BOCI Research: Raises target price for PetroChina (00857.HK) to 8.83 Hong Kong dollars, third-quarter profit exceeds expectations.

Wisdom Financial APP learned that BOC International released a research report stating that China Petroleum (00857.HK) had a profit of 42.3 billion RMB in the third quarter, a 14% increase from the previous quarter, exceeding the bank's forecast by 7%. This growth was mainly attributed to profits from natural gas sales far exceeding expectations. Looking ahead, BOC International predicts that due to the decline in oil prices and increased costs, China Petroleum's fourth-quarter profit will decrease by 29% from the previous quarter. They have also raised their profit expectations for 2025 to 2027 by 2%, reiterated a "buy" rating on China Petroleum, and raised their target price from 8.59 Hong Kong dollars to 8.83 Hong Kong dollars.