JP Morgan raises CNOOC (00883) target price to HK$31 and upgrades rating to "overweight"

JPMorgan Chase released a research report stating that if the oil price rises to $80 per barrel in the long term, it will bring significant upside potential for major oil companies. The escalation of conflicts in the Middle East over the weekend could lead to a short-term oil price breakthrough of $100 per barrel. Among the Asian energy companies covered by the bank, CNOOC (00883) is the most sensitive to oil price trends due to its 70% oil production structure. JPMorgan Chase raised its earnings forecasts for CNOOC for 2026 and 2027 by 41% and 19% respectively to reflect higher oil price predictions, with the target price adjusted from HK$23 to HK$31 and the rating upgraded from "Neutral" to "Overweight". Furthermore, the bank raised the target price for CNOOC (600938.SH) A shares from RMB 30 to RMB 47, and upgraded the rating from "Neutral" to "Overweight."