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<Research>JPM Downgrades CNOOC (00883.HK) to Underweight, Trims TP to $13.5
CNOOC (00883.HK)'s 1Q25 net profit fell 8% YoY, accounting for 27% of the market's full-year net profit forecast, with the Company's average selling price/ output of na...
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<Research>JPM Downgrades CNOOC (00883.HK) to Underweight, Trims TP to $13.5
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CNOOC (00883.HK)  -0.360 (-2.145%)    Short selling $19.65M; Ratio 4.715%   's 1Q25 net profit fell 8% YoY, accounting for 27% of the market's full-year net profit forecast, with the Company's average selling price/ output of natural gas rising 1%/ 5% YoY, which failed to offset the impact of the 8% YoY decline in oil prices, JPMorgan released a research report saying.

After CNOOC's results, JPMorgan lowered its FY2026 EPS forecast by 21% to reflect the Brent crude oil price, and strategically downgraded the stock from Overweight to Underweight. The broker trimmed its target price to $13.5 from $22.

Related NewsCICC: CN Public Equity Funds' HK Stock Position Ratio Hits New High in 1Q; TENCENT/ BABA/ SMIC/ Others Most Favored
In the face of weak oil prices or macro environment, PETROCHINA (00857.HK)  -0.070 (-1.178%)    Short selling $46.24M; Ratio 16.982%   is JPMorgan's only Overweight option in Chinese energy stocks due to its high leverage on China's natural gas and its successful decoupling from oil prices since 2022, according to the report.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-02 16:25.)

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