CNOOC’s Stock Price Soars to 20.50 HKD, Marking a Positive Leap of 2.91%

CNOOC (883)

20.50 HKD +0.58 (+2.91%) Volume: 212.51M

Explore CNOOC’s stock price performance, currently standing at 20.50 HKD, witnessing a promising rise of +2.91% this trading session and a remarkable +57.69% increase YTD, backed by a hefty trading volume of 212.51M, reflecting the robust market confidence in 883’s potential.

Latest developments on CNOOC

CNOOC Ltd‘s stock price today reflects the recent operational events within the company. The oil giant has recently started production at a new gas development in China’s Bohai Sea, a move that could potentially boost its output and revenue. Additionally, CNOOC announced the key operational statistics for Q3 2021, providing insight into its financial performance. However, the company’s reputation may have been impacted as China probes a former CNOOC executive over disciplinary violations. Lastly, the company announced the commencement of the Bozhong 19-6 Gas Field 13-2 Block 5 Well Site Development Project.

CNOOC on Smartkarma

Analysts on Smartkarma, such as Travis Lundy, have been closely monitoring CNOOC Ltd, a Chinese oil 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 behind a slight underperformance in the AH pairs portfolio. Despite this, wide spreads are narrowing and narrow spreads are widening, indicating changing market dynamics.

Another report by Lundy, “HK Connect SOUTHBOUND Flows (To 8Dec23); CNOOC & China Mobile Both Now To The Buy Side, Tencent Not,” highlighted strong net inflows of HK$11.2bn in Southbound flows, with CNOOC and China Mobile seeing significant buying activity. However, Hs underperformed As within the H/A pairs, showing reversion tendencies in the market. Tech stocks, like Tencent, were not favored in this scenario.

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 promising long-term outlook. The company scores high in momentum, indicating strong performance and potential for future growth. Additionally, CNOOC Ltd shows resilience, suggesting stability and the ability to withstand market fluctuations. With a moderate score in growth, there is room for expansion and development in the future. However, the company scores lower in value and dividend factors, which may be areas for improvement.

CNOOC Limited, a company that explores, develops, and sells crude oil and natural gas, has a diverse portfolio of assets both in offshore China and internationally. With a focus on areas like the Bohai and South China Sea, as well as assets in regions across Asia, Africa, North America, South America, and Oceania, the company has a strong presence in the global energy market. The Smartkarma Smart Scores provide insights into different aspects of CNOOC Ltd‘s performance, highlighting both strengths and areas for potential growth.

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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