CNOOC’s Stock Price Soars to 22.50 HKD, Recording a Notable Increase of +3.45%

CNOOC (883)

22.50 HKD +0.75 (+3.45%) Volume: 91.11M

Boosted by a robust +73.08% YTD gain, CNOOC’s stock price continues its strong performance, closing at 22.50 HKD with a significant +3.45% increase this trading session on a high trading volume of 91.11M, highlighting the company’s consistent growth and investor confidence.

Latest developments on CNOOC

CNOOC Ltd has been making significant strides in its oilfield development projects, with the Enping 21-4 Oilfield Development Project recently commencing production. Additionally, the company has been short-listed for a gas project in Guyana alongside an ex-Exxon executive’s firm. This news comes as CNOOC Petroleum North America ULC announced successful early tender results and an increase in the maximum amount for its cash tender offer. These developments have contributed to the fluctuations in CNOOC Ltd‘s stock price today.

CNOOC on Smartkarma

Analyst coverage of CNOOC Ltd on Smartkarma by Travis Lundy shows a bullish sentiment towards the company. In the report titled “HK Connect SOUTHBOUND Flows,” it is highlighted that there was significant net buying on HK Connect by SOUTHBOUND, with expectations of CNOOC buying ahead of ex-dividend. The report also mentions that valuations are acceptable, flows are good, and policy changes may be on the horizon, leading to potential inflows for CNOOC.

Furthermore, in another report by Travis Lundy titled “A/H Premium Tracker,” it is noted that CNOOC was the culprit for a slight fall in the Quiddity AH Pairs Portfolio. Despite this, the report indicates that SOUTHBOUND has been a net buyer consistently, while NORTHBOUND was a net seller for the first time in 6 weeks. The report suggests that it may still be a good time to go long on Hs versus As, with wide A/H premia in the renewables space looking vulnerable.

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

According to Smartkarma Smart Scores, CNOOC Ltd has a positive long-term outlook based on its overall scores. The company scores well in terms of resilience and momentum, indicating a strong ability to weather challenges and maintain positive growth momentum. Additionally, CNOOC Ltd also receives favorable scores for dividend and growth potential, suggesting promising returns for investors. However, the company’s value score is relatively lower, indicating that it may be slightly overvalued compared to its peers.

CNOOC Limited is a global energy company with a focus on exploring, developing, and selling crude oil and natural gas. The company’s operations span across various regions, including offshore China and international markets in Asia, Africa, North America, South America, and Oceania. With its strong resilience, momentum, dividend, and growth potential, CNOOC Ltd is well-positioned for long-term success 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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