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CNOOC Falls 2% Citigroup refers to high valuations reaffirm selling

Source: Internet
Author: User
Keywords Hong Kong dollar Citi Gateway
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International crude oil prices below 70 U.S. dollars/barrel pass, CNOOC slightly weakened this morning, the share price fell 1.92% to HK $9.72, 55.13 million shares.　　Citigroup issued a report saying it maintained the unit's sales rating, but increased its target price from HK $7.4 to HK $8.8, which is still at a discount of 9% per cent from market prices as the price is expected to be higher. Citi said CNOOC was considered a high-quality oil exploration and development company, taking into account strong forecasts for output growth and outstanding cost controls, and increased its profit forecast for fiscal year 2009 by 24%. But it is thought to be on the high side.

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