Citic Securities names HKD 32.00 target for CNOOC stock
Published on 10/02/2026 at 12:46 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
CNOOC Ltd. (ISIN HK0883013259) received a HKD 32.00 price target from Citic Securities on September 8, 2026, while the analyst maintained a Buy rating, The Globe and Mail reported. The target gives the stock a clear valuation reference as the company enters the second half of 2026 with stronger reported earnings.
Interim revenue rises 16.9 percent
CNOOC reported operating revenue of RMB 242.66 billion for the first half of 2026, up 16.9 percent year over year, according to Futubull on September 14, 2026. Net profit attributable to shareholders reached RMB 85.82 billion, an increase of 23.4 percent from the same period a year earlier.
The second quarter supplied much of the momentum: operating revenue reached RMB 126.58 billion, up 25.63 percent year over year, while net profit rose 41.57 percent to RMB 46.67 billion. Operating cash flow totaled RMB 141.63 billion in the first half, up 29.7 percent year over year, according to FilingReader on September 8, 2026.
Production supports the earnings case
Net oil and gas production reached 398.7 million barrels of oil equivalent in the first half of 2026, up 3.7 percent year over year. Domestic output totaled 275.2 million barrels of oil equivalent, while overseas production reached 123.6 million.
The operating backdrop also includes international project activity. A CNOOC subsidiary began construction on September 15, 2026, for the Bul Hanine project in Qatar, a contract with a value of USD 4.00 billion and a scope covering more than 60 offshore facilities, Xinhua reported. The project adds a concrete international engineering link, although oil price volatility remains a material earnings risk.
Hong Kong valuation stays below yearly high
The Hong Kong listing was quoted at HKD 23.52 on October 2, 2026 at 4:08 p.m. HKT, down 1.84 percent from the prior close of HKD 23.96. Its 52-week range was HKD 18.42 to HKD 30.98, placing the quote 24.08 percent below the yearly high.
CNOOC had a market capitalization of HKD 1.1 trillion on October 2, 2026. The combination of first-half revenue growth, a 23.4 percent rise in net profit and the HKD 32.00 analyst target gives investors three measurable reference points for the stock's current valuation.
CNOOC Limited stock facts
- Company: CNOOC Limited
- ISIN: HK0883013259
- Ticker: 0883
- Primary exchange: Hong Kong Stock Exchange
- Market capitalization: HKD 1.1 trillion (as of October 2, 2026)
- 52-week range: HKD 18.42-HKD 30.98 (as of October 2, 2026)
- Sector / Industry: Energy / Oil and Gas Exploration and Production
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