PC6.F - PetroChina Company Limited

Frankfurt - Frankfurt Delayed Price. Currency in EUR
0.3538
-0.0031 (-0.87%)
At close: 1:38PM CEST
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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close0.3569
Open0.3410
Bid0.0000 x 680000
Ask0.0000 x 1300000
Day's Range0.3410 - 0.3538
52 Week Range0.2545 - 0.6050
Volume13,000
Avg. Volume27,156
Market Cap104.398B
Beta (5Y Monthly)1.13
PE Ratio (TTM)8.04
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & Yield0.01 (4.05%)
Ex-Dividend DateJun 22, 2020
1y Target EstN/A
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
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      China’s Traders Are Cashing Out as Love for Risky Assets Fades

      (Bloomberg) -- Investor credit at China’s brokerages is disappearing at the fastest pace in 10 months as a bleak earnings outlook prompts the country’s investors to conserve cash.Borrowed money in stock accounts fell 3.5% month-on-month in March to 1.1 trillion yuan ($148 billion), according to data compiled by Bloomberg. Stock turnover is down around 60% from a February peak, showing how quickly participation in the equity market has cratered.Some traders are switching to bonds and cash-like instruments instead, predicting stocks won’t really recover for at least another six months. The fading enthusiasm is in contrast with a surge of interest earlier this year, which pushed the sale of mutual funds to a record high.China’s economy may be showing signs of restarting, but it and its companies face a growing threat from slumping external demand. Cracks in the market are appearing, with traders unconvinced that stimulus measures will be enough to boost domestic growth.Yin Ming, vice president of Baptized Capital Co. in Shanghai, said he now has about 30% of his portfolio in cash, the highest level since mid-2015 after the stock market crash. His firm recently sold some stocks after prices hit their targets and he says there is no plan to add more in the near term.“A lot of listed companies’ earnings will be hurt this year considering the time and demand they lost due to the virus and production halts,” said Yin. “Many investors, including long-term funds, might choose to stay on the sidelines given the doubt on fundamentals.”Profits of Chinese industrial companies slumped the most on record in the first two months as the virus outbreak hurt business activities, the National Bureau of Statistics said last week. China International Capital Corp. said in a recent research note that the coronavirus outbreak could have a bigger impact on corporate earnings than the 2008 financial crisis.Repos and Convertible BondsWith demand for cash management rising, investors are turning to the repo market for what they see as better liquidity and positive returns. The volume of 1-day government bond repos traded on the Shanghai Stock Exchange rose 20% from the end of February to the end of March.A cash financing facility that allows investors to lend money to borrowers with treasury as collateral, the government bond repo “is a very good tool for cash management, given its good liquidity and safe returns,” said Jiang Liangqing, a fund manager at Beijing-based Ruisen Capital Management, adding that he has been buying government bond repos traded on the Shanghai Stock Exchange over recent weeks.Others are turning to the country’s convertible bond market as the stock market cools. The value traded in that market more than quadrupled in March, according to data from the China Securities Index Co., as investors sought opportunities to make quick profits in a looser regulatory environment.Convertible bonds offer equity-like returns with a more defensive tilt. As of April 1, a gauge tracking those assets showed a 4% advance since the stock market plunge of Feb. 3, outpacing the CSI 300 Index, which rose 1.6% Thursday.“This is no time for bottom-fishing in stocks,” said Winter Han, general manager at Beijing Yingchuang Century Investment Management Co. He has recently cut stock exposure while increasing cash holdings and also using index futures to build short positions.“For investors, the top priority right now is preserving the principal,” he said.(Updates with mutual fund sales in third paragraph, Thursday market performance)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Oil & Gas Stock Roundup: Operators Clamp Down on Capex to Combat Price Slump
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      Oil & Gas Stock Roundup: Operators Clamp Down on Capex to Combat Price Slump

      Driven by the ongoing trough in oil prices, Chevron (CVX), Equinor (EQNR) and Eni (E) made announcements on spending cuts.

    • PetroChina (PTR) 2019 Earnings Down, Warns of Coronavirus Impact
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      PetroChina (PTR) 2019 Earnings Down, Warns of Coronavirus Impact

      PetroChina's (PTR) overall production of oil and natural gas increased 4.6% year over year to 1,560.8 million barrels of oil equivalent.

    • Even China’s Big Oil Is Cutting Back
      Bloomberg

      Even China’s Big Oil Is Cutting Back

      (Bloomberg Opinion) -- Under the watchful eye of Beijing’s energy hawks, China’s oil and gas majors have splurged for more than a decade, first on deals abroad and then drilling at home. Yet with crude prices at less than half where they were at the start of the year and demand battered by a coronavirus epidemic, they’re preparing to cut back.Cnooc Ltd. signaled Wednesday it might reduce its 2020 capital expenditure budget, which was set at as much as $13 billion, the highest since 2014. PetroChina Ltd., the country’s largest oil producer with a market value of $117 billion, suggested Thursday that it would do the same. Given the delicate politics involved, it’s a welcome hint of rational frugality.Energy security has always been a top concern for China’s leadership. Overseas deals peaked at $28 billion in 2012, the year Cnooc bid for Canada’s Nexen. Local production growth has been less exuberant, and China has been importing ever more. As trade tensions with Washington rose in 2018, President Xi Jinping urged the country’s state-owned titans to drill. That set off a frenzy from deepwater fields in the South China Sea to shale gas in Sichuan, where China Petroleum & Chemical Corp., known as Sinopec, has led. Performing national service is fine when oil is at $60 a barrel, even if the improvements are unimpressive compared to the capital spent. It’s a different matter when West Texas Intermediate is just coming off an 18-year low of less than $20. That’s a price at which no one can make money — not even Cnooc, with an all-in production cost of less than $30 per barrel of oil equivalent. Cnooc’s adventures in U.S. onshore and Canadian oil sands look terrible; its buccaneering domestic ventures are little better.Overseas, oil majors from Chevron Corp. to Saudi Aramco are cutting spending to preserve capital. Dividends are precarious. Logic dictates that China’s producers, even with healthier balance sheets, will follow the same pattern. The question is whether they can put financial logic ahead of political necessity. So far, the message is cautious: Cnooc executives pointed out that 2020 spending targets were drawn up when oil was at $65, so adjustments would be made. It gave no specifics. PetroChina, meanwhile, didn’t disclose precise targets for the year. That’s no accident, given a volatile market. After a string of personnel changes, there are new bosses across the industry. Political priorities haven’t been set in stone, given the delay in the annual National People’s Congress meeting. Still, the official message has been clear: Life is returning to normal after a devastating shutdown. Announcing a drastic spending cut, or anything that might hint at job losses or a weak economy, simply isn’t on the cards. PetroChina employed 476,000 at the end of 2018.That doesn’t mean that there won’t be mild cuts followed by steeper ones later in the year, a pattern seen before.How steep? Unlike during the last price crunch, in 2014 and 2015, the forward curve suggests prices will remain low, with little prospect for a quick solution to the Russia-Saudi spat that has worsened a global supply glut. Demand, meanwhile, is in the doldrums. China’s economy, and therefore its own appetite for oil and gas, is recovering only slowly, and the rest of the world is ailing as more lockdowns, factory closures and travel restrictions are imposed to limit the spread of the coronavirus. Analysts at UBS Group AG forecast Cnooc’s capex could come down 25% over the next two years, a cut that could be far deeper if oil averages closer to $30 this year. Overall, they project Chinese state-owned oil producers could cut spending by over a third, dragging production down 8% to 9%. Exploration budgets may be trimmed, though domestic production — where job preservation remains key — will mostly be spared. That leaves refining and other downstream activities, plus projects abroad, to bear the brunt. Low energy prices aren’t all bad for China, which imports more than 70% of the crude it consumes. Even liberalization of the domestic gas market becomes easier when prices are low enough for consumers to cope with change, Michal Meidan of the Oxford Institute for Energy Studies points out. Cheaper oil could eventually stimulate demand. For now, a little less drilling all round. This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Clara Ferreira Marques is a Bloomberg Opinion columnist covering commodities and environmental, social and governance issues. Previously, she was an associate editor for Reuters Breakingviews, and editor and correspondent for Reuters in Singapore, India, the U.K., Italy and Russia.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Dozens of big Chinese companies tiptoe toward Tuesday’s stock-market open at all-time lows
      MarketWatch

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    • 7 Drowning Energy Stocks to Avoid for Now
      InvestorPlace

      7 Drowning Energy Stocks to Avoid for Now

      Energy stocks are getting hammered along with the rest of the market, but for a slightly different reason.OPEC met with Russia last weekend, hoping to formalize an agreement to cut crude oil protection and raise prices. As the coronavirus from China spreads, oil prices keep falling, and the outbreak is certain to hurt the global economy.Saudi Arabia had already agreed to drop production to manage reduced demand and keep prices stable.InvestorPlace - Stock Market News, Stock Advice & Trading TipsBut Russia was having none of it. Not only did it reject the production cuts but said it would pump more to make up for OPEC's reduced supply. Apparently heated words were exchanged by the Russian oil minister and the next in line to the Saudi throne, Mohammad bin Salman.Saudi Arabia then moved to start an all-out price war.Oil prices fell, and then Covid-19 hit the U.S. Major economic activity became restricted to slow its spread. And oil prices dropped even more, as the market fell.These energy stocks are all F-rated in my Portfolio Grader tool that I use to find Growth Investor plays. Avoid these seven companies like Covid-19. Energy Stocks to Sell: Exxon Mobil (XOM)Source: Jonathan Weiss / Shutterstock.com Exxon Mobil (NYSE:XOM) is one of the world's largest integrated oil companies. Usually that's a good thing, since in troubled times it can cut back on say, exploration and production, and continue to focus on downstream marketing and retail sales.But in a situation like this, there is no sector of the business that is doing well. And it's too big to cut back across the board in any meaningful way quickly enough. That's the trouble XOM stock is in now.It's exposed at every level and its global exposure makes it worse, not better. There is no place to turn.XOM stock is off 47% year-to-date. And crude and natural gas prices continue to plummet. The upside is, it has a sizable 8.3% dividend that's pretty safe. But there could be more than that in downside left. BP (BP)Source: TK Kurikawa / Shutterstock.com BP (NYSE:BP) is off 42% in the past month. Remember this is one of the oil giants and has a $90 billion market capitalization. This is not a small company where its stock price rises and falls like the sun.BP, like most of the other integrated oil majors, is in trouble because there's nowhere to turn in this kind of market. And now the global economy is looking shaky.And the fact is, if everyone is avoiding travel, shopping and public school, that directly and indirectly kills its business.Granted the stock is providing a 11.6% dividend now. But this is far too soon to jump in to get that. There's more downside left and that bottom hasn't been found yet. Meanwhile, other stocks have much better prospects due to revolutionary technology. ConocoPhillips (COP)Source: JHVEPhoto / Shutterstock.com ConocoPhillips (NYSE:COP) is a major global exploration and production (E&P) company with other integrated operations. It has a good share of natural gas in its portfolio as well.But this is a very demand-based end of the business, and one of the most volatile. When energy prices were steady, it was ideal for COP since it could produce at a stable margin and create efficiencies to maximize those margins.Also, the U.S. economy was expanding, so it could sell into the market and deliver good numbers every quarter.Now, all that has changed. With decreasing demand, its access to and ability to supply energy products is not helping move the needle.The stock is off 56% in the past year, and 52% in the past month. The downside momentum is still very strong. Don't be tempted by its 6% dividend. Occidental Petroleum (OXY)Source: Pavel Kapysh / Shutterstock.com Occidental Petroleum (NYSE:OXY) is another global E&P player. It also has some midstream and downstream operations, but its business is pulling energy out of the ground.And that's not a great business right now. As a matter of fact, it's a terrible business right now.The stock is off 82% in the past year and 70% in the past month. And you can be sure, it won't be long until its massive 26.8% dividend gets cut. I'm all for bargain hunting if a company is actually a good buy, but don't bottom fish this thing right now; it's still a falling knife.Carl Icahn announced this week that he is looking to pick up a 10% share of the company here. That may sound encouraging, but unless you have a very long time frame and as much capital to be wrong as Icahn does, your best bet is to avoid this one for a while. PetroChina (PTR)Source: IgorGolovniov / Shutterstock.com PetroChina (NYSE:PTR) is one of Asia's largest energy companies, but it hardly comes close to its global peers.It's one of two companies that supplies most of China with its energy needs and has created a fast-growing company that is building its global reputation by creating partnerships with larger majors.Yet while its long-term future is bright, given the support of the Chinese government, its short-term fate is a little less certain. First the U.S.-China trade war, and now Covid-19. That's a big one-two punch.The stock is off 50% in the past year and it has just announced that it's going to suspend shipments of liquified natural gas (LNG) imports for at least the next quarter. That was a deal it had with XOM and others. That's not a good sign of the demand in China. Devon Energy (DVN)Source: Jeff Whyte / Shutterstock.com Devon Energy (NYSE:DVN) is a decent-sized North American E&P company, with a $2.9 billion market cap.While most energy companies are struggling here, this is a good example of how the upstream sector is being impacted. It's usually the sector that's most leveraged to supply and demand issues with oil and natural gas production. (The select few energy stocks that make my Growth Investor list right now are midstream and downstream companies).DVN stock is off 67% in the past month and 74% in the past 12 months. This is a difficult trend and it's not a place where you should walk in thinking the worst is over.It's possible there may be an overreaction to the potential for a global recession, but it's not worth betting on right now.This is a risky sector that shouldn't be a risky investment, given all the oil and natural gas in the North American shale deposits where DVN works. Steer clear for now. Cimarex Energy (XEC)Source: Pavel Kapysh / Shutterstock.com Cimarex Energy (NYSE:XEC) is another E&P that's half the size (by market cap) of DVN. Yet its problems are just as big.XEC operates in the Southwest shale regions, including the big daddy of them all, the Permian Basin. But it doesn't matter how much oil and natural gas you can produce if there isn't a market that wants it.Shutting down wells or running them at half capacity is not what E&P companies want to do. But that is what has to be done. Some analysts are betting that this situation is overblown and are stepping in, but they're in the very small minority.The stock is off 62% in the past month and 78% in the past 12 months. This is another one to avoid in one of the hardest-hit sectors in the energy patch.The bottom line, though, is that energy companies are in a terrible position right now. Besides $30 per barrel oil, you have to consider that in the United States the stocks are basically not sold in 33 blue states; they're divesting due to environmental, social and corporate governance (ESG) investing philosophies.Instead, the companies I'm particularly keen on now are facilitating the spread of ultra-fast internet worldwide -- anywhere there's a cell tower. The 5G Buildout Is an Incredible Opportunity for Investors Right NowWithin two years, most cell phones will be 5G enabled and be able to wirelessly handle television streaming. With 5G, we'll have cable modem speeds on any device; no need to plug in. That's a big deal for rural areas … the very same areas that are also key to President Donald Trump's reelection. So, by pushing 5G over the goal line, Trump will deliver a big win for his base -- and strike a blow against Chinese rivals like Huawei Technologies.But, in the big picture, 5G is about much more than trade wars and faster downloads. Because 5G is 100 times faster than 4G, it'll allow your internet devices to work in real time. That advancement is a game changer for tech companies.With the 5G infrastructure market set to grow at an annual rate of 67% over the next 10 years, the entire market will go from $780 million to nearly $48 billion. This buildout is where I see opportunity with 5G stocks now.Cable companies can do their best to fight back with fiber optics … but they can't compete with the convenience of a smartphone, once it's got ultra-fast 5G. That's how my 5G infrastructure play will capture more market share from the broadband cable companies.The stock I'm targeting is enjoying an influx of big money on Wall Street, and it has strong fundamentals, too -- making it an "A"-rated "Strong Buy" in my Portfolio Grader system.Click here to watch my new, free briefing on this extraordinary technology and the opportunity with 5G stocks.When you do, you'll see how to claim a free copy of my new stock report, The Netflix of 5G, which has full details on this company -- and what makes it such a great investment.Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system -- with returns rivaling even Warren Buffett. In one recent feat, Louis discovered the "Master Key" to profiting from the biggest tech revolution of this (or any) generation. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters. More From InvestorPlace * America's Richest ZIP Code Holds Wealth Gap Secret * 7 Stocks to Sell as We Enter a Bear Market * 4 Energy Stocks Paying Jaw-Dropping Dividends * 3 Stocks to Buy That Will Dodge Any Volatile Market The post 7 Drowning Energy Stocks to Avoid for Now appeared first on InvestorPlace.

    • Hedge Fund Don’t Like PetroChina Company Limited (PTR) At All
      Insider Monkey

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      Coronavirus is probably the 1 concern in investors' minds right now. It should be. On February 27th we published an article with the title Recession is Imminent: We Need A Travel Ban NOW. We predicted that a US recession is imminent and US stocks will go down by at least 20% in the next 3-6 […]

    • Xi Ordered China’s Oil Industry to Drill, Then the Crash Came
      Bloomberg

      Xi Ordered China’s Oil Industry to Drill, Then the Crash Came

      (Bloomberg) -- Oil’s historic price crash is presenting an uncomfortable dilemma to China’s energy majors: follow market signals to cut drilling, or heed President Xi Jinping’s orders to boost output.While China’s main influence on global oil is as the world’s largest importer, it also produces 3.8 million barrels a day, more crude than all but two of OPEC’s individual members. The last time crude slumped this low, in 2016, China’s response was to cut spending at old and expensive fields, and output slumped.That may not be an option this time, after trade tensions with the U.S. prompted Xi in 2018 to order an increase in domestic exploration and production to safeguard the country’s energy security. The longer the price collapse lasts, the more the government’s push for energy sufficiency will be tested, with state-owned firms like PetroChina Co., Sinopec Corp. and Cnooc Ltd. caught in the middle.“The Chinese government still wants to produce more to enhance its self-sufficiency rate,” said Dennis Ip, an analyst at Daiwa Capital Markets Hong Kong Ltd. “Lower oil prices are definitely going to hurt the cash flow for those Big Three oil majors. Whether they execute 100% of their capital plan this year, or try to defer, really depends on how long this lasts.”Crude prices have tumbled by nearly half since the beginning of the year as the coronavirus outbreak saps demand and Saudi Arabia and Russia unleash supply in what appears to be the start of a price war. U.S. drillers like Occidental Petroleum Corp. and Diamondback Energy Inc. have already announced plans to slash spending amid the rout.China’s drillers are particularly sensitive to lower prices, because its fields are older and require more work to sustain production, said Parul Chopra, vice president for upstream research at consultancy Rystad Energy AS. The price needed for new wells to break even in the country is about $41 a barrel, compared to $13 for Saudi Arabia and $11 for Iraq, he said. PetroChina, the country’s biggest oil company, described some of its fields as having “no hope” of being profitable during the 2016 price crash.China’s oil production plummeted during the last crash, from a peak of 4.3 million barrels a day in 2015, when it was the world’s fifth-biggest producer, to 3.8 million barrels in 2018, when it fell to No. 8.By then, the country had surpassed the U.S. to become the world’s biggest oil importer. With trade tensions boiling, Xi instructed state-owned energy firms to boost output. China National Petroleum Corp., the majority owner of listed PetroChina, said it would adopt “revolutionary measures” to ensure stable or increased production.The country’s three oil majors raised spending the following year by 18% and managed to reverse the decline in production. It came at a cost, though. PetroChina’s shares fell 20% even as the MSCI Asia Energy Index rose 6% and it was accused of putting national service above shareholders.China’s economic recovery from the coronavirus outbreak will add more incentive to keep drilling activity elevated, said Max Petrov, a principal analyst with energy consultancy Wood Mackenzie Ltd.“Beijing will want to keep energy flows and employment levels running high as economic activity returns to normality after the impact of Covid-19,” he said. “This suggests spending will remain high or accelerate during the second half of the year.”In the wake of this week’s price collapse, analysts have been busy marking down their forecasts for the listed units. While the big oil firms enjoy government favor -- and subsidies -- they’re not protected from market circumstances. PetroChina, for example, imports gas at a loss to facilitate China’s switch from coal to the cleaner burning fuel.Of the Big Three, Sinopec may be best placed to ride out the oil market’s meltdown, according to Citigroup, because of its huge refining operations, which benefit from cheaper crude. At the same time, the value of its oil inventory will have been crushed by the collapse, and that’ll weigh on profits.Cnooc, the biggest offshore explorer, is the only one of the three to announce spending plans this year, saying in January it would boost expenditure to the highest level since 2014. Daiwa’s Ip said all three companies are conducting internal analysis on spending levels following the recent price crash, and have yet to decide a course of action.Sinopec declined to comment on its spending plans. PetroChina and Cnooc didn’t respond to requests for comment.While the oil crash will hurt drillers’ profits, it offers another way for the country to boost energy security, said Tian Miao, an analyst at Everbright Sun Hung Kai Co. Plunging prices are creating an opportunity for China to import cheap crude to fill its strategic reserves, which it can tap if its supplies are ever threatened.“China’s commitment to boosting domestic oil and gas production will stay unchanged for the long term,” she said. “Domestic oil majors’ incentives for higher output and more capex will inevitably be reduced if oil prices remain weak for the rest of the year, but that can be offset by higher imports.”To contact the reporters on this story: Dan Murtaugh in Singapore at dmurtaugh@bloomberg.net;Jing Yang in Shanghai at jyang251@bloomberg.netTo contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Jason Rogers, Jasmine NgFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

    • Asian spot LNG prices edge higher as supply tightens
      Reuters

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    • PetroChina suspends some gas contracts as coronavirus hits demand: sources
      Reuters

      PetroChina suspends some gas contracts as coronavirus hits demand: sources

      PetroChina has suspended some natural gas imports, including on liquefied natural gas (LNG) shipments and on gas imported via pipelines, as a seasonal plunge in demand adds to the impact on consumption from the coronavirus outbreak. The company issued the force majeure notice to suppliers of piped gas and also to at least one LNG supplier, though details of the force majeure notice could not immediately be confirmed. PetroChina, China's top gas producer and piped gas supplier, did not immediately respond to requests for comment.

    • Exclusive: PetroChina suspends some gas contracts as coronavirus hits demand - sources
      Reuters

      Exclusive: PetroChina suspends some gas contracts as coronavirus hits demand - sources

      PetroChina has suspended some natural gas imports, including on liquefied natural gas (LNG) shipments and on gas imported via pipelines, as a seasonal plunge in demand adds to the impact on consumption from the coronavirus outbreak. The company issued the force majeure notice to suppliers of piped gas and also to at least one LNG supplier, though details of the force majeure notice could not immediately be confirmed. PetroChina, China's top gas producer and piped gas supplier, did not immediately respond to requests for comment.

    • The Zacks Analyst Blog Highlights: Medtronic, PetroChina Company, American Tower, Eversource Energy and Arista Networks
      Zacks

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    • Should Value Investors Buy PetroChina (PTR) Stock?
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    • Reuters

      RPT-China's Unipec snaps up over 6 mln bbls of gasoil in Feb - data

      China's Unipec, an arm of Asia's top refiner Sinopec snapped up the lion's share of gasoil cargoes traded in Singapore this month, despite weaker domestic demand amid a coronavirus epidemic, according to trade data and industry sources. Unipec has bought about 6.4 million barrels of gasoil with a sulphur content of 10 parts per million (ppm) during the Platts Market on Close (MoC) process in Singapore this month, or 77.5% of the total volume of 8.3 million barrels traded in February, the data showed. Unipec bought the majority of these cargoes from PetroChina and Trafigura, starting at cash premiums of as high as $1 a barrel to Singapore quotes near the beginning of this month, down to the most recent purchase at a 20-cent premium on Tuesday.

    • Reuters

      PetroChina buys one out of three LNG cargoes traded on Platts' pricing process

      PetroChina on Wednesday bought a spot liquefied natural gas (LNG) cargo for delivery in April from commodity trader Vitol through the S&P Global Platts' pricing process also known as market-on-close (MOC). The cargo, which traded at $3.05 per million British thermal units (mmBtu), is for delivery over April 20 to 22 into the Japan, Korea, Taiwan, China region and is to be loaded from Das Island, Abu Dhabi, Platts said. Both the buyer and seller may opt for alternate discharge or loading ports respectively, provided they give 30 days notice before initial delivery, the pricing agency added.

    • Reuters

      China Resources Gas to start off-season prices 2-months earlier to cushion virus hit

      China Resources Gas Group , the country's biggest city gas distributor, will bring forward the implementation of off-season natural gas prices by two months to February, following a rare instruction from Beijing to support the virus-hit economy. China's state planner for the first time urged natural gas suppliers and distributors to implement off-season prices earlier for industrial and commercial users, to help mitigate companies' losses from the coronavirus outbreak. Off-season natural gas prices are typically implemented from mid-March or early April until mid-November in China.

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      (Bloomberg Opinion) -- The house of HNA Group Co. may be no more, bringing an end to the dramatic rise and fall of one of the biggest buyers of global assets in recent years. It was about time.The Chinese government is planning to take over the airline-to-insurance-to-property conglomerate that splashed out over $40 billion in recent years to buy assets including stakes in Hilton Worldwide Holdings Inc. and Deutsche Bank AG and airplane lessor Avolon Holdings Ltd., Bloomberg News reported citing people familiar with the plans. A government seizure would mark the final step in an unwinding of the closely held and debt-encumbered behemoth that began more than two years ago.  In theory, Beijing was already running the show behind the scenes. In early 2018, as Anbang Insurance Group Co. (another binge-buyer that scooped up assets like New York’s Waldorf Astoria Hotel) was being taken over by the Chinese government, HNA was extended over $3 billion of credit lines by large state-owned lenders to keep going. Since then, on Beijing’s directive, it has sold off assets and attempted to retreat to its core airline-related business. Despite state support, HNA has still been late to make payments on bonds and unable to effectively run the sprawling businesses it bought.An official takeover would mean ownership changes at its foreign affiliates and subsidiaries. Would Ingram Micro Inc., the Irvine, California-based electronics distributor HNA bought in 2016, effectively become a Chinese state-owned enterprise? And if it did, would the company then have to go back to the Committee on Foreign Investments in the U.S. for approval?Under its existing agreement with CFIUS, Ingram Micro is required to operate as a standalone company, and is subject to annual audits of its compliance with certain operating and security agreements, according to Moody’s Investors Service. The company’s board composition is governed by an agreement with CFIUS and the U.S. Defense Department. Another subsidiary, Swissport Group Sarl, a ground handler, serves over 300 airports and millions of metric tons of cargo through over 100 warehouses globally. HNA representatives comprise a majority of the board. If the government officially takes control of HNA, those relationships will get more complicated. Just this week, the U.S. State Department designated five Chinese state-owned media outlets as foreign missions, increasing their reporting requirements around property and personnel. Waltzing onto foreign boards or owning overseas real estate isn’t as easy for Chinese entities as it once was.It also makes sense that Beijing would act now, in the teeth of the coronavirus epidemic.There’s no doubt that with the outbreak all but halting the real economy, hard-up borrowers are coming to the fore. Analysts had long seen HNA’s indebtedness as a significant risk to the financial system. To fund the borrowing spree that fueled its risk, the company spun a complex web of debt between subsidiaries and affiliates, using its units as collateral at times to take on yet more debt.Now, Beijing is  opening the spigots and relaxing bad loan limits to encourage banks to lend more freely and keep the economy ticking over. In this emergency environment, the ongoing risk of a collapse in HNA’s enormous net debt pile — worth $69 billion at the end of June, bigger than the borrowings of PetroChina Co. or Walmart Inc. — isn’t helping. You’re less likely to extend credit to a struggling business if you think your existing loan book might turn bad.It’s never easy to undo the excess of an M&A binge, and HNA’s large and labyrinthine balance sheet has meant even its wave of selloffs has barely moved the needle. While total assets have fallen by about $46.53 billion, to $142.8 billion, since their peak at the end of 2017, net debt is actually marginally up, making it increasingly difficult for HNA to service its borrowings. Affiliates and subsidiaries like Ingram Micro and Swissport have already distanced themselves, placing clauses in debt agreements that protect their cash flows. Throughout HNA's history, operating income has only occasionally run ahead of interest payments.To the extent that management has been able to keep these plates spinning at all, it's likely to have depended heavily in recent months on the way that HNA's investments in logistics, air transport, catering and retail have given it a presence throughout the sinews of China's economy, and the world’s. The coronavirus represents a critical blow to that proposition. China's aviation market has shrunk from the world's third-biggest to 25th place because of the infection. Hotels and shopping malls are empty. Cash is barely flowing.Two years on, Beijing is still trying to shed the assets of Anbang, now renamed Dajia Insurance. Officially unwinding the House of HNA will prove a much hairier task. But China may have no other options left.To contact the authors of this story: Anjani Trivedi at atrivedi39@bloomberg.netDavid Fickling at dfickling@bloomberg.netTo contact the editor responsible for this story: Rachel Rosenthal at rrosenthal21@bloomberg.netThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Anjani Trivedi is a Bloomberg Opinion columnist covering industrial companies in Asia. She previously worked for the Wall Street Journal. David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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