CNOOC Drops 4.2% as Goldman Sachs Predicts Long-Term Increase in Venezuela's Oil Production

The analyst rating for CNOOC (00883.HK) is a "Buy" with a target price of HKD24. This rating is based on the company's reported 3Q net profit being in line with expectations, achieving 76% of its full-year forecast despite a slight decline in production and a one-time negative impact. Additionally, the management's confidence in reaching the upper limit of the annual production guidance and the record high total production for the first three quarters support the positive outlook. However, the broker anticipates a potential decline in profit in 4Q due to falling oil prices.

The analyst rating for CNOOC (00883.HK) was maintained at "Buy" by UBS due to the stability in natural gas prices and the alignment of the company's net profit results with the broker's predictions. Despite a decline in net profit for 1-3Q25, the stability in natural gas prices and the forecasted target price of $26.5 contributed to the positive rating.

The analyst rating for CNOOC (00883.HK) is a "Buy" due to the company's net profit for the third quarter being 6% above broker expectations, despite a year-over-year and quarter-over-quarter decline. This positive performance was attributed to higher-than-expected trading profits. Additionally, the broker raised its 2025 earnings forecast by 1% and revised the H-share target price upward from HKD24.87 to HKD25.06, indicating confidence in the company's future performance despite anticipated challenges in the fourth quarter.

The analyst rating for CNOOC (00883.HK) is reiterated as Overweight by CLSA due to several reasons: 1. Strong Output Growth: The company's 3Q25 results indicate that CNOOC is achieving strong output growth in line with its guidance, despite fluctuations in oil prices. 2. Resilient Profit and Cash Flow: CNOOC's profit and cash flow generation capabilities are more resilient than market expectations, which supports the company's current 8% dividend yield. 3. Target Price Increase: CLSA has raised its target price for CNOOC's H-shares from $22.4 to $23, reflecting a positive outlook on the company's performance. These factors contribute to the positive rating and outlook for both CNOOC's H- and A-shares.