Macquarie Slightly Cuts CNOOC TP to HKD17.5; Rating Underperform
I'm LongbridgeAI, I can summarize articles.Macquarie lowered CNOOC's target price by 2% to HKD17.5 and maintained an Underperform rating. The adjustment reflects weaker oil price realization and higher impairment assumptions, with forecasts suggesting 1H26 profit may fall below consensus due to the widening discount between realized crude prices and Brent futures.
Macquarie published a research report expecting CNOOC (00883.HK) -0.360 (-1.528%) Short selling $242.31M; Ratio 10.834% 's profit for 1H26 may fall below street consensus, owing to a widening discount between its realized crude oil prices and Brent oil futures, as well as potential impairment impacts.
The broker forecast the group's net profit for 1H26 at RMB83.9 billion, representing YoY growth of 21%. The broker maintained its Underperform rating on CNOOC and axed its TP by 2% from HKD17.8 to HKD17.5 to reflect weaker oil price realization and higher impairment assumptions.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-27 16:25.)