CNOOC’s Stock Price Soars to 19.62 HKD, Marking a Robust Increase of 2.29%

CNOOC (883)

19.62 HKD +0.44 (+2.29%) Volume: 137.77M

With significant growth, CNOOC’s stock price stands strong at 19.62 HKD, marking a +2.29% increase this trading session and a commendable +50.92% YTD surge, driven by a robust trading volume of 137.77M, showcasing the company’s robust financial health and investor confidence.

Latest developments on CNOOC

CNOOC Ltd, a leading Chinese energy company, saw a significant jump in its stock price today after its subsidiaries signed Engineering, Procurement, Construction, and Commissioning contracts with Mozambique’s MIREME and ENH. This move comes on the heels of multiple Africa offshore block awards received by the company, solidifying its presence in the region. The market responded positively to the news, with CNOOC Ltd‘s stock climbing the most in 2 weeks, reflecting investor confidence in the company’s strategic partnerships and continued growth trajectory.

CNOOC on Smartkarma

Analyst coverage of CNOOC Ltd on Smartkarma by Travis Lundy shows a bullish sentiment in their research reports. In the report titled “A/H Premium Tracker (To 8 Mar 2024): Liquid AH Premia Still Wide,” it was noted that CNOOC was the culprit for falling 11bp on the week. The report also highlighted the narrowing of wide spreads and widening of narrow spreads in the A/H premium positioning. Southbound flows were observed as net buyers every day since the end of Chinese New Year, while northbound flows were net sellers for the first week in 6. AH premia were slightly down as wide spreads continued to narrow and narrow spreads widened.

In another report by Travis Lundy titled “HK Connect SOUTHBOUND Flows (To 8Dec23); CNOOC & China Mobile Both Now To The Buy Side, Tencent Not,” it was mentioned that despite a strong HK$11.2bn net inflow in SOUTHBOUND flows, Hs underperformed their As within the H/A Pairs by 60+bp. The report highlighted the reversion tendencies in SOUTHBOUND flows after weeks of momentum. CNOOC Ltd and China Mobile saw strong net buying as a percentage of volume, while tech stocks were sold. The report indicates a bullish outlook on CNOOC Ltd amidst the shifting market dynamics.

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 promising long-term outlook. With a high score in Momentum, it indicates that the company is gaining traction and showing positive growth trends. Additionally, CNOOC Ltd also scores well in Resilience, suggesting that it is able to withstand challenges and uncertainties in the market. While the scores for Value, Dividend, and Growth are average, the strong performance in Momentum and Resilience bode well for the company’s future prospects.

CNOOC Ltd, a company that explores, develops, and sells crude oil and natural gas, has a diverse portfolio of assets both domestically and internationally. With operations in offshore China and various regions around the world, the company has established itself as a key player in the oil and gas industry. The Smartkarma Smart Scores for CNOOC Ltd reflect a balanced outlook, with strengths in Momentum and Resilience. This positions the company well for continued growth and 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.
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.
Have feedback on this article? Concerned about the content? Get in touch with us directly.

💡 Before it’s here, it’s on Smartkarma