With its earnings outlook improving and massive pipeline assets expected to be restructured, analysts are forecasting a rally in PetroChina Co.’s Hong Kong shares, which are still trading at 2008 crisis levels.
Out of 22 analysts tracked by Bloomberg who follow China’s state-run global oil major, 14 recommend buying the stock and none call for selling. Consensus price target for the stock is about 27 percent higher than the current level, versus 15 percent for shares of comparable companies, according to data compiled by Bloomberg as of the close of trading Monday in Asia.
Following a nearly 18 percent increase in crude prices last year on global economic recovery and output cuts by major oil producing countries, analysts surveyed by Bloomberg project PetroChina’s profit will double in 2018 before rising another 25 percent in 2019. Morgan Stanley said last week PetroChina would be the biggest winner from a crude rally as its earnings per share are most sensitive to price changes among all global majors. Read More…
Latest posts by Financial Express (see all)
- Smart metering: Making India more energy efficient - December 19, 2018
- Driverless cars cannot be allowed in India, EVs to remain in focus: Nitin Gadkari - December 19, 2018
- Passengers have reason to be happy! Indian Railways takes these 8 steps for clean toilets in trains, stations - December 18, 2018