PetroChina (PTR) is the biggest oil and gas producer in the People's Republic of China. About 87% of its shares are state owned by China National Petroleum.
The company reported 2010 net income rose 35% from a year earlier to $21.3 billion, helped by a 29% rise in average crude-oil prices in the period.
Standard & Poor's has a "strong buy" recommendation on its shares and gives the company its highest rating of five stars. It recently raised its 12-month target price to $180 from $155. It was trading at around $155 on Friday.For fiscal 2011, analysts estimate that PetroChina's earnings per share will grow 20% to $13.93 per share. Analysts give the company one "buy" rating, one "hold and one "weak/hold," according to S&P. Morningstar says "PetroChina can access resources in countries with the assistance of the Chinese government that otherwise would not be politically accessible to other companies." That includes exploring natural gas fields in Colorado and Canada for new drill sites. It has budgeted $2.7 billion for capital expenditures this year in an obvious effort at building its production capabilities. Shares are up 16% this year and 33% over the past 12 months, giving it a market value of $266 billion. Despite that market value, only 0.7% of its shares are owned by institutional investors and about half that is made up of mutual funds. >>To see these stocks in action, visit the 6 Chinese Stocks Favored by U.S. Investors portfolio on Stockpickr.
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