This afternoon I purchased some additional shares in CNOOC (883) paying HK$12.74 per share. This compares with my original purchase in June 2009 at HK$9.72. As with the original purchase, I view CNOOC as a relatively low risk entry into the upstream oil industry.
The trailing ratios are a PE of 17.0 and a yield of 3.2%. Analysts expectations are for reasonable growth in both earnings and dividends. The company currently carries no net debt.