Is CNOOC Ltd (NYSE:CEO) Now a Sell? Why did Credit Agricole Downgrade The Stock?

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CNOOC Ltd (NYSE:CEO) Receives a Downgrade

In an analyst note revealed on Tuesday morning, Credit Agricole has decided to downgraded rating on CNOOC Ltd (NYSE:CEO) shares to a Sell. CEO’s prior rating was a Outperform.

From a total of 4 analysts covering CNOOC (NYSE:CEO) stock, 2 rate it a ”Buy”, 0 a “Sell”, and 1 a ”Hold”. This means that 67% of the ratings are positive. CNOOC was the topic of 7 analyst reports since August 24, 2015 according to the firm StockzIntelligence Inc. Credit Agricole downgraded shares on December 8 to “Sell” rating. Bank of America upgraded CEO stock in a recent report from August 31 to “Buy” rating. Finally, Societe Generale upgraded the stock to “Hold” rating in a report issued on an August 25.

The stock decreased 0.54% or $0.58 during the last trading session, striking $106.06. Approximately shares of stock traded hands. CNOOC Ltd (ADR) (NYSE:CEO) has declined 36.97% since May 6, 2015 and is downtrending. It has underperformed by 36.17% the S&P500.

Is CNOOC Ltd (NYSE:CEO) Now a Sell? Why did Credit Agricole Downgrade The Stock?

CNOOC Limited is an investment holding company. The company has a market cap of $49.49 billion. The Firm is principally engaged in the exploration, development, production and sale of crude oil, natural gas and other petroleum products. It has 7.35 P/E ratio. The Firm operates through three divisions: exploration and production, trading business and corporate.

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.” Get a free copy of the Zacks research report on CNOOC Ltd (ADR) (CEO).

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