---
title: "CNOOC Limited (600938.SH)"
type: "Symbol"
locale: "en"
url: "https://longbridge.com/en/quote/600938.SH.md"
symbol: "600938.SH"
name: "CNOOC Limited"
industry: "Oil and Gas Exploration and Production"
datetime: "2026-05-19T14:09:15.143Z"
locales:
  - [en](https://longbridge.com/en/quote/600938.SH.md)
  - [zh-CN](https://longbridge.com/zh-CN/quote/600938.SH.md)
  - [zh-HK](https://longbridge.com/zh-HK/quote/600938.SH.md)
---

# CNOOC Limited (600938.SH)

## Company Overview

CNOOC Limited, an investment holding company, engages in the exploration, development, production, and sale of crude oil and natural gas in worldwide. The company produces offshore crude oil and natural gas primarily in Bohai Sea, the Western South China Sea, the Eastern South China Sea, and the East China Sea in China. It also holds interests in various oil and gas assets in Asia, Africa, North America, South America, Oceania, and Europe. In addition, the company is involved in the sales and trading of petroleum and natural gas; oil sands exploration, development, and production; and exploration, development, and production of unconventional natural gas resources in onshore China, as well as in shale oil and gas activities.

| Item | Detail |
|------|--------|
| Industry | Oil and Gas Exploration and Production |
| Exchange | CN Market |
| Website | [www.cnoocltd.com](https://www.cnoocltd.com) |

## Key Drivers
> *AI-analyzed key factors driving this stock's performance*


## Longbridge Financial Score™: C
> *Longbridge Financial Score™ — Proprietary multi-factor rating model by Longbridge*
> Updated: 2026-05-19T04:30:10.000Z

**Overall: C (0.42)**

**Industry**: Oil and Gas Exploration and Production

| Metric | Value |
|--------|-------|
| Industry Ranking | 2 / 4 |
| Industry Median | C |
| Industry Average | C |

- **Style**: Value - Stocks where the company's main business is in a mature stage.
- **Scale**: Large - The company has stable operations, allowing for dependable long-term returns.

**Multi Score**: C

#### Style Score Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| Revenue YoY | -2.03% |  |
| Net Profit YoY | -7.51% |  |
| P/B Ratio | 2.10 |  |
| Dividend Ratio | 3.44% |  |

#### Size Score Score: 

| Indicator | Value | Rating |
|-----------|-------|--------|
| Market Cap | 1752180522085.84 |  |
| Revenue | 407055925311.08 |  |

#### Multi Score Score: C

| Indicator | Value | Rating |
|-----------|-------|--------|
| ROE | 15.38% | A |
| Profit Margin | 30.60% | A |
| Gross Margin | 51.17% | B |
| Revenue YoY | -2.03% | D |
| Net Profit YoY | -7.51% | D |
| Total Assets YoY | 4.43% | C |
| Net Assets YoY | 6.85% | B |
| Cash Flow Margin | 165.98% | B |
| OCF YoY | -2.03% | D |
| Turnover | 0.36 | C |
| Gearing Ratio | 27.09% | B |

```chart-data:radar
{
  "title": "Longbridge Financial Score - CNOOC Limited",
  "chart_type": "radar",
  "dimensions": [
    {
      "name": "Style Score",
      "grade": "",
      "indicators": [
        {
          "name": "Revenue YoY",
          "value": "-2.03%",
          "rating": ""
        },
        {
          "name": "Net Profit YoY",
          "value": "-7.51%",
          "rating": ""
        },
        {
          "name": "P/B Ratio",
          "value": "2.10",
          "rating": ""
        },
        {
          "name": "Dividend Ratio",
          "value": "3.44%",
          "rating": ""
        }
      ]
    },
    {
      "name": "Size Score",
      "grade": "",
      "indicators": [
        {
          "name": "Market Cap",
          "value": "1752180522085.84",
          "rating": ""
        },
        {
          "name": "Revenue",
          "value": "407055925311.08",
          "rating": ""
        }
      ]
    },
    {
      "name": "Multi Score",
      "grade": "C",
      "indicators": [
        {
          "name": "ROE",
          "value": "15.38%",
          "rating": "A"
        },
        {
          "name": "Profit Margin",
          "value": "30.60%",
          "rating": "A"
        },
        {
          "name": "Gross Margin",
          "value": "51.17%",
          "rating": "B"
        },
        {
          "name": "Revenue YoY",
          "value": "-2.03%",
          "rating": "D"
        },
        {
          "name": "Net Profit YoY",
          "value": "-7.51%",
          "rating": "D"
        },
        {
          "name": "Total Assets YoY",
          "value": "4.43%",
          "rating": "C"
        },
        {
          "name": "Net Assets YoY",
          "value": "6.85%",
          "rating": "B"
        },
        {
          "name": "Cash Flow Margin",
          "value": "165.98%",
          "rating": "B"
        },
        {
          "name": "OCF YoY",
          "value": "-2.03%",
          "rating": "D"
        },
        {
          "name": "Turnover",
          "value": "0.36",
          "rating": "C"
        },
        {
          "name": "Gearing Ratio",
          "value": "27.09%",
          "rating": "B"
        }
      ]
    }
  ]
}
```

## Valuation Analysis

| Metric | Current | Industry Ranking | High | Median | Low |
|--------|---------|-----------------|------|--------|-----|
| PE (TTM) | 14.08 | 1/4 | 14.03 | 10.85 | 9.23 |
| PB | 2.10 | 3/4 | 2.15 | 1.70 | 1.58 |
| PS (TTM) | 4.31 | 2/4 | 4.25 | 3.29 | 2.99 |
| Dividend Yield | 3.44% | 1/4 | 4.91% | 4.52% | 3.49% |

## Peer Comparison

| Rank | Name | Profit | Growth | Operation | Security | Cash | Rating |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 01 | Sino Prima Gas (300483.SZ) | C | A | D | B | A | B |
| 02 | CNOOC (600938.SH) | A | D | C | B | C | C |
| 03 | XCEC (600777.SH) | C | E | D | B | C | C |
| 04 | Geo-Jade Petroleum (600759.SH) | C | D | D | B | C | C |

## Institutional View

### Analyst Rating Distribution

> As of 2026-05-03T16:00:00.000Z

Total Analysts: **13**

| Rating | Count | Percentage |
|--------|-------|-----------| 
| Buy | 9 | 69% |
| Overweight | 2 | 15% |
| Underweight | 1 | 8% |
| Sell | 1 | 8% |

### Target Price Forecast

| Metric | Price |
|--------|-------|
| Current Price | 36.92 |
| Highest Target | 53.00 |
| Lowest Target | 20.60 |

## References

- [Company Overview — Profile, executives, shareholders, business breakdown](https://longbridge.com/en/quote/600938.SH/overview.md)
- [Financial Reports — Income, balance sheet, cash flow, dividends](https://longbridge.com/en/quote/600938.SH/norm.md)
- [Related News](https://longbridge.com/en/quote/600938.SH/news.md)
- [Filings — Company announcements and regulatory filings](https://longbridge.com/en/quote/600938.SH/filings.md)

---

> **Disclaimer: This article is for reference only and does not constitute any investment advice.**