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<Research Report>G Sachs: Oil Price Retreat Provides Entry Pt for CNOOC (00883.HK)
Goldman Sachs found CNOOC (00883.HK)'s 2019 strategy and positioning more comfortable in the wake of significant exploration growth.
Recent oil-led retreat in CNOOC's price represents an appealing buying chance for investors.
Hence, CNOOC confirmed to raise capex amid recent plunge in oil prices, given current oil prices are way above the break-even level.
CNOOC was maintained Buy with target price of $16.1.
Further, the broker revised the 2018-2020 EPS forecasts for CNOOC by -1%/ 0%/ +1% respectively.
Source: AAStocks Financial News