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Upgrade Alert for CNOOC (CEO)

By James Quinn

CNOOC (NYSE:CEO) was upgraded from Neutral to Buy at Nomura today. The stock closed yesterday at $117.28 on volume of 144,000 shares, below average daily volume of 189,000.

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 43% above that low price at $117.28 per share. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.9%.

Potential upside of 23.7% exists for CNOOC, based on a current level of $117.28 and analysts' average 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.

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

SmarTrend is tracking the current trend status for CNOOC and will alert subscribers who have CEO in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades CNOOC

Ticker(s): CEO