Zacks Investment Research upgraded shares of PetroChina Company Limited – ADR (PTR) from NEUTRAL to OUTPERFORM on August 28, 2013, with a target price of $134.00.
Following PetroChina's good first half showing and the recent gas price hike, we are upgrading the Chinese state-run energy giant to Outperform from Neutral. The Beijing-headquartered company s latest results benefited from higher oil and gas equivalent output, and outstanding operating performance of the Natural Gas & Pipelines unit. We are also encouraged by the natural gas price reform that is expected to boost PetroChina's margins. Going forward, the main growth driver for PetroChina will likely be its leverage to the fast-growing Chinese market and the ever expanding market/resource base. Being one of two Chinese integrated oil companies, PetroChina is well-positioned to capitalize on the country's favorable trends. The integrated is also successfully expanding its footprint in strategic locations like Canada and Australia.
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