Citi Upgrades PetroChina (PTR) to Hold
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Citi upgrades PetroChina (NYSE: PTR) from Sell to Hold.
Citi analyst says, "In FY09/10, we think the company will again see positive gearing to oil prices, unlike FY08 when the company had zero or negative gearing to rising oil because of fixed product prices. With inflation concerns easing and PetroChina's refining breakeven oil price already around US$90/bbl, we expect more flexibility in gasoline/diesel prices in FY09. We think the government would be willing to reflect at least ~120/bbl oil in fuel prices, thus earnings will be driven by oil prices...We rate PetroChina Low Risk based on our quantitative risk-rating system, which tracks the 260-day historical volatility of shares."
PetroChina Company Limited (PetroChina) is a producer of crude oil and natural gas in China.
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