CNOOC Limited (NYSE: CEO) shares rose in value on Friday, January 13 on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock with a upgraded rating.
Meanwhile, The Dow Jones Industrial Average DJIA, -0.03% slipped 5.27 points to close 19,885.73, moving in a roughly 100-point range all session. For the week, the blue-chip index is off 0.4%.
U.S. financial markets will be closed Monday for Martin Luther King Jr. Day.
The S&P 500 index SPX, +0.18% added 4.20 points, or 0.2%, to end at 2,274.64 for a weekly loss of 0.1%, and the Nasdaq Composite Index COMP, +0.48% climbed 26.63 points, or 0.5%, to finish at 5,574.12, its sixth all-time closing high in seven trading sessions.
Analysts at Credit Suisse Group upgraded shares of CNOOC Limited (NYSE: CEO) from Underperform to Outperform today. With a rating of Outperform on the shares, CNOOC Limited has a 52-week high of $138.36. A number of other analysts have commented on the company in recent days, and CNOOC Limited has secured a consensus one-year price target of $152.66, higher than the opening price of $127.90, a difference of 11.88 percent. Usually, after analysts publish an upgrade report on a stock, they will later issue recurring updates, often followed by a price target change.
Yesterday CNOOC Limited (NYSE: CEO) shares last traded at $128.45, which is an increase of $1.35 from the previous closing price. Opening at $127.90, they ranged from $127.41 and $129.00 throughout the day.
CNOOC Limited (NYSE: CEO) currently has a market cap of 57.35B.
CNOOC Limited (NYSE: CEO) Average Daily Trading Volume
The stock’s average daily volume is 102,443 shares out of a total float 158,735,000 and some 65,441 shares traded hands yesterday, 5 percent below the norm. lower than normal. Look for trading volume to pick up in the coming days as momentum traders often use increases in trading volume to identify heavy volume accumulation or distribution by institutional investors.
While increased trading for one day will not mean much, conversely, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.
Institutional sponsorship just refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Institutional investors such as these retain substantial teams of analysts that investigate thousands of stocks, so it is good confirmation to see them taking a postion in a stock you are considering.
CNOOC Limited (NYSE: CEO) Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
By tracking the activity of these professional investors—and the moving averages they affect—it allows for traders to make more effective decisions on trades.
Trades for CNOOC Limited (NYSE: CEO) have ranged from $82.28 – 138.36, and the stock now has a 50-day MA of $128.77 and 200-day MA of $126.03. Today’s last price is 7.16%% below the 52 week high of $138.36.
Earnings growth is an important factor to consider when buying stocks and investors identify companies that have been successful at growing their earnings at least 25% or more over the past 3 years.
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