BEIJING, Jan. 3 (InfoChina) - China Everbright Research Limited newly lifted its rating on China National Offshore Oil Corporation (CNOOC, 0883.HK; CEO.NYSE) to “Buy” from “Accumulate” with target price at 15.72 H.K. dollars.
The upgrading reflects that CNOOC would benefit from oil price hikes as a pure upstream oil company and CNOOC is likely to make IPO on China’s A-share market.
But the research institute also notes CNOOC faces challenges from the proposed resource tax reforms in China, which is expected to factor in environment recovery cost in pricing resources.
The H-stock of CNOOC closed at 13.12 H.K. dollars, down 0.46 percent or 0.06 H.K. dollars Thursday.(Edited by Liu Yanan,
)
