CNOOC’s Stock Price Leaps to 19.16 HKD, Notching a Positive 0.42% Shift: A Bullish Turn in the Market?

CNOOC (883)

19.16 HKD +0.08 (+0.42%) Volume: 102.49M

Explore CNOOC’s stock price, currently standing at 19.16 HKD, experiencing a rise of +0.42% this trading session, with a hefty trading volume of 102.49M. The stock’s year-to-date performance showcases a robust +47.38% increase, highlighting its promising market position.

Latest developments on CNOOC

CNOOC Ltd has been making significant strides in its exploration and production efforts recently. The company announced another major breakthrough in ultra-deepwater natural gas exploration, leading to a breakthrough gas discovery in carbonate rocks offshore China. This comes after CNOOC cheered its first ultra-deepwater gas discovery in the South China Sea. Despite facing challenges such as a production loss due to a super typhoon, the company has resumed operations and factored in the loss in its annual target. Additionally, CNOOC reportedly founded a new energy firm in Hebei with a registered capital of RMB70M, further showcasing its commitment to expanding its presence in the energy sector.

CNOOC on Smartkarma

Analyst coverage of CNOOC Ltd on Smartkarma by Travis Lundy shows a bullish sentiment towards the company. In the report “HK Connect SOUTHBOUND Flows (To 7 June 2024); China Mobile, Energy, Financials All Bought Bigly”, it is highlighted that there was big net buying on HK Connect by SOUTHBOUND, with expectations of CNOOC buying ahead of ex-dividend. The report also mentions that valuations are acceptable, flows are good, and policy changes are on the horizon, indicating potential inflows for the company.

In another report by Travis Lundy titled “A/H Premium Tracker (To 8 Mar 2024): Liquid AH Premia Still Wide”, it is noted that the Quiddity AH Pairs Portfolio tilted long liquid Hs and outperformed them, but fell due to CNOOC. Despite this, SOUTHBOUND has been a net buyer every day since the end of Chinese New Year. The report also mentions that wide spreads are narrowing and narrow spreads are widening, with AH premia slightly down. Overall, the analyst coverage on Smartkarma suggests positive sentiment towards CNOOC Ltd.

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

Looking at the Smartkarma Smart Scores for CNOOC Ltd, the company seems to have a positive long-term outlook. With high scores in Growth, Resilience, and Momentum, CNOOC Ltd appears to be well-positioned for future success. The company’s focus on exploring, developing, and selling crude oil and natural gas, both domestically and internationally, has contributed to its strong performance in these key areas.

CNOOC Ltd‘s scores in Value and Dividend may not be as high as its scores in Growth, Resilience, and Momentum, but overall, the company’s outlook remains promising. With a diversified portfolio of oil and gas assets in various regions around the world, including Asia, Africa, North America, South America, and Oceania, CNOOC Ltd is poised to continue its growth and success in the global energy market.

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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