Jefferies Downgrades CNOOC Ltd. (CEO) to Underperform; Nexen Acquisition Demostrates...

Jefferies downgraded CNOOC Ltd. (NYSE: CEO) from Hold to Underperform. PT lowered from HK$13.50 to HK$12.75.

Analyst, Laban Yu, said, "We believe CNOOC's acquisition of Nexen (NYSE: NXY) demonstrates: 1) the premium that China is willing (perhaps forced) to pay to insure energy security; 2) how CNOOC actually intends to hit its 6-10% 5 year CAGR growth; and 3) the state of depletion of CNOOC's domestic assets. We have lowered our target price 5.6% and downgrade our rating."

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 $193.96 yesterday.

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