CNOOC Ltd (NYSE:CEO) Sees Significant Drop in Short Interest

CNOOC Ltd (NYSE:CEO) was the target of a significant drop in short interest in August. As of August 31st, there was short interest totalling 200,500 shares, a drop of 29.5% from the August 15th total of 284,400 shares. Based on an average daily volume of 126,200 shares, the short-interest ratio is currently 1.6 days.

Several large investors have recently made changes to their positions in the company. River & Mercantile Asset Management LLP bought a new stake in CNOOC in the 1st quarter worth about $4,808,000. FMR LLC boosted its holdings in shares of CNOOC by 18.3% during the 2nd quarter. FMR LLC now owns 473,245 shares of the oil and gas company’s stock valued at $53,401,000 after acquiring an additional 73,306 shares during the last quarter. Clark Capital Management Group Inc. purchased a new stake in shares of CNOOC during the 2nd quarter valued at about $29,042,000. Royal Bank of Canada grew its stake in shares of CNOOC by 2.9% in the first quarter. Royal Bank of Canada now owns 232,230 shares of the oil and gas company’s stock worth $24,029,000 after acquiring an additional 6,592 shares during the period. Finally, Morgan Stanley raised its holdings in shares of CNOOC by 64.9% during the first quarter. Morgan Stanley now owns 156,719 shares of the oil and gas company’s stock valued at $16,216,000 after purchasing an additional 61,661 shares during the last quarter. 1.88% of the stock is currently owned by hedge funds and other institutional investors.

CEO has been the subject of a number of analyst reports. UBS Group raised shares of CNOOC from a “neutral” rating to a “buy” rating in a research note on Monday, June 15th. Credit Suisse Group upgraded CNOOC from an “underperform” rating to an “outperform” rating in a report on Wednesday, August 19th. Zacks Investment Research upgraded shares of CNOOC from a “hold” rating to a “strong-buy” rating and set a $133.00 price target on the stock in a research note on Wednesday, July 15th. Finally, DBS Vickers raised shares of CNOOC from a “hold” rating to a “buy” rating in a research report on Tuesday, June 2nd. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $118.00.

CEO stock opened at $106.00 on Thursday. The stock’s 50 day simple moving average is $110.76 and its 200 day simple moving average is $111.97. The company has a current ratio of 2.00, a quick ratio of 1.93 and a debt-to-equity ratio of 0.31. CNOOC has a 12-month low of $81.11 and a 12-month high of $181.13. The stock has a market capitalization of $47.33 billion, a PE ratio of 5.39, a price-to-earnings-growth ratio of 1.93 and a beta of 1.18.

The firm also recently declared a semi-annual dividend, which will be paid on Friday, October 23rd. Stockholders of record on Thursday, September 3rd will be paid a $2.5806 dividend. This represents a dividend yield of 7.7%. The ex-dividend date of this dividend is Wednesday, September 2nd. CNOOC’s dividend payout ratio is currently 23.42%.

CNOOC Company Profile

CNOOC Limited, an investment holding company, explores for, develops, produces, and sells crude oil, natural gas, and other petroleum products. It operates through Exploration and Production, and Trading Business segments. The company produces offshore crude oil and natural gas primarily in Bohai, Western South China Sea, Eastern South China Sea, and East China Sea in offshore China.

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