Petrochina 0857

Re: Petrochina 857

Postby winston » Wed Oct 15, 2014 1:53 pm

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<Research Report>PETROCHINA (00857.HK) target cut to $11.5, kept Neutral - UBS
Sep 5, 2014

A great many Chinese gas users are facing the issue of rising gas price, and the Shaanxi-Beijing Pipeline unexpectedly saw a 13.6% price cut in the first half of the year, bring risks of gas price reduction by PETROCHINA (00857.HK)'s other pipelines, UBS said in a report.

The broker raised the EPS forecast for 2014 by 5% but reduced those for 2015-2016 by 2-12%.

Capex for 2014-2016 were also lowered by 4%/11%/10% to RMB2,920/RMB2,700/RMB2,660 respectively.

Target price was trimmed to $11.5 from $11.6 and the Neutral rating was unchanged.

Source: AAStocks Financial News
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Re: Petrochina 857

Postby winston » Fri Oct 17, 2014 8:18 am

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PETROCHINA (00857.HK) kept Neutral, target cut to $9.3 - C Suisse

Credit Suisse, in the latest research report, said Brent oil price has dropped below US$85 a barrel, and it is expected to go lower before rebounding mildly next year.

The research house lowered 2014-2016 earning forecast for PETROCHINA (00857.HK) 0.000 (0.000%) Short selling $84.24M; Ratio 10.749% by 4%-8% to reflect the oil price trend.

The target price was lowered from $9.7 to $9.3, representing forecast P/E of 11 times. The investment rating is maintained at Neutral.

Source: AAStocks Financial News
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Re: Petrochina 857

Postby winston » Thu Oct 30, 2014 4:06 pm

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<Research Report>M Stanley: PETROCHINA rated Overweight; weak results within expectation

Morgan Stanley said PETROCHINA (00857.HK)'s 6% year-on-year drop in its third-quarter profit is in line with the expectation.

The research house still believed it is a perfect time to collect the company's shares as its share price has bottomed, which reflected the pressure of declining oil price.

In addition, the price increase in fuel gas in Mainland and the company's capex reduction will bring long-term positive impact on the stock price.

The Overweight rating was maintained for the stock.

Source: AAStocks Financial News
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Re: Petrochina 857

Postby winston » Tue Feb 03, 2015 10:42 am

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22 Jan, 2015

<Research Report>PETROCHINA (00857.HK) kept Sell, target cut to $6 - Citi

Citigroup said in the latest research report that the impact of slipping oil prices is underestimated in the A-share market.

It also believed that PETROCHINA (00857.HK)'s P/E will not go up as oil prices fall.

The broker lowered the company's target price to $6 from $7.65, with a rating kept at Sell.

Citi also updated its FY2015/2016 EPS estimates for PetroChina, factoring in significant cost reductions, relatively high domestic natural gas prices and a significant decline in gas import losses, but no non-recurring gains.

Source: AAStocks Financial News
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Re: Petrochina 857

Postby winston » Tue Feb 03, 2015 10:44 am

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Jan 19, 2015

<Result Ann>PETROCHINA (00857.HK) downgraded to Underperform with target cut to $7.5 by C Suisse

Credit Suisse said in the latest research report that PETROCHINA (00857.HK)'s current price reflects the oil price rebound, adding that the company is expected to see a double-digit decline in costs in 2015 and 2016.

However, the research house thought that PetroChina could hardly achieve the target of cost cutting.

In addition, the gas prices are highly likely to drop this year.

The company's rating was downgraded to Underperform from Neutral, and its target price was cut to $7.5 from $8.6.


Source: AAStocks Financial News
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Re: Petrochina 857

Postby winston » Tue Feb 03, 2015 10:46 am

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<Research Report>PETROCHINA target slightly lifted to $8.57, rated Hold - Deutsche
Jan 5, 2015

Deutsche Bank stated that China determined to increase the threshold of windfall profit tax from US$55/ bbl to US$65/bbl in order to lower the levy of oil enterprises.

It is expected that PETROCHINA (00857.HK) will make annual savings of RMB 20.3 billion from 2015 to 2020 as a result of the adjustment.

The broker raised the target price of the company from $8.47 to $8.57.

The rating was kept at Hold due to soft international oil price currently.

Source: AAStocks Financial News
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Re: Petrochina 857

Postby winston » Fri Mar 27, 2015 4:05 am

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Oil price drop throttles PetroChina profit

PetroChina (0857), the country's biggest oil and gas producer, posted its lowest annual profit in five years as falling crude oil prices squeezed earnings.
Net income slumped 17 percent to 107.2 billion yuan (HK$133.86 billion) last year from 129.6 billion yuan in 2013, it said yesterday.

PetroChina is seeking to cut costs by holding back investment and reducing output as Brent, a benchmark for half of the world's crude trading, dropped 48 percent last year.

Oil and gas production rose 3.6 percent to 1.45 billion barrels of oil equivalent in 2014, and realized crude oil price dropped 13 percent to 3,939 yuan a ton, according to the statement. Turnover rose 1.1 percent year-on-year to 2.28 trillion yuan last year.

Capital spending for 2015 will be 8.8 percent lower at 266 billion yuan than the year before, adding to the 8.4 percent reduction last year.

"In 2015, the global economy is expected to continue to recover at a low speed, subject to some unstableness and uncertainties. The energy sector is currently under substantive adjustment," the firm said.

The state enterprise is one of the hardest hit by President Xi Jinping's anti-graft campaign that has snared more than a dozen senior officials at the Beijing-based company and its parent China National Petroleum Corp.

Authorities said this month that PetroChina vice chairman and non-executive director Liao Yongyuan was being investigated by the ruling party's Central Commission for Discipline Inspection for "severe violations of discipline and law."

In the annual report, PetroChina confirmed Liao was under investigation and said he had resigned.

Shares of PetroChina advanced 0.9 percent to HK$8.35 yesterday before the results came out.

Source: BLOOMBERG
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Re: Petrochina 857

Postby winston » Tue Apr 28, 2015 4:10 am

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PetroChina skids on crude prices

PetroChina (0857), China's biggest oil and gas producer, reported a sharper-than-expected 82 percent plunge in first-quarter profit, due to lower international crude prices and inventory writedowns at its refining division.

Net profit declined to 6.15 billion yuan (HK$7.66 billion) in the first three months from 34.25 billion yuan a year ago, the state- run company said yesterday.

The earnings compared with an average forecast of 8.01 billion yuan by four analysts surveyed by Thomson Reuters.

The refining and chemicals segment incurred a loss from operations of 5.07 billion yuan, more than double the loss of operations compared with the same period last year

The huge loss in refining operations was incurred after the plunge in the price of oil.

Operating profit in the exploration and production sector also plunged 67.2 percent to 17.30 billion yuan.

In the sales segment, the firm incurred an operating loss of 2.59 billion yuan, compared with the operating profits of 3.32 billion yuan last year.

Last month, PetroChina reported a 67 percent slump in net profit for the fourth quarter, lagging forecasts.

The company vowed to further slash spending and divest more assets this year.

Meanwhile, China's anti-graft watchdog yesterday said that the president of Sinopec Group (0386) PetroChina's largest rival is under investigation .

Wang Tianpu, president of state energy firm China Sinopec Group was suspected of "serious disciplinary violations," China Central Commission for Discipline Inspection said in a one-line statement on its website.

PetroChina shares rose 6.72 percent to HK$10.64 while Sinopec gained 7.16 percent to HK$7.63, amid market rumors that the two oil giants may be merged.

Source: REUTERS
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Re: Petrochina 857

Postby winston » Fri May 08, 2015 6:26 am

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Emerging Markets for Retirement: PetroChina Company Limited (ADR) (PTR)

When looking at individual emerging-market stocks, retirement investors should focus on the blue chips in the space. And you can’t get much blue-chippier than China’s PetroChina Company Limited (ADR) (NYSE:PTR).

PTR is the world’s largest energy company by market cap and production … sorry, Exxon Mobil Corporation (NYSE:XOM).

PetroChina’s assets span the full gamut of production, refining, marketing and midstream. An unlike many of its integrated rivals, PetroChina actually has managed to increase its reserves through new drilling programs and a series of M&A activity. (That’s been aided by the state-owned status of parent China National Petroleum Corporation and Beijing’s deep pockets.)

While the current energy malaise has crimped PTR’s earnings, it’s not alone. Energy companies across the world have suffered amid low oil and natural gas prices. But PetroChina has the size and scope to continue making money through multiple market cycles; growth elements like LNG and chemicals refining will provide additional boosts.

It’s also pretty cheap, trading at 13 times earnings, and its twice-yearly dividend currently yields a healthy 4.3%.

Source: InvestorPlace
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Re: Petrochina 857

Postby winston » Sun Dec 13, 2015 9:17 am

Stocks to Sell: PetroChina (PTR)

PetroChina (PTR) is suffering from the double whammy of hailing from a great economic engine that has a busted transmission and focusing on an industry that is going through a major restructuring.

Like the U.S., drilling in China is more expensive than buying crude from Saudi Arabia.

And that’s what the Chinese are doing — stockpiling cheap reserves. But, at this point, PTR isn’t the government’s main concern.

In its favor, PTR is diversified through the upstream, midstream and downstream sectors, so it isn’t completely out of the game.

Its downstream operations will help keep it alive for now, but “alive” is hardly comforting for investors.

A reinvigorated China will be the leading indicator for a reviving PTR.

Source: Investor Place
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