CNOOC’s Stock Price Soars to 19.68 HKD, Witnessing a Robust +3.58% Uptick: Unmissable Investment Opportunity

CNOOC (883)

19.68 HKD +0.68 (+3.58%) Volume: 181.91M

Boosted by a remarkable +51.54% YTD change, CNOOC’s stock price continues its upward trajectory, closing at 19.68 HKD with an impressive +3.58% increase in this trading session on a high trading volume of 181.91M.

Latest developments on CNOOC

Record profits and production milestones have boosted CNOOC Ltd‘s stock price, as the company outperformed Q1 earnings predictions amidst lower prices. This strong growth in both net production and net profit was largely due to the company beginning drilling at the world’s largest offshore field with special formation. The company’s Hong Kong shares climbed to an all-time high after this record Q1 profit, with UBS and BOCI further raising CNOOC’s target price following the impressive results. This saw CNOOC’s stock mount 4.7% post results, with a nearly 24% rise in Q1 net profit.

CNOOC on Smartkarma

Analysts on Smartkarma, including Travis Lundy, have been covering CNOOC Ltd, a Chinese oil and gas company. In a recent report titled “A/H Premium Tracker (To 8 Mar 2024): Liquid AH Premia Still Wide,” Lundy noted that CNOOC was the culprit for a slight underperformance in the Quiddity AH Pairs Portfolio. The report also highlighted that southbound flows have been consistently buying into CNOOC since Chinese New Year, while northbound flows have been selling. Despite this, AH premia have slightly decreased as wide spreads continue to narrow.

Another report by Travis Lundy, “HK Connect SOUTHBOUND Flows (To 8Dec23); CNOOC & China Mobile Both Now To The Buy Side, Tencent Not,” discussed the strong net inflows of HK$11.2bn into CNOOC and China Mobile, leading to a buy-side trend. However, Hs underperformed their As within the H/A Pairs, indicating reversion tendencies after weeks of momentum. High-dividend SOEs like CNOOC have been attracting significant buying interest, while the tech sector experienced selling pressure. Overall, analyst sentiment appears bullish on CNOOC Ltd despite some short-term fluctuations.

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 high scores in Momentum and Resilience, the company is showing strong performance and stability in the market. This indicates that CNOOC Ltd is well-positioned to weather any economic uncertainties and continue to grow.

While the Value score is lower, the company still scores well in Dividend and Growth, showing potential for future profitability and expansion. CNOOC Ltd‘s diverse oil and gas assets both in China and internationally provide a solid foundation for continued success in the energy sector.

Summary: CNOOC Limited is a company that focuses on exploring, developing, producing, and selling crude oil and natural gas. It has operations in various regions in China and internationally, making it a key player in the global energy market.

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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