Morgan Stanley has issued a research report predicting that CNOOC will continue to outperform China's three major onshore oil companies in terms of cost efficiency. The report states that CNOOC's low-cost strategy and strong execution track record should position the company favorably to benefit fully from rising oil prices. Morgan Stanley has set a target price of HK$28.9 for CNOOC and assigned an "Overweight" rating. The report also mentions that CNOOC has committed to a dividend payout ratio of no less than 45% for fiscal years 2025 to 2027, which may indicate management's optimistic confidence in both oil price trends and the company's earnings.