CNOOC’s Stock Price Plummets to 21.15 HKD, Suffers a Steep 5.16% Decline

CNOOC (883)

21.15 HKD -1.15 (-5.16%) Volume: 242.66M

Explore the performance of CNOOC’s stock price, currently at 21.15 HKD, experiencing a dip of -5.16% this trading session with a high trading volume of 242.66M. Despite the recent decrease, CNOOC (883) showcases a strong year-to-date growth of +61.54%, indicating a robust market presence.

Latest developments on CNOOC

CNOOC Ltd has made a significant exploration breakthrough in Bohai Bay, testing a record gas well and achieving a record gas test offshore China. The company’s first ultra-deep well in Bohai Bay has outperformed its target, leading to positive stock price movements today. Investors are keeping a close eye on CNOOC Ltd as they continue to make strides in their exploration efforts.

CNOOC on Smartkarma

Analyst coverage on CNOOC Ltd by Travis Lundy on Smartkarma indicates a bullish sentiment towards the company. In the report “HK Connect SOUTHBOUND Flows (To 7 June 2024)”, 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 expected, which may lead to continued inflows into 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 experienced a slight decrease, with CNOOC being the main culprit. Despite this, SOUTHBOUND has been a net buyer every day since Chinese New Year. The report also discusses how wide spreads are narrowing and narrow spreads are widening, indicating potential shifts in premium positioning for 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

Based on the Smartkarma Smart Scores, CNOOC Ltd has a positive long-term outlook. The company scores well in areas such as Dividend, Growth, Resilience, and Momentum, indicating a strong overall performance in these key factors. With a focus on exploring, developing, and selling crude oil and natural gas, CNOOC Ltd has a diverse portfolio of assets both in China and internationally, which positions it well for future growth and stability.

CNOOC Ltd‘s high scores in Momentum and Growth suggest that the company is well-positioned to capitalize on opportunities in the oil and gas market. Additionally, its strong performance in Resilience and Dividend indicates a solid financial foundation and a commitment to returning value to shareholders. With its strategic focus on key areas like the Bohai and South China Sea, as well as international assets in regions like Asia and Africa, CNOOC Ltd is poised for continued success in the long term.

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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