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CNOOC Limited
(0883)
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Rating:80Outperform
Price Target:
HK$29.00
â–²(16.37% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by strong financial performance (high profitability, very low leverage, and solid cash generation) and attractive valuation (low P/E with a high dividend yield). These positives are partly offset by weaker technical positioning, with the stock trading below key moving averages and only neutral momentum signals.
Positive Factors
Conservative balance sheet
Very low and improving leverage gives CNOOC substantial financial flexibility across the commodity cycle. A larger equity cushion and limited debt burden can support development spending, absorb earnings volatility, and reduce balance-sheet risk over the next several quarters.
Negative Factors
Recent revenue and earnings moderation
The 2025 revenue decline and softer earnings show that recent financial momentum has weakened despite strong absolute profitability. If this moderation persists, it could reduce operating leverage, constrain the pace of earnings growth, and make future cash generation less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low and improving leverage gives CNOOC substantial financial flexibility across the commodity cycle. A larger equity cushion and limited debt burden can support development spending, absorb earnings volatility, and reduce balance-sheet risk over the next several quarters.
Read all positive factors
CNOOC Limited (0883) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.27T
Dividend Yield5.96%
Average Volume (3M)59.14M
Price to Earnings (P/E)7.5
Beta (1Y)0.55
Revenue Growth10.53%
EPS Growth12.73%
CountryHK
Employees20,810
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)2.87
Shares Outstanding44,539,953,000
10 Day Avg. Volume58,806,618
30 Day Avg. Volume59,141,010
Financial Highlights & Ratios
PEG Ratio-0.65
Price to Book (P/B)1.13
Price to Sales (P/S)2.28
P/FCF Ratio9.38
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$30.58Price Target Upside22.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)3.47
Revenue Forecast (FY)HK$482.68B
CNOOC Limited Business Overview & Revenue Model
Company Description
CNOOC Limited functions as an investment holding company, with its core business encompassing the full lifecycle of crude oil and natural gas, from exploration and development to production and sales. Its activities are organized across three prim...
How the Company Makes Money
CNOOC Limited makes money mainly by producing and selling hydrocarbons. Its revenue model is largely volume- and price-driven: (1) Sales of crude oil: The company develops and operates oil fields (predominantly offshore), lifts crude oil productio...
CNOOC Limited Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 420.32B | 398.22B | 420.51B | 416.61B | 432.23B | 246.11B |
| Gross Profit | 290.06B | 268.76B | 225.40B | 307.86B | 277.78B | 201.49B |
| EBITDA | 275.52B | 254.15B | 261.70B | 235.74B | 260.92B | 156.55B |
| Net Income | 137.18B | 122.08B | 137.94B | 123.84B | 141.70B | 70.32B |
Balance Sheet | ||||||
| Total Assets | 1.20T | 1.10T | 1.06T | 1.01T | 929.03B | 786.57B |
| Cash, Cash Equivalents and Short-Term Investments | 326.21B | 240.80B | 199.97B | 194.87B | 209.60B | 162.17B |
| Total Debt | 68.08B | 69.83B | 91.89B | 120.18B | 134.40B | 135.14B |
| Total Liabilities | 343.88B | 293.50B | 306.85B | 337.72B | 330.65B | 304.59B |
| Stockholders Equity | 855.90B | 803.09B | 747.55B | 666.59B | 597.18B | 480.91B |
Cash Flow | ||||||
| Free Cash Flow | 130.44B | 96.91B | 97.53B | 92.38B | 110.82B | 65.46B |
| Operating Cash Flow | 243.11B | 205.58B | 220.89B | 213.34B | 205.57B | 147.89B |
| Investing Cash Flow | -113.23B | -127.02B | -175.43B | -78.09B | -98.47B | -96.23B |
| Financing Cash Flow | -63.43B | -80.70B | -97.94B | -84.23B | -64.96B | -33.33B |
CNOOC Limited Technical Analysis
Positive
24.92
Price Trends
22.95
Positive
23.72
Positive
23.23
Positive
Market Momentum
0.47
Negative
65.90
Neutral
22.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0883, the sentiment is Positive. The current price of 24.92 is above the 20-day moving average (MA) of 24.10, above the 50-day MA of 22.95, and above the 200-day MA of 23.23, indicating a bullish trend. The MACD of 0.47 indicates Negative momentum. The RSI at 65.90 is Neutral, neither overbought nor oversold. The STOCH value of 22.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0883.
CNOOC Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | HK$1.27T | 7.46 | 16.54% | 5.96% | 10.53% | 12.73% | |
74 Outperform | HK$2.36T | 11.74 | 11.07% | 5.83% | 10.00% | 15.07% | |
70 Outperform | HK$66.04B | 10.26 | 7.89% | 4.60% | 6.16% | -1.61% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | HK$58.49B | 15.70 | 8.30% | 4.12% | 6.80% | 14.80% | |
64 Neutral | HK$10.91B | 8.11 | 9.74% | 11.90% | 28.37% | 2.99% | |
57 Neutral | HK$754.09B | 18.82 | 4.29% | 4.66% | 0.12% | 3.83% |
* Energy Sector Average
HK:0883
CNOOC Limited
25.02
6.71
36.65%
HK:0135
KUNLUN ENERGY
7.56
0.32
4.42%
HK:2883
China Oilfield Services
7.85
1.05
15.50%
HK:0857
PetroChina Company
10.09
3.13
44.87%
HK:0386
China Petroleum & Chemical
4.85
0.74
18.11%
HK:0467
United Energy Group
0.42
-0.11
-20.75%
CNOOC Limited Corporate Events
CNOOC Limited Reshapes Board as Senior Executive Huo Jian Joins as Non-Executive Director
Sep 11, 2026
CNOOC Limited has announced board and senior management changes effective 11 September 2026, marking a reshuffle in its non-executive leadership and key committees. Non-executive director Wang Dehua has retired from the board, stepping down from t...
CNOOC Limited Reshapes Board Roles and Governance Structure
Sep 11, 2026
CNOOC Limited has updated the composition of its board of directors and clarified the roles and committee memberships of each director, effective 11 September 2026. The board maintains a mix of executive, non-executive, and independent non-executi...
CNOOC Declares HKD 0.94 Interim Dividend and Clarifies Tax Withholding Rules
Aug 26, 2026
CNOOC Limited declared an interim ordinary cash dividend of HKD 0.94 per share for the first half of 2026, payable on 16 October 2026 to shareholders on record as of 18 September 2026, with the ex-dividend date set for 10 September 2026. The divid...
CNOOC Delivers Record Interim Profit as Production, Low-Carbon Projects Advance
Aug 26, 2026
CNOOC Limited reported record interim results for the first half of 2026, with net oil and gas production reaching 398.7 million BOE and both domestic and overseas output hitting new highs. Operating revenue rose 16.9% year on year to RMB242.7 bil...
CNOOC Sets August Board Meeting to Approve Interim Results and Mull Dividend
Aug 12, 2026
CNOOC Limited has scheduled a board meeting for 26 August 2026 to review and approve the interim financial results for the six months ended 30 June 2026. The board will also consider the declaration of an interim dividend, signaling potential cash...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.