JP Morgan downgraded CNOOC to "Neutral" and lowered its earnings per share forecast

AASTOCKS
2026.02.11 03:11

JP Morgan downgraded CNOOC (00883.HK)(600938.SH) to "Neutral" as its stock price has surpassed the bank's target price. At the same time, the bank believes that CNOOC's valuation has become reasonable, and it has adjusted its industry preference order to PetroChina (00857.HK), Sinopec (00386.HK), and CNOOC. Among the three companies, CNOOC has the highest proportion of oil in its business portfolio, making it more sensitive to potential declines in oil prices.

JP Morgan expects CNOOC's dividend yield in 2026 to be 5%, compared to 6% for PetroChina; the bank has lowered its earnings per share forecast for CNOOC for 2026 and 2027 by 7% to 9% to reflect the weakness of the US dollar, maintaining a target price of HKD 23 for H shares and RMB 30 for A shares

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