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<Research>CCBI Cuts CNOOC's TP to HKD19.6; Rating Kept Outperform
Recommend 9 Positive 13 Negative 4 |
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CCBI has issued a research report cutting its target price for CNOOC (00883.HK) by 6.7% from HKD21 to HKD19.6, while maintaining the Outperform rating unchanged. Based on CNOOC's current cost control and oil production performance, CCBI revised upward its 2026-27 oil and gas production forecasts by 1% to 780 million/ 800 million barrels. To reflect the company's cost management effectiveness, the broker reduced its 2026-27 full cost forecasts by 10%/ 11% to USD26.7/ USD26.2 per barrel. It also axed its 2025-26 net profit forecasts by 15%/ 11% due to the expected decline in crude oil prices. AAStocks Financial News |
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