UBS: Raises PETROCHINA (00857) target price to HK$13.3, maintains "Buy" rating, bullish on operating trends

UBS issued a research report stating that it has raised the target price for PETROCHINA (00857) from HK$12.8 to HK$13.3, maintaining a "Buy" rating. Taking into account the company's first nine months' results and operating outlook, the bank has raised its 2026 earnings forecast by 5% and remains optimistic about the company's operating trends, expecting the upstream business to continue benefiting from high oil prices. PetroChina's first nine months' revenue grew 7% year-on-year, with net profit up 22% year-on-year to RMB155.8 billion. Third-quarter net profit fell 7% quarter-on-quarter to RMB51.8 billion, in line with the bank's expectations. On oil prices, UBS expects Brent crude average prices of US$91.57 per barrel and US$80 per barrel for 2026 and 2027, respectively, believing that high oil prices will continue to support the company's upstream business performance.