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Nomura Cuts CNOOC Target to $12; Bullish on CHINA OILFIELD

 Nomura said in its report that CNOOC (00883.HK)  -0.200 (-2.000%)    Short selling $81.21M; Ratio 12.435%   and CHINA OILFIELD (02883.HK)  -0.250 (-3.226%)    Short selling $40.37M; Ratio 18.171%   were backed by the approximate 19-39% increase in CNOOC's capital expenditure this year, thus the research house believed that the most difficult time for CHINA OILFIELD passed and expected recovery in business at the beginning of this year; industry activity and selling prices were expected to increase. Nomura was positive about the prospects of CHINA OILFIELD.
The research house was more bearish on CNOOC outlook, referring to its 2017/18 annual production target decline of 4-8%.
Given the bright future of the entire sector, the research house maintained CNOOC and CHINA OILFIELD at Buy and the target price of CNOOC was trimmed from $12.5 to $12. Among the three major oil stocks, the research house's top pick was PETROCHINA (00857.HK)  -0.110 (-1.763%)    Short selling $57.22M; Ratio 7.957%   .

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