CNOOC

CNOOC advanced 2.9% to HKD 24.18 today, primarily driven by a recovery in crude oil prices—Brent crude recently broke above USD 90 per barrel, providing tailwinds to oil and gas producers. Operationally, Q1 2026 showed strong momentum: operating revenue reached HKD 131.6 billion, +15% year-over-year; net profit climbed to HKD 44.4 billion, +13.33% YoY; earnings per share grew 12.73% to HKD 0.9297, with return on equity expanding to 19.1%. The valuation backdrop remains compelling—trading at a mere P/E of 8.14, P/B of 1.21, and dividend yield of 5.29%—and the stock has rallied 10.61% since year-end, yet still sits 22% below its 52-week peak of HKD 30.98. Still, Macquarie downgraded the stock to Underperform and cut its price target to HKD 17.5, underscoring analyst caution on the medium-term outlook.

CNOOC (883.HK) closed down 0.95% at HKD22.98 today, mainly hit by Macquarie's downgrade of the price target to HKD17.5 with Underperform rating, while Hong Kong Stock Connect saw a net outflow of 1.574 billion yuan, reflecting investor caution. The intraday pattern showed morning weakness—opening at HKD23.18 before sliding to a low of HKD22.58 (down 2.15%)—followed by afternoon recovery to HKD22.98, leaving the stock unable to erase losses. Despite robust Q1 2026 results with operating revenue of HKD131.6 billion (+15% YoY), net profit of HKD44.4 billion (+13.33% YoY), EPS of HKD0.93 (+12.73% YoY), and net margin of 33.72%, the stock remained under pressure. The stock has retreated 25.82% from its March 52-week high of HKD30.98, with year-to-date gains limited to 5.12%, signaling a mid-term downtrend. However, with a valuation of only 7.74x PE (ultra-cheap) and Brent crude holding above $90/bbl, the underlying commodity strength and deep value positioning may provide support.

CNOOC declined 1.5% to HK$23.2 today, primarily weighed down by Macquerie's latest downgrade of target price to HK$17.5 with an Underperform rating, while concurrent outflows through Hong Kong Stock Connect also signaled softening in market risk appetite. The stock opened steadily at HK$22.94 in the morning session and briefly rallied to an intraday high of HK$23.34 around 13:15 in afternoon trading before succumbing to selling pressure. From a fundamentals perspective, the latest Q1 2026 earnings continue to demonstrate solid growth momentum: revenue reached HK$131.6 billion, expanding 15% year-over-year, net profit HK$44.38 billion up 13.33%, and EPS HK$0.93 up 12.73%. The stock maintains an attractive valuation with a P/E ratio of just 7.81x. Year-to-date, the stock has gained 6.13%, yet it remains 25.11% below its 52-week high of HK$30.98 and currently trades below its 60-day moving average of HK$24.73.

CNOOC Limited (883.HK) retreated 2.72% to close at HK$23.56, primarily pressured by broader market weakness as the Hang Seng Index slumped 278 points in today's session. Despite the pullback, fundamentals remain robust with Q1 2026 earnings showing solid performance: earnings per share of HK$0.9297 grew 12.73% year-over-year, while revenue reached HK$131.6 billion, marking a 15% annual increase, and net profit margin expanded to an impressive 33.72%. The recent surge in crude oil prices, with Brent crude breaking above $90 per barrel, provides tailwind support for oil and gas producers. From a valuation perspective, the company appears attractively priced with a PE ratio of just 7.93 and a dividend yield of 5.43%, offering income appeal. Both CLSA and Goldman Sachs have maintained buy ratings on the company. Intraday weakness was evident, with shares opening at HK$24.44 in morning trade and declining to HK$23.72 by midday, with further deterioration through the afternoon close. From a price positioning standpoint, shares have gained 7.78% year-to-date but remain 23.95% below the 52-week high of HK$30.98, currently trading above the 20-day moving average of HK$22.21.

CNOOC Limited rose modestly by around 0.5% to HKD 24.22 today, supported primarily by Brent crude surging above USD 90 per barrel and strong fundamentals. Q1 2026 delivered robust results with operating revenue climbing 15% year-over-year to HKD 131.6 billion and net profit up 13.33%, yielding a net margin of 33.72%, showcasing earnings resilience in the high-oil-price environment. The stock commands an attractive valuation with a PE of just 8.15 and dividend yield of 5.28%, earning buy ratings from Goldman Sachs and CLSA, both of which expect higher oil prices to continue supporting earnings. Year-to-date, the stock has gained 10.8% from HKD 21.86 to HKD 24.22, though it remains below the 60-day moving average of HKD 24.91 and trails the 52-week high of HKD 30.98 by 21.82%. Intraday trading showed morning strength followed by afternoon weakness, peaking at HKD 24.32 before retreating to HKD 24.22, suggesting measured caution about further upside.