CNOOC’s Stock Price Drops to 20.45 HKD, a Sharp Decrease of 5.10%

CNOOC (883)

20.45 HKD -1.10 (-5.10%) Volume: 193.94M

Invest in CNOOC’s stock price, currently trading at 20.45 HKD with a significant YTD increase of +57.31%. Despite a -5.10% change this trading session, the robust trading volume of 193.94M signifies strong market interest. Explore the potential of CNOOC (883) for your investment portfolio.

Latest developments on CNOOC

Today, CNOOC Ltd stock price experienced a 5% dip in morning trading as three major oil companies saw a drop in their stock prices. This comes after the announcement of the first gas date being set for a deepwater field in the South China Sea, a significant event that has likely impacted investor sentiment towards the company. The news of this development has led to fluctuations in CNOOC Ltd‘s stock price throughout the day, reflecting the market’s reaction to this key milestone in the company’s operations.

CNOOC on Smartkarma

Analyst coverage of CNOOC Ltd on Smartkarma by Travis Lundy shows a bullish sentiment towards the company. In one report titled “HK Connect SOUTHBOUND Flows (To 7 June 2024)”, Lundy highlights big net buying on HK Connect by SOUTHBOUND investors, with expectations of CNOOC buying ahead of ex-dividend. The report also mentions other high-dividend State-Owned Enterprises (SOEs) seeing buying activity, indicating positive investor interest in the sector. Lundy notes that valuations are acceptable, flows are good, and policy changes may further drive inflows into the company.

In another report by Travis Lundy on Smartkarma titled “A/H Premium Tracker (To 8 Mar 2024): Liquid AH Premia Still Wide”, the analyst discusses the performance of the Quiddity AH Pairs Portfolio, where CNOOC had a negative impact. Despite this, SOUTHBOUND investors have been net buyers every day since the end of Chinese New Year. The report also mentions that wide spreads are narrowing while narrow spreads are widening, indicating shifting market dynamics. Overall, the reports suggest continued investor interest and positive sentiment towards CNOOC Ltd on Smartkarma.

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 received high scores in Growth, Resilience, and Momentum, indicating strong potential for future expansion and stability. With a solid score in Dividend as well, CNOOC Ltd seems to be a promising investment option for those seeking steady returns.

CNOOC Limited, a company that explores, develops, and sells crude oil and natural gas, has been rated well across various factors by Smartkarma Smart Scores. With a presence in multiple regions including offshore China, Asia, Africa, North America, South America, and Oceania, CNOOC Ltd appears to have a diverse and robust portfolio. Investors may find CNOOC Ltd to be an attractive choice based on its overall positive outlook and strong performance indicators.

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.
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