[ET Net News Agency, 17 March 2021] Morgan Stanley lifted its target price for CNOOC
(00883) to HK$12.22 from HK$9.79 and maintained its "overweight" rating.
The research house believes crude oil prices are likely to reach US$70/bbl in 2021 and
remain at US$55-60/bbl in 2022. The current oil price level would position PetroChina
(00857) CNOOC more favorably than Sinopec (00386).
Morgan thinks CNOOC will continue to benefit from its high production growth and
low-cost profile, given that it is the only pure upstream play within the Big Three, and
its earnings are also fully exposed to oil price movements.
It raised its EPS forecasts by 9-59% for 2020-22. (KL)
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00883 CNOOC
Nominal 
18.620 +0.220 (+1.196%) Research Report
17/03/2021 16:44
{I-bank focus}Morgan lifts CNOOC (00883) to HK$12.22
| Remark: | Real time quote last updated: 19/04/2024 18:00 |
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