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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
Very low leverage
The sustained reduction in debt relative to equity gives CNOOC a strong financial cushion and limits balance-sheet risk. Low leverage should preserve flexibility to fund offshore projects, withstand commodity volatility, and maintain shareholder distributions through weaker operating periods.
Negative Factors
Recent revenue and earnings pullback
The latest top-line contraction and lower earnings show that CNOOC’s strong profitability is not immune to cyclical pressure. A weaker revenue base can reduce operating leverage and constrain the pace of earnings growth if production or realized prices remain subdued.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
The sustained reduction in debt relative to equity gives CNOOC a strong financial cushion and limits balance-sheet risk. Low leverage should preserve flexibility to fund offshore projects, withstand commodity volatility, and maintain shareholder distributions through weaker operating periods.
Read all positive factors
CNOOC Limited (0883) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$1.23T
Dividend Yield5.11%
Average Volume (3M)60.36M
Price to Earnings (P/E)7.5
Beta (1Y)0.57
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. Volume52,645,120
30 Day Avg. Volume60,361,007
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$30.30Price Target Upside21.59% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)3.47
Revenue Forecast (FY)HK$482.50B
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 | -109.40B | -127.02B | -175.43B | -78.09B | -98.47B | -96.23B |
| Financing Cash Flow | -64.81B | -80.70B | -97.94B | -84.23B | -64.96B | -33.33B |
CNOOC Limited Technical Analysis
Positive
24.92
Price Trends
23.42
Positive
24.64
Positive
24.04
Positive
Market Momentum
0.41
Positive
58.25
Neutral
44.62
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 24.66, above the 50-day MA of 23.42, and above the 200-day MA of 24.04, indicating a bullish trend. The MACD of 0.41 indicates Positive momentum. The RSI at 58.25 is Neutral, neither overbought nor oversold. The STOCH value of 44.62 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$1.23T | 7.46 | 16.54% | 5.11% | 10.53% | 12.73% | |
70 Outperform | HK$64.18B | 10.08 | 7.89% | 4.68% | 6.16% | -1.61% | |
70 Outperform | HK$2.33T | 11.64 | 11.07% | 5.20% | 10.00% | 15.07% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | HK$56.40B | 15.43 | 8.30% | 4.45% | 6.80% | 14.80% | |
64 Neutral | HK$11.04B | 8.20 | 9.74% | 11.76% | 28.37% | 2.99% | |
57 Neutral | HK$735.92B | 18.55 | 4.29% | 4.71% | 0.12% | 3.83% |
* Energy Sector Average
HK:0883
CNOOC Limited
24.88
5.94
31.38%
HK:0135
KUNLUN ENERGY
7.31
0.16
2.28%
HK:2883
China Oilfield Services
7.18
0.29
4.17%
HK:0857
PetroChina Company
9.96
2.63
35.95%
HK:0386
China Petroleum & Chemical
4.73
0.67
16.55%
HK:0467
United Energy Group
0.43
-0.11
-19.81%
CNOOC Limited Corporate Events
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.