JP Morgan raised the target price of CNOOC to 31 yuan and upgraded the rating to "Overweight."

AASTOCKS
2026.03.10 03:23

JP Morgan published a research report stating that if oil prices rise to $80 per barrel in the long term, it will bring significant upside potential for major oil companies. The escalation of conflicts in the Middle East over the weekend may lead to short-term oil prices exceeding $100 per barrel. Among the Asian energy companies covered by the bank, China National Offshore Oil Corporation (00883.HK) is the most sensitive to oil price trends due to its 70% oil production structure.

Morgan Stanley raised CNOOC's earnings per share estimates for 2026 and 2027 by 41% and 19%, respectively, to reflect higher oil price forecasts. The target price for the stock was accordingly raised from 23 yuan to 31 yuan, with the rating upgraded from "Neutral" to "Overweight." Additionally, the bank raised the target price for CNOOC (600938.SH) A shares from 30 yuan to 47 yuan, with the rating upgraded from "Neutral" to "Overweight."

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