CNOOC stock falls 1.84 percent as JPMorgan raises its target

Published on 10/03/2026 at 22:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

CNOOC stock fell 1.84 percent to HKD 23.52 on October 2, 2026. JPMorgan raised its target to HKD 31 as first-half profit rose 23.4 percent.

CNOOC Ltd., HK0883013259, Illustration mit AI erstellt.

CNOOC stock (ISIN HK0883013259) fell 1.84 percent to HKD 23.52 at the official close on the Hong Kong Stock Exchange on October 2, 2026. The move came as JPMorgan raised its target from HKD 23 to HKD 31 and upgraded the rating from Neutral to Overweight on October 3, 2026, according to GMT Eight.

JPMorgan lifts the target

JPMorgan increased its 2026 and 2027 earnings forecasts for CNOOC by 41 percent and 19 percent, respectively, as it applied higher oil-price assumptions. The revised HKD 31 target is HKD 7 above the previous HKD 23 target, while the Overweight upgrade replaces a Neutral rating, GMT Eight reported on October 3, 2026.

The same report identifies oil-price sensitivity as a central driver for the stock because 70 percent of CNOOC's production structure is oil. That creates a clear counter-factor to the higher earnings outlook: weaker crude prices would reduce the benefit of the forecast upgrades.

First-half profit rises 23.4 percent

CNOOC's first-half 2026 revenue rose 16.9 percent year over year to RMB 242.660 billion, while net profit attributable to shareholders increased 23.4 percent to RMB 85.818 billion. FilingReader reported the figures from the interim report dated September 8, 2026.

Operating cash flow reached RMB 141.631 billion, up 29.7 percent, while net oil and gas production grew 3.7 percent to 398.7 million barrels of oil equivalent. The combination of higher profit and stronger operating cash flow gives the target increase a concrete earnings base, although the stock remains 24.08 percent below its 52-week high of HKD 30.98.

Stock stays below the yearly high

CNOOC traded between HKD 23.44 and HKD 23.96 on October 2, 2026, with volume of 16,287,035 shares. Its market capitalization was HKD 1.1 trillion on the same date, and the official close stood 27.69 percent above the 52-week low of HKD 18.42.

For investors, the immediate distinction is between operating delivery and commodity exposure. CNOOC entered October with year-over-year growth in revenue, profit, production and cash flow, while JPMorgan's valuation move depends on oil prices supporting the higher forecast path.