CNOOC’s Stock Price Soars to 18.58 HKD, Marking a Robust 2.31% Uptick in Performance

CNOOC (883)

18.58 HKD +0.42 (+2.31%) Volume: 71.8M

CNOOC’s stock price soars to 18.58 HKD, marking a significant trading session increase of +2.31%, with a strong trading volume of 71.8M. The company’s stock performance continues to impress, boasting a year-to-date percentage change of +43.69%, demonstrating its robust market position.

Latest developments on CNOOC

CNOOC Ltd has been making waves in the stock market today following a series of key events. The company recently declared a breakthrough gas discovery in carbonate rocks offshore China, which has excited investors about the potential for future growth. Additionally, CNOOC made an ultra-deepwater discovery in the Pearl River Mouth Basin, further boosting confidence in the company’s exploration efforts. However, the stock price was also influenced by contractors’ lacklustre response to a subsea tender in the South China Sea, causing some uncertainty among investors. Overall, these developments have led to fluctuations in CNOOC Ltd‘s stock price as traders react to the latest news.

CNOOC on Smartkarma

Analyst coverage of CNOOC Ltd on Smartkarma by Travis Lundy shows a bullish sentiment towards the company. In the research 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. The report mentions that CNOOC Ltd is expected to see buying ahead of its ex-dividend date, indicating positive investor interest in the company.

Lundy’s analysis also indicates that other high-dividend State-Owned Enterprises (SOEs) are seeing buying activity, with expectations of continued inflows on the horizon. The report emphasizes that valuations for CNOOC Ltd are deemed acceptable, with favorable policy changes potentially contributing to the positive sentiment towards the company. Overall, the research report suggests that CNOOC Ltd may continue to attract investor interest, both from national team investors and other market participants.

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 well 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 high scores in these key areas.

CNOOC Ltd‘s Value and Dividend scores, while not as high as its Growth, Resilience, and Momentum scores, still indicate a solid performance in these areas. Overall, the company’s diverse oil and gas assets across different regions, including Asia, Africa, North America, South America, and Oceania, provide a strong foundation for continued growth and profitability 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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