DBS Keeps Their Buy Rating on CNOOC Limited (NC2B)

TipRanks01:35 ET · Ratings

Major Bank Rating | BOC International: Slightly reduced CNOOC's Target Price to HKD 24.76, with still attractive dividend yield.

Citi International published a research report stating that although CNOOC has lowered its production guidance median for 2025 and 2026 by 3% to 4%, the company still expects a year-on-year production growth of 7% in 2025. More importantly, the company recommends increasing the dividend payout ratio from 40% to 45% for the years 2025 to 2027 to better reward long-term investors. The bank noted that while it has lowered earnings forecasts for this year and next year by 2% to 3%, it reiterated a 'Buy' rating, with the Target Price slightly adjusted down to HKD 24.76, as the company's Stocks still offer attractive dividend yields and can hedge against potential depreciation of the RMB against the USD.

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Goldman Sachs: Reiterates CNOOC (00883) 'Buy' rating with a Target Price of 23.5 Hong Kong dollars.

CNOOC has set its production target for 2027 at 2.2 million to 2.3 million barrels of oil equivalent per day.

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