UBS: Target price for CNOOC's “buy” rating raised to HK$26.3

According to a research report released by UBS, the net profit of CNOOC (00883) increased 23.7% year on year and 51.6% quarterly to 39.7 billion yuan, higher than the market and the forecast. This was mainly due to the rapid increase in production during the period, the 6.2% increase in oil prices to 78.75 US dollars per barrel, and the appreciation of the US dollar exchange rate. The report raised CNOOC's 2024-2026 profit forecast by 2%, and the target price for H shares was raised from HK$26 to HK$26.3, with a “buy” rating. According to the report, CNOOC's production in the first quarter increased 9.9% year on year to 180.1 million barrels, and its domestic production in China increased 6.9%

新浪港股Apr 26 05:46 ET

Bank of China International: Reiterates CNOOC's “Buy” Rating Target Price to HK$21.84

Bank of China International released a research report stating that it reaffirmed the “buy” rating of CNOOC (00883) and raised the target price from HK$19.95 to HK$21.84. Due to the recent surge in oil prices, CNOOC's profit in the second quarter is likely to be higher. If the typhoon does not have a significant impact, oil and gas production will exceed the upper limit of its target guidelines. According to the report, CNOOC's net profit for the first quarter increased 24% year-on-year to 39.7 billion yuan, 9% higher than the bank's forecast. This difference is mainly due to lower costs than expected, realized oil prices, and higher production than expected. Brent crude has been in business since mid-March

新浪港股Apr 26 05:45 ET

China Oil Company Sees Strong Production and Profits This Quarter

CNOOC Limited achieved strong growth in both net production and net profit during the first quarter of this year, the company said on Thursday.

China DailyApr 26 03:37 ET

Changes in Hong Kong stocks | CNOOC (00883) surpassed performance, production growth rate of nearly 4%, and crude oil prices surpassed expectations, net profit increased 23.7% year-on-year in the first quarter

CNOOC (00883) opened nearly 4% higher after the report. As of press release, it rose 3.79% to HK$19.72, with a turnover of HK$85.55,600.

Zhitong FinanceApr 25 21:27 ET

CNOOC Limited Achieves Strong Growth in Both Net Production and Net Profit in Q1 2024

HONG KONG, April 25, 2024 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announced its operating results for the first quarter of 2024.

PR NewswireApr 25 05:02 ET

Press Release: CNOOC Limited Achieves Strong Growth in Both Net Production and Net Profit in Q1 2024

CNOOC Limited (the "Company", SEHK: 00883 (HKD Counter) and 80883 (RMB Counter), SSE: 600938) today announced its operating results for the first quarter of 2024.

Dow JonesApr 25 05:02 ET