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Downgrade Alert for CNOOC (CEO)

By Amy Schwartz

CNOOC (NYSE:CEO) was downgraded from Neutral to Underperform at Credit Suisse today. The stock closed yesterday at $118.86 on volume of 109,000 shares, below average daily volume of 189,000.

CNOOC Limited, through its subsidiaries, explores, develops, produces, and sells crude oil and natural gas.

CNOOC has overhead space with shares priced $118.86, or 18.1% below the average consensus analyst price target of $145.07. The stock should discover initial support at its 50-day moving average (MA) of $118.41 and subsequent support at its 200-day MA of $111.45.

CNOOC share prices have moved between a 52-week high of $171.65 and a 52-week low of $82.28 and closed yesterday at 44% above that low price at $118.86 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has slid 0.2%.

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

Ticker(s): CEO