UPDATE: UBS Upgrades China National Offshore Oil Corporation (883:HK) (CEO) to Buy

June 15, 2020 3:57 AM EDT
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    0 Buy, 0 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 16 | Down: 11 | New: 19
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(Updated - June 15, 2020 5:43 AM EDT)

(updating comment)

UBS analyst Peter Gastreich upgraded China National Offshore Oil Corporation (883:HK) (NYSE: CEO) from Neutral to Buy with a price target of HK$11.00 (from HK$8.10).

The analyst comments "Now that the worst may be behind for oil markets, we are raising our conviction. We upgrade CNOOC to Buy from Neutral. We believe CNOOC is better positioned versus peers given a strong balance sheet, low cost base, and reserves replacement potential offshore China. Group restructuring or asset injections remain a risk. We maintain our Buy ratings on SNP-H and PTT. We maintain our Sell ratings on PTR H/A) given high cost base, weak dividend yield, and gas price risks in China."

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