I bought 7 CEO CNOOC shares, late, hopefully not too late… October 13, 2009Posted by deminvest in CEO, China stock, Defensive Stock, growth stock, investment.
Tags: offshore, oil
I wanted to buy the Chinese offshore oil company CNOOC in March .I should have because CEO shares are 40% up now. Actually anybody should have bought about anything in March… markets are 60% higher!
Today I spent $1,028.37 to get 7 CEO shares ($146.13 each). If I had bought them in March I’d have 10 in my portfolio and some extra cash.
I chose this offshore oil company for several reasons:
1) China’s Economy is great. Not even the great recession could stop it.
2) Such liquidity may spur inflation. Oil is a commodity and it works as protection against inflation
3) Chinese car sales are up 80% from last year. I’m afraid there isn’t enough oil for all the World. Prices will go up.
4) Offshore is where most new oil is found. CEO has younger oil fields and more chances to find new ones.
5) CEO has excellent numbers. Good dividend yield around 4% and low forward P/E
6) I already own Petrochina, so I diversify with CEO.