Zacks Investment Research upgraded shares of CNOOC Ltd. – ADR (CEO) from NEUTRAL to OUTPERFORM on January 14, 2013, with a target price of $252.00.
We are upgrading our recommendation on CNOOC Ltd. to Outperform from Neutral. During the third quarter of 2012, the company gave a robust performance driven by strong oil price realizations. Further, approval of the development plan of Penglai oilfield by the China Reform Commission indicates the early start of production from the field. In addition, the benefits derived from new field start-ups, readjustment projects and investments in international growth will be value accretive. The company also received approval from the Minister of Industry, Canada for the Nexen deal. CNOOC's growth profile should get a boost over the next 3 to 5 years from 16 development projects offshore China, international growth from recent acquisitions, as well as intensive exploration and development programs with its partners.
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