CNOOC Limited (NYSE:CEO) is one of the stocks that are grabbing investor focus today: sinking -2.55% or (-4.5 points) to $171.69 from its previous close of $176.19. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 145552 contracts so far this session. CEO shares had a relatively better volume day versus average trading capacity of 84.91 million shares, but with a 0.16 billion float and a 0.38% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for CEO stock indicates that the average analyst price target is $203.09 per share. This means the stock has a potential increase of 18.29% from where the CEO share price has been trading recently.
During the recent trading session for CNOOC Limited (NYSE:CEO), the company witnessed their stock drop by $-1.21 over a week and surge $19.86 from the price 20 days ago. When compared to their established 52-week high of $193.66, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 04/22/19. The recent low of $139.77 stood for a -11.34% since 08/27/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.11 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.
Looking at the current readings for CNOOC Limited, the two-week RSI stands at 57.42. This figure suggests that CEO stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current CEO readings is similarly very revealing as it has a stochastic reading of 72.97% at this stage. This figure means that CEO share price today is being oversold.
Technical chart claims that CNOOC Limited (CEO) would settle between $177.34/share to $178.49/share level. However, if the stock price goes below the $175.07 mark, then the market for CNOOC Limited becomes much weaker. If that happens, the stock price might even plunge as low as $173.95 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 1.14. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at Daiwa Securities raised their recommendation on shares of CEO from Neutral to Outperform in their opinion released on November 04. Goldman analysts have lowered their rating of CNOOC Limited (NYSE:CEO) stock from Buy to Neutral in a separate flash note issued to investors on October 25. Analysts at Daiwa Securities lowered the stock to a Neutral call from its previous Buy recommendation, in a research note that dated back to October 02.
CEO equity has an average rating of 2.13, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 1 rated the stock as a hold while the remaining 1 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 1 analysts rated CNOOC Limited (NYSE:CEO) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.
Moving on, CEO stock price is currently trading at 8.94X forward 12-month Consensus EPS estimates, and its P/E ratio is 9.5 while for the average stock in the same group, the multiple is 15.8. CNOOC Limited current P/B ratio of 1.3 means it is trading at a premium against its industry’s 1.3.