UBS: CNOOC's (00883.HK) third quarter net profit meets expectations, maintains target price of HK$26.5

According to the app of Wisdom Finance, UBS released a research report stating that the net profit of CNOOC (00883.HK) dropped by 12.6% year-on-year to 10.2 billion RMB in the first three quarters. The net profit in the third quarter was 3.24 billion RMB, down 12.2% year-on-year and 1.6% quarter-on-quarter, in line with the bank's expectations. The oil and gas production in the first three quarters increased by 6.7% year-on-year to 578.3 million barrels of oil equivalent, with natural gas production increasing by 11.6%. The cost per barrel remained stable at 27.35 US dollars. The company's oil prices in the first three quarters and the third quarter fell by 13.6% and 12.8% year-on-year, slightly smaller than the drop in Brent crude oil prices. Natural gas prices remained stable, increasing by 1% and 0.6% year-on-year in the first three quarters and third quarter, respectively. The bank maintains a "buy" rating with a target price of 26.5 Hong Kong dollars.