Ltd (ADR) (NYSE:CEO) has risen 9.37% since March 11, 2016 and is uptrending. It has outperformed by 3.91% the S&P500.
CNOOC Ltd (ADR) (NYSE:CEO) Ratings Coverage
Out of 9 analysts covering CNOOC (NYSE:CEO), 5 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 56% are positive. CNOOC has been the topic of 11 analyst reports since August 24, 2015 according to StockzIntelligence Inc. Jefferies upgraded CNOOC Ltd (ADR) (NYSE:CEO) on Tuesday, September 29 to “Buy” rating. The firm has “Neutral” rating by Bank of America given on Thursday, August 27. As per Tuesday, December 8, the company rating was downgraded by Credit Agricole. The firm earned “Equal-Weight” rating on Tuesday, May 10 by Morgan Stanley. The stock of CNOOC Ltd (ADR) (NYSE:CEO) earned “Neutral” rating by Credit Suisse on Thursday, August 27. The company was upgraded on Tuesday, May 17 by Mizuho. The stock of CNOOC Ltd (ADR) (NYSE:CEO) has “Hold” rating given on Tuesday, August 25 by Societe Generale. The firm has “Buy” rating given on Tuesday, June 21 by BOCOM International. As per Wednesday, May 18, the company rating was upgraded by Nomura. Bank of America upgraded the stock to “Buy” rating in Monday, August 31 report.
According to Zacks Investment Research, “Cnooc Limited is a company that engages primarily in the exploration, development and production of crude oil and natural gas offshore China. We are the dominant producer of crude oil and natural gas and the only company permitted to conduct exploration and production activities with international oil and gas companies offshore China.”
More important recent CNOOC Ltd (ADR) (NYSE:CEO) news were published by: Marketwatch.com which released: “Plus the latest data from Realtor.com on 21 home markets across the US” on September 13, 2010, also Bidnessetc.com published article titled: “Why CNOOC Ltd (ADR) (CEO) Nexen Slashed Workforce By 13%”, Bidnessetc.com published: “China Ushers In Leadership Change At State-Run CNOOC Ltd (ADR), Sinopec and CNPC” on May 04, 2015. More interesting news about CNOOC Ltd (ADR) (NYSE:CEO) was released by: Bidnessetc.com and their article: “Petrobras: CNOOC Ltd Shows Interest to Purchase Braskem Stake” with publication date: March 14, 2016.
CEO Company Profile
CNOOC Limited, incorporated on August 20, 1999, is a holding company. The Firm is an upstream firm engaged in the exploration, development and production of oil and natural gas. The Firm operates through three divisions: exploration and production, trading business and corporate. The Firm is engaged in the upstream operating activities of the conventional gas and oil, shale gas and oil, oil sands and other unconventional gas and oil business. In offshore China, the Company engages in oil and natural gas exploration, development and production in Bohai, Western South China Sea, Eastern South China Sea and East China Sea, either independently or in cooperation with foreign partners through production sharing contracts (PSCs). The Firm also holds interests in oil and natural gas blocks in Indonesia, Australia, Nigeria, Uganda, Argentina, the United States, Canada, the United Kingdom, Brazil and various other countries.
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