CNOOC’s Stock Price Drops to 19.66 HKD, Reflecting a 3.15% Decrease: Market Performance Analysis

CNOOC (883)

19.66 HKD -0.64 (-3.15%) Volume: 170.96M

CNOOC’s stock price stands at 19.66 HKD, experiencing a dip of -3.15% this trading session, with a high trading volume of 170.96M, yet showcasing a robust YTD increase of +51.23%, reflecting the volatile yet promising nature of 883’s market performance.

Latest developments on CNOOC

Today’s significant movements in CNOOC Ltd‘s stock price can be traced back to a series of key events. The company reported an increase in crude oil production, announced a new oil discovery, and signed new contracts in Africa. These strategic advancements have propelled CNOOC Ltd‘s stock price upwards, attracting investor attention and creating a bullish market sentiment.

CNOOC on Smartkarma

Analysts on Smartkarma, such as Travis Lundy, have been closely monitoring the coverage of CNOOC Ltd. In a recent report titled “A/H Premium Tracker (To 8 Mar 2024): Liquid AH Premia Still Wide”, Lundy noted that CNOOC was the culprit for a slight underperformance in the Quiddity AH Pairs Portfolio. Despite this, the report highlighted that southbound flows have been consistently positive since Chinese New Year, while northbound flows saw a net selling trend for the first time in 6 weeks. The report also mentioned that wide spreads continue to narrow, indicating potential shifts in market positioning.

Another report by Travis Lundy, titled “HK Connect SOUTHBOUND Flows (To 8Dec23); CNOOC & China Mobile Both Now To The Buy Side, Tencent Not”, highlighted a strong net inflow of HK$11.2bn in southbound flows, with both CNOOC Ltd and China Mobile experiencing significant net buying activity. However, despite the positive inflows, Hs underperformed their As within the H/A Pairs by 60+bp. The report also pointed out that high-dividend SOEs saw action, with CNOOC Ltd and China Mobile being favored for net buying, while the tech sector experienced selling pressure.

A look at CNOOC Smart Scores

Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma

Based on the Smartkarma Smart Scores, CNOOC Ltd has a positive long-term outlook. The company scores high in momentum, indicating strong performance and potential for growth. Additionally, CNOOC Ltd demonstrates resilience, suggesting it can withstand market fluctuations. While the value and dividend scores are moderate, the growth score is promising, showing potential for expansion in the future.

CNOOC Ltd, a company that explores, develops, and sells crude oil and natural gas, has a diversified portfolio with assets in various regions globally. With a focus on offshore China and international presence in Asia, Africa, North America, South America, and Oceania, CNOOC Ltd is well-positioned to capitalize on opportunities in the oil and gas industry. Overall, the company’s Smartkarma Smart Scores indicate a favorable outlook for long-term growth and stability.

Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
Have feedback on this article? Concerned about the content? Get in touch with us directly.

💡 Before it’s here, it’s on Smartkarma