CNOOC’s Stock Price Soars to 19.00 HKD, Registering a Positive Leap of 2.10%

CNOOC (883)

19.00 HKD +0.39 (+2.10%) Volume: 121.03M

Explore CNOOC’s stock price performance, currently trading at 19.00 HKD, with a promising rise of +2.10% this trading session, backed by a significant trading volume of 121.03M. Despite a slight decrease of -2.67% YTD, CNOOC (883) remains a noteworthy contender in the market.

Latest developments on CNOOC

Today, CNOOC Ltd saw a significant drop in its stock price following reports of a major oil spill in the Bohai Sea. The company’s stock had already been under pressure after facing backlash for its involvement in controversial drilling projects in the South China Sea. Additionally, concerns over China’s economic slowdown and the ongoing trade war with the US have further impacted investor confidence in CNOOC Ltd. Despite efforts by the company to reassure shareholders, the stock price continued to decline throughout the day, highlighting the challenges facing the oil giant in the current market environment.

CNOOC on Smartkarma

Analysts on Smartkarma have been providing bullish coverage on CNOOC Ltd, China’s largest offshore oil and gas producer. The company is praised for its exclusive rights for offshore exploration and strong government backing, making it a resilient player in the volatile energy market. With a clear growth strategy focused on increasing reserves and production, CNOOC is projected to reach 760-780 million BOE in 2025 and grow to 810-830 million BOE by 2027. However, analysts also highlight significant geopolitical risks and internal governance challenges within China’s state-owned enterprise system that could impact future performance and investor returns.

One of the analysts, Travis Lundy, highlighted the volatility in pairs trading related to CNOOC Ltd. AH Premia contracted significantly last week, with many pairs moving spreads by 5-8% or even 10%. Despite the noise in the market, liquid Hs outperformed their As by 1.99% over two weeks. Lundy also mentioned a successful long recommendation on China Communications Construction, which gained over 1% in Hs and outperformed the A by 0.6% Friday to Friday. For more detailed data and updates, readers can access the daily data tables on Smartkarma’s Tools section, including the SOUTHBOUND Flow Monitor and AH Pairs Monitor.

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 received high scores in growth and resilience, indicating a promising future in terms of expansion and ability to withstand challenges. With its focus on exploring, developing, and selling crude oil and natural gas both domestically and internationally, CNOOC Ltd is positioned to capitalize on opportunities in various regions such as Asia, Africa, North America, South America, and Oceania.

Although CNOOC Ltd received average scores in value, dividend, and momentum, its strong performance in growth and resilience suggests a solid foundation for future success. As a company that operates in key offshore areas in China and holds oil and gas assets globally, CNOOC Ltd is well-positioned to navigate the evolving energy market landscape. Investors may find CNOOC Ltd to be a promising option for long-term growth potential 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.
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