SEHK:883Oil and Gas
CNOOC (SEHK:883) Stock Jumps On Profit Surge But Long Term Risks Linger
CNOOC stock went into this earnings print trading on a lowly 7.4x P/E and at about a 57% discount to an estimated fair value of HK$58.87, which set the stage for any surprise to hit sentiment hard. The market has watched a stock with a 12 month net margin of 31.9% yet forecasts that point to earnings and revenue declines over the next few years. That clash between strong trailing profitability and cautious outlook is what really drove the emotional swing around today’s Q2 report, more than...