CNOOC’s Stock Price Soars to 18.16 HKD, Marking a Positive 1.00% Shift in Market Performance

CNOOC (883)

18.16 HKD +0.18 (+1.00%) Volume: 97.41M

Witnessing a robust growth, CNOOC’s stock price stands at 18.16 HKD, marking a promising +1.00% change this trading session with a notable trading volume of 97.41M. With a staggering YTD percentage change of +39.69%, CNOOC (883)’s stock performance continues to impress investors.

Latest developments on CNOOC

CNOOC Ltd has been making significant strides in ultra-deepwater natural gas exploration, with a series of breakthrough discoveries in the Pearl River Mouth Basin and offshore China. The company recently announced another major breakthrough in this field, further boosting its stock price. Despite facing challenges such as production loss due to a super typhoon and lacklustre responses from contractors in a recent subsea tender in the South China Sea, CNOOC Ltd has resumed operations and remains optimistic about meeting its annual targets. These developments have contributed to the fluctuation in CNOOC Ltd‘s stock price today.

CNOOC on Smartkarma

Analyst Travis Lundy from Smartkarma recently published a bullish research report on CNOOC Ltd, a company listed on the Hong Kong stock exchange. The report titled “HK Connect SOUTHBOUND Flows (To 7 June 2024); China Mobile, Energy, Financials All Bought Bigly” highlights significant net buying on the HK Connect platform by SOUTHBOUND investors. Lundy expects buying activity to increase ahead of CNOOC’s ex-dividend date, indicating positive sentiment towards the company.

Lundy’s report also mentions that other high-dividend State-Owned Enterprises (SOEs) in China, such as China Mobile and energy companies, saw buying interest as well. The overall valuation of CNOOC Ltd is deemed acceptable, and with ongoing policy changes and potential inflows from both national team investors and others, the outlook for the company remains positive. Investors can access the full research report on CNOOC Ltd on Smartkarma’s platform.

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. With strong scores in Growth, Resilience, and Momentum, the company is positioned for continued success in the future. The company’s focus on exploring, developing, and selling crude oil and natural gas, both domestically and internationally, provides a solid foundation for growth and sustainability.

CNOOC Ltd‘s scores in Value and Dividend are more moderate, indicating room for improvement in these areas. However, with a solid overall outlook and a diverse portfolio of oil and gas assets across multiple regions, the company is well-positioned to weather market fluctuations and capitalize on opportunities for growth and expansion 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.
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.
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