Cnooc (CEO) 11/3/09 PriceWatch Alert Could Hit 28.38% Return

Posted: Tuesday, November 03, 2009 8:32 AM EDT

Cnooc (NYSE: CEO) closed yesterday at $152.18. So far the stock has hit a 52-week low of $60.57 and 52-week high of $167.15. Cnooc stock has been showing support around 147.27 and resistance in the 157.15 range. Technical indicators for the stock are Bullish and S&P gives CEO a positive 4 STAR (out of 5) buy rating. CEO appears on the Investors Observer Momentum Plays list. For a hedged play on this stock, look at a Mar '10 155 covered call (CEO CK) for a net debit in the $140.08 area. That is also the break even stock price for this trade. This covered call has a 137 day duration, provides 7.95% downside protection and a 10.65% assigned return rate for a 28.38% annualized return rate (comparison purposes only). Cnooc has a current annual dividend yield of 2.99%. [ATU-Seven Summits Research]

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