CNOOC’s Stock Price Plummets to 19.90 HKD, Witnessing a Sharp 6.35% Decline

CNOOC (883)

19.90 HKD -1.35 (-6.35%) Volume: 165.31M

CNOOC’s stock price sees a significant dip, currently trading at 19.90 HKD with a sharp fall of -6.35% this session, despite its robust YTD performance showing a surge of +53.08%. The trading volume stands at 165.31M, reflecting investor interest in 883’s dynamic market performance.

Latest developments on CNOOC

Today, CNOOC Ltd made headlines as it successfully brought on-stream the Wushi 17-2 oilfields in the South China Sea, firing up oil production from the promising field. This news comes amidst the Chinese state giant’s recent statement emphasizing the crucial role of fossil fuels for the foreseeable future. However, CNOOC Ltd also faced challenges as it led the slide in listed oil shares due to weak oil prices. Investors are closely monitoring these developments as they anticipate how the company’s stock price will be affected in the coming days.

CNOOC on Smartkarma

Analyst coverage of CNOOC Ltd on Smartkarma by Travis Lundy indicates a bullish sentiment towards the company. In the report titled “HK Connect SOUTHBOUND Flows (To 7 June 2024); China Mobile, Energy, Financials All Bought Bigly,” Lundy highlights significant net buying on HK Connect by SOUTHBOUND investors, with expectations of CNOOC buying ahead of ex-dividend. The report also mentions positive valuations, good flows, and potential policy changes that could attract further inflows.

In another report by Travis Lundy 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, noting that CNOOC was a significant contributor to the portfolio’s performance. The report tracks A/H premium positioning and highlights SOUTHBOUND as a consistent net buyer, with narrow spreads continuing to widen. Overall, the sentiment towards CNOOC Ltd remains positive based on the analyst coverage provided 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 mixed long-term outlook. While the company scores well in terms of resilience and momentum, indicating its ability to withstand challenges and maintain positive performance trends, its value and dividend scores are lower. This suggests that investors may not find CNOOC Ltd to be a highly attractive option in terms of value and dividends. However, the company scores moderately well in terms of growth, which could indicate potential for future expansion and development.

CNOOC Limited, a company that focuses on exploring, developing, and selling crude oil and natural gas, has a diverse range of oil and gas assets both in China and internationally. With operations in areas such as Bohai, Western South China Sea, and beyond, the company has a strong presence in offshore China. Additionally, CNOOC Ltd has expanded its reach to regions in Asia, Africa, North America, South America, and Oceania, showcasing its global footprint in the oil and gas industry.

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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