Latest Search
Quote
| Back Zoom + Zoom - | ||||
|
<Research>BofAS Cuts 2025 Oil Price Forecast to US$65, Drops TPs for PETROCHINA/ SINOPEC CORP
Recommend 18 Positive 18 Negative 19 |
||||
|
||||
|
BofA Securities issued a research report expecting high tariffs to hit global demand, which will lead to an oversupply in the global oil market this year from 320,000 barrels per day to 650,000 barrels per day. The broker accordingly cut its 2025 Brent oil price forecast to the year-beginning level of US$65 per barrel, and lowered its 2026 projection to US$70 per barrel from US$73 per barrel. BofA Securities believed that PETROCHINA (00857.HK) has resilient earnings, and estimated the cost of imported natural gas to drop with oil price. PETROCHINA's unit margin may increase this year. Based on the latest oil price forecasts and the potential increase in margin, the broker lowered its 2025/ 2026 profit forecasts by 11%/ 8%, and cut its target price to $6.8 from $7.2, with rating at Buy. BofA Securities also reiterated rating at Buy on SINOPEC CORP (00386.HK), and reduced its 2025/ 2026 its profit forecasts by 27%/ 10%. The broker also dropped its target price from $5 to $4.7, and assumed SINOPEC CORP to suffer more from inventory loss when oil prices fall. AAStocks Financial News |
||||
Copied to Clipboard
 |
||||
