Movement Alert｜CNOOC Falls 3.72% in Regular Trading, Morgan Stanley Cuts Target Price Amid Crude Oil Retreat

Market Focus05-26

On May 26, CNOOC fell 3.72% in regular trading, trading at 26.74 HKD/share, with trading volume of 617 million HKD. The stock came under dual pressure from an investment bank downgrade and weakening crude oil prices.

On the news front, Morgan Stanley lowered its target price for CNOOC from 20.7 HKD to 17.6 HKD while maintaining an Overweight rating. The bank cut its long-term Brent crude forecast to $55/barrel, with 2025 and 2026 fiscal year Brent expectations reduced to $65 and $62 per barrel respectively. Total earnings forecasts were slashed by 15% and 13% for the two fiscal years, while revenue projections were trimmed by 10% and 7%.

Meanwhile, OPEC+ major members plan to continue raising production quotas in coming months, intensifying oversupply expectations. Progress in US-Iran peace negotiations has further eroded the geopolitical premium that previously supported oil prices near $100. As a pure upstream operator, CNOOC is directly exposed to oil price fluctuations, with every $1 move in crude directly impacting profitability. The broader oil and gas sector weakened in tandem, with United Energy Group down 1.01% and CHK Oil down 3.35%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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