CNOOC 0883

[winston]

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CNOOC (00883.HK) breaks below 250MA as profit declines 19% with slashed div
2012-08-21

CNOOC (00883.HK)'s net profit plunged 19% from a year back to RMB31.87 billion, missing market projection of RMB35.9 billion.

Earnings per share was 71 cents.

Interim dividend slipped 40% to HK15 cents.

Total revenue and net gas and oil production slid 5%; average oil price gained 8% to US$116.91 per barrel; special oil gain levy plunged 21% to RMB13.64 billion.

The stock broke below 250MA ($15.12)and 100MA ($15.25) with expanding sell-off in afternoon session.

After hitting intraday low at $14.7, the stock ran lower 3.6% to $15 with 52 million shares changed hands on market.


Source: AAStocks Financial News

[winston]

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CNOOC suffered its worst daily showing in a month after it posted at the midday trading break first half net profit that underwhelmed expectations.

It also cut its dividend by 40 percent to make room for its $15.1 billion acquisition of Canadian oil firm Nexen Inc.


Source: Reuters

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DJ MARKET TALK: Nomura Cuts Cnooc To Neutral; Poor M&A Scorecard

1508 [Dow Jones] STOCK CALL: Nomura downgrades Cnooc (0883.HK) to Neutral from Buy, and cuts its target price to HK$17.50 vs HK$19.00.

The house says Cnooc has spent billions of dollars to acquire overseas assets, but "its M&A scorecard is quite poor."

It estimates NAV erosion at US$5.5 billion over the past six months in its assets in Argentina, Nigeria, Uganda and the U.S., which is the equivalent of Penglai, Cnooc's biggest offshore China field.

"We do not think the market has adequately captured the degree of NAV erosion, which we think should become apparent when Cnooc reports full-year 2012 results."

Nomura also estimates offshore China production growth to be only 1%-2% per annum till 2015 vs management's 4%-5% target.


Source: Dow Jones & Company, Inc.

[winston]

not vested

<Research Report>CNOOC (00883.HK) rated Neutral with target lifted to $16.5 by JPM
Jul 02, 2013

J.P. Morgan rated CNOOC (00883.HK) Neutral with target price raised from $13 to $16.5.

The broker indicated that the CNOOC's stock price retreated 40%, reflecting concerns on costs, eroded return of Nexen's investment portfolio and the decline in oil price.

The broker indicated that the current valuation of the stock seems low, with P/E showing a discount compared with its international peers, but it is remained to be seen whether it can achieve a higher growth in the current period featuring high capital expenses.


Source: AAStocks Financial News

[winston]

not vested

<Research Report>CNOOC (00883.HK) rated Hold with target cut to $13.7 by Deutsche
Jun 26, 2013

Deutsche Bank said it has lowered the 2013-16 price forecasts for Brent and WTI crude oil.

As the current oil prices remain volatile, the bank held that a good buying chance of CNOOC (00883.HK) remains to be seen.

Besides, CNOOC's Iraq project recorded a lower gross margin than its other projects, and its operation timetable of Uganda project has been postponed from 2016 to 2018. Both of the above factors create downswing risks.

The bank cut the CNOOC's target price from $15.67 to $13.7 and kept the Hold rating unchanged.

Source: AAStocks Financial News

[winston]

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CNOOC (00883.HK) rated Underperform with target cut to $13 by BofA ML
2014-01-10

CNOOC (00883.HK) -0.120 (0.865%) Short selling $100.13M; Ratio 10.175% 's share price dropped in December mainly due to news that its Liwan 3-1 Project may be delayed and its production growth for 2014 may be lower than the management's guidance, Bank of America Merrill Lynch. However, according to the bank's research, the project is right on its track.

Despite that the share price has slid to a five-month low, investors are not recommended to step in hastily at the current stage as its share price may has chance of further decline, and they may take action until the company's Strategy Day (at the end of January), the bank said.

The target price was trimmed from $14.5 to $13, with a Underperform rating, so as to reflect the potential execution risk in its mainland offshore business.


Source: AAStocks Financial News

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Matthew Kwok sees share price of CNOOC (00883.HK) remains stagnant
Jan 23, 2014

Matthew Kwok, chief strategist at China Yinsheng Securities, stated CNOOC (00883.HK) aims to achieve net production of 422-435 million barrels in 2014.

The group had also retained its 2011-2015 production CAGR target at 6%-10%, and expected capital expenditure will jump 16%-32% to RMB105-120 billion.

The production target of CNOOC had trailed market consensus, and investors remain skeptical whether the group can achieve its 2011-2015 production CAGR, leading to slump in share price.

Since the current market supply is sufficient, oil price is unlikely to surge in the short run. Moreover, the climbing exploration costs, coupled with the soaring capital expenses, will bring pressure to CNOOC on financing.

Therefore, Kwok projected share price of the company will remain sluggish. On the contrary, he was optimistic towards the performance of CHINA OILFIELD (02883.HK), thanks to increased orders.

Source: AAStocks Financial News

[winston]

CNOOC (00883.HK) target cut to $16.5, rated Buy - UBS
2014-01-22

2014/2015 EPS estimates of CNOOC (00883.HK) +0.020 (0.164%) Short selling $50.85M; Ratio 6.807% were reduced by UBS by 4%, and target price was lowered from $17 to $16.5, representing 9x to P/E.

Shares were rated Buy. 2014/2015 capacity forecasts were trimmed by 3% to 432 million barrels and 494 million barrels.


Source: AAStocks Financial News

[winston]

not vested

CNOOC (00883.HK) rated Buy with target cut to $15.3 - Citi
2014-01-22

Citibank was disappointed by the 2014 capacity target of CNOOC (00883.HK) +0.020 (0.164%) Short selling $50.85M; Ratio 6.807% , projecting the production volume will only reach 422 million barrels in 2015, which is unlikely to hit the low end of management’s guidance range (440-530 million barrels).

Target price was lowered from $20 to $15.3, and shares were rated Buy.

The banked commented CNOOC possesses long-term investment value, yet its short-term valuation will be dragged by weak growth and uncertainties of its 5-year plan. 2014/2015 EPS estimates were reduced by 6%/3.5%, and 2014/15 earnings forecasts were lowered by 18.9%.


Source: AAStocks Financial News

[winston]

not vested

CNOOC (00883.HK) target trimmed to $17.5, reiterated Overweight - HSBC
2014-01-22

CNOOC (00883.HK) +0.020 (0.164%) Short selling $50.85M; Ratio 6.807% 's 2014 production guidance stayed flat from last year, which sparks the skepticism of the company's ability to achieve the upper limit of the production CAGR for 2011-2015 (6%-10%), HSBC said in a report.

The bank reduced the CNOOC's production forecast for 2014-2015 by 10% and 5%, and cut the target price from $19 to $17.5, with the Overweight rating reiterated. The bank's latest EPS forecast for 2014-15 was 12%-13% lower than the market consensus.


Source: AAStocks Financial News