UPDATE: UBS Upgrades China National Offshore Oil Corporation (883:HK) (CEO) to Buy
- S&P 500 ends off day's lows; Powell says Fed still a ways away from rate hikes
- Facebook (FB) Tops Q2 EPS by 59c, DAUs were 1.91 billion on average
- PayPal (PYPL) Tops Q2 EPS by 2c, Guidance Misses
- Alphabet (GOOGL) Crushes Q2 Expectations to Send Shares Higher as Search and YouTube Excel, Attracts a New Street-High Price Target
- Fed maintains federal funds rate at 0 to 1/4 percent
UBS analyst Peter Gastreich upgraded China National Offshore Oil Corporation (883:HK) (NYSE: CEO) from Neutral to Buy with a price target of HK$11.00 (from HK$8.10).
The analyst comments "Now that the worst may be behind for oil markets, we are raising our conviction. We upgrade CNOOC to Buy from Neutral. We believe CNOOC is better positioned versus peers given a strong balance sheet, low cost base, and reserves replacement potential offshore China. Group restructuring or asset injections remain a risk. We maintain our Buy ratings on SNP-H and PTT. We maintain our Sell ratings on PTR H/A) given high cost base, weak dividend yield, and gas price risks in China."
You May Also Be Interested In
- Shopify (SHOP) PT Raised to $1,500 at Mizuho Securities
- Davide Campari-Milano S.p.A. (CPRI:IM) (DVDCY) PT Raised to EUR10.80 at Goldman Sachs
- Barclays Plc (BARC:LN) (BCS) PT Raised to GBP p 280 at Goldman Sachs, Following Earnings
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Hot Comments, Hot Upgrades, Intl Ratings, Upgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!