Downgrade Alert for CNOOC (CEO)
CNOOC (NYSE:CEO) was downgraded from Overweight to Equal Weight at Morgan Stanley today. The stock closed yesterday at $117.24 on volume of 212,000 shares, above average daily volume of 189,000.
Over the past year, CNOOC has traded in a range of $82.28 to $171.65 and closed yesterday at $117.24, 42% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.9%.
CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells crude oil and natural gas.
CNOOC (NYSE:CEO) has potential upside of 23.7% based on a current price of $117.24 and analysts' consensus price target of $145.07. CNOOC shares should encounter resistance at the 50-day moving average (MA) of $118.41 and support at its 200-day MA of $111.45.
SmarTrend is monitoring the recent change of momentum in CNOOC. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of CNOOC in search of a potential trend change.
Keywords: analyst upgrades/downgrades CNOOC