Jefferies Downgrades CNOOC Ltd. (CEO) to Underperform
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Price: $121.76 --0%
Rating Summary:
10 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
10 Buy, 5 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Jefferies downgraded CNOOC Ltd. (NYSE: CEO) to Underperform.
The firm comments, "With Brent retracing to US$118/bbl (July 2011 levels), CNOOC shares have also rallied to within 2% of July 2011 levels. It appears that the market is disregarding the substantial negativity that had weighed on share prices – QoQ declines, various accidents, weak 2012 production guidance, and surging capex spending. We believe the market has over-reacted to the rise in crude prices. Downgrade to Underperform."
For an analyst ratings summary and ratings history on CNOOC Ltd. click here. For more ratings news on CNOOC Ltd. click here.
Shares of CNOOC Ltd. closed at $226.98 yesterday.
The firm comments, "With Brent retracing to US$118/bbl (July 2011 levels), CNOOC shares have also rallied to within 2% of July 2011 levels. It appears that the market is disregarding the substantial negativity that had weighed on share prices – QoQ declines, various accidents, weak 2012 production guidance, and surging capex spending. We believe the market has over-reacted to the rise in crude prices. Downgrade to Underperform."
For an analyst ratings summary and ratings history on CNOOC Ltd. click here. For more ratings news on CNOOC Ltd. click here.
Shares of CNOOC Ltd. closed at $226.98 yesterday.
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