Cnooc Limited (CEO) is producing more and estimates continue to climb for the Chinese energy company.
Company Description
Cnooc Ltd is an oil and natural gas explorer, developer, and producer off the coast of China. The company is the only one allowed to conduct that type of business with companies off the shore of China. Cnooc is a subsidiary of China National Offshore Oil Corp.
Great First Half
On Aug 26 the company reported results for the first 2 quarters of the year that included a 20% jump in crude production. Gas production was down slightly, 3.5%, to bring the net production to 106 million barrels-of-oil-equivalent(BOE), which is a 15% year-over-year increase.
During the first half of the year Cnooc also had 10 new discoveries and 8 successful appraisals. The company also decided to pay in interim dividend due to the great results.
Estimates Pop
While company does not have quarterly earnings, the full-year forecasts have skyrocketed. The Zacks Consensus Estimate for this year is now $9.39, up from $7.27. Estimates for next year are averaging $13.29, up from $10.17.
Compare these levels to the 14 cents earned last year.
The Chart
CNOOC has hit resistance near $141 several times, but he lows keep inching higher. Given the recent momentum, it looks like shares could be headed for a breakout. Take a look at the chart below.
