CNOOC’s Stock Price Soars to 21.60 HKD, Achieving a Noteworthy +2.13% Increase in Market Performance

CNOOC (883)

21.60 HKD +0.45 (+2.13%) Volume: 111.78M

Boosted by a bullish surge, CNOOC’s stock price hit 21.60 HKD, marking a positive session change of +2.13% on a high trading volume of 111.78M, further underlining its robust YTD performance, up by a remarkable +66.15%.

Latest developments on CNOOC

CNOOC Ltd made a major exploration breakthrough in Bohai Bay with the successful testing of a record gas well, achieving a new milestone in offshore China. The company’s first ultra-deep well in Bohai Bay outperformed its target, demonstrating significant potential for future production. These developments have likely contributed to the recent movements in CNOOC Ltd stock price as investors react to the positive news from the company’s exploration efforts.

CNOOC on Smartkarma

Analyst coverage on CNOOC Ltd by Travis Lundy on Smartkarma indicates a bullish sentiment towards the company. In the report titled “HK Connect SOUTHBOUND Flows (To 7 June 2024)”, it was highlighted that there was significant buying activity on HK Connect by SOUTHBOUND investors, with expectations of CNOOC buying ahead of ex-dividend. The report also mentioned that valuations are deemed acceptable, and policy changes may further drive inflows into the company.

Another report by Travis Lundy on Smartkarma, titled “A/H Premium Tracker (To 8 Mar 2024): Liquid AH Premia Still Wide”, discussed the performance of the Quiddity AH Pairs Portfolio, where CNOOC played a role in the portfolio’s performance. The report noted that SOUTHBOUND investors have been consistent net buyers, while NORTHBOUND investors were net sellers for the first time in six weeks. Despite some fluctuations, the report indicated that AH premia were slightly down, with spreads narrowing and widening accordingly.

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 Smartkarma Smart Scores, CNOOC Ltd has a positive long-term outlook. With high scores in Dividend, Growth, Resilience, and Momentum, the company is positioned well for future success. The company’s strong performance in these key areas indicates a promising future for investors.

CNOOC Limited, a company that explores, develops, and sells crude oil and natural gas, has a diversified portfolio with assets in various regions including Asia, Africa, North America, South America, and Oceania. With a focus on offshore China, particularly in areas like Bohai and the South China Sea, CNOOC Ltd is strategically positioned for growth and stability in the energy sector.

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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