0609 GMT - Cnooc's higher dividend payout target for 2025-2027 should offer some support for the share price, Citi Research analysts write in a note. The targeted 40%-45% payout ratio compared to 2023's 43% is a positive catalyst, Citi says. Although Cnooc cut its production guidance for 2025 and 2026 by 2.5% and 3.7% due to disposal of oil assets in the Gulf of Mexico, it still expects production growth on year, Citi highlights. Oil production growth and yuan depreciation will likely offset any earnings impact arising from cautious sentiment in the oil market, Citi says. Citi retains a buy rating on the stock with a target price of HK$24.00. Shares are 0.6% lower at HK$18.62. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
January 23, 2025 01:11 ET (06:11 GMT)
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