PetroChina’s Stock Price Soars to 8.42 HKD, Recording a Positive Change of 2.31%

Petrochina (857)

8.42 HKD +0.19 (+2.31%) Volume: 133.97M

Petrochina’s stock price stands at 8.42 HKD, experiencing a positive surge of +2.31% in the recent trading session with a trading volume of 133.97M. Demonstrating a remarkable YTD performance with a percentage change of +63.18%, Petrochina (857) continues to attract investor interest.

Latest developments on Petrochina

Recent events have had a significant impact on PetroChina‘s stock price. The company was fined $14.5 million by the US for export control violations, leading to uncertainties in the market. Additionally, Sunwah Kingsway’s sale of over 1.3 million PetroChina shares over the past year has further influenced investor sentiment. On a more positive note, China’s launch of a new entity to tap into deep oil and gas reserves has sparked optimism in the industry. The spike in PetroChina and CNOOC stocks by over 4% after oil prices hit a 2-month high also contributed to the fluctuation in PetroChina‘s stock price. A bearish block trade of 638,000 PetroChina shares at $8.21 per share resulted in a turnover of $5.238 million, adding to the volatility in the company’s stock price.

Petrochina on Smartkarma

Analysts on Smartkarma, like Osbert Tang, CFA, are providing a bearish outlook on PetroChina (857 HK). In his report titled “PetroChina (857 HK): An Interesting Contrarian View,” Tang raises doubts about the company’s ability to sustain good performance in 2024. He points to historical patterns, over-aggressive growth forecasts, and a potential underperformance linked to crude oil prices as reasons for concern. Tang highlights that PetroChina has never been one of HSI’s best-performing stocks for two consecutive years and questions the consensus growth forecasts for FY24-25. If crude oil prices revert to their high correlation with PetroChina‘s share price before 2023, it could lead to underperformance.

A look at Petrochina Smart Scores

Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma

Based on the Smartkarma Smart Scores, PetroChina has a positive long-term outlook. With high scores in Growth and Momentum, the company is poised for continued success in the future. This indicates that PetroChina is likely to experience strong growth and maintain positive momentum in the market.

In addition, PetroChina also scores well in Value, Dividend, and Resilience, further supporting its long-term prospects. The company’s strong performance in these areas suggests that it is a solid investment option with the potential for stable returns and resilience in the face of market fluctuations. Overall, PetroChina‘s Smart Scores paint a promising picture of its future outlook in the industry.

Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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