CNOOC drops on profit taking
By Fu Chenghao |
January 29, 2011, Saturday
|
Print Edition
Print Edition
Shares in CNOOC Ltd tumbled yesterday amid profit taking after the top Chinese offshore oil producer announced slower output growth targets.
CNOOC fell 7 percent to HK$17.32 (US$2.2) yesterday, the biggest drop in more than two years. Analysts cited profit taking by investors for the decline. CNOOC rose more than 50 percent in 2010.
CNOOC said on late Thursday that it plans to increase oil and gas output by up to 12 percent this year to 365 million barrels of oil equivalent, a target analysts said is conservative and easy to achieve. Production gained about 44 percent in 2010.
"The firm has a good track record of consistently beating its own targets, especially when oil prices are marching upwards," Mirae Asset Securities analyst Gordon Kwan said. "While some might view CNOOC's growth target a big slowdown in 2011, don't forget that this is on top of a very high base in 2010."
He said many global oil peers "can only manage low single-digit growth in organic production."
CNOOC may post a record profit on a 25 percent rise in oil prices in 2011, according to the brokerage.
CNOOC fell 7 percent to HK$17.32 (US$2.2) yesterday, the biggest drop in more than two years. Analysts cited profit taking by investors for the decline. CNOOC rose more than 50 percent in 2010.
CNOOC said on late Thursday that it plans to increase oil and gas output by up to 12 percent this year to 365 million barrels of oil equivalent, a target analysts said is conservative and easy to achieve. Production gained about 44 percent in 2010.
"The firm has a good track record of consistently beating its own targets, especially when oil prices are marching upwards," Mirae Asset Securities analyst Gordon Kwan said. "While some might view CNOOC's growth target a big slowdown in 2011, don't forget that this is on top of a very high base in 2010."
He said many global oil peers "can only manage low single-digit growth in organic production."
CNOOC may post a record profit on a 25 percent rise in oil prices in 2011, according to the brokerage.
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