Jefferies Upgrades CNOOC Ltd. (CEO) to Hold

March 25, 2013 10:11 AM EDT
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Price: $128.45 +1.06%

Rating Summary:
    8 Buy, 4 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Earlier, Jefferies upgraded CNOOC Ltd. (NYSE: CEO) from Underperform to Hold.

The firm commented, "CNOOC's FY12 earnings came in 3.4% ahead of our estimates, but missed consensus by 2.5%. The company reported 2012 reserve replacement rate of 188%. Management insisted that 2010-15 domestic production would grow at 4-5% CAGR, a rate we had discounted, but given solid reserve replacement, some benefit of the doubt needs to be given. We are raising our target price 6% to HK$13.25 and upgrading our rating to Hold."

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 $185.07 yesterday.

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