PetroChina Company Limited recently delivered impressive third-quarter 2020 earnings. However, the robust results could not drive the stock movement much so far as there has been no major price change since the earnings release on Oct 29.
PetroChina announced third-quarter 2020 earnings of RMB 40.1 billion or RMB 0.219 per diluted share compared to profit of RMB 8.8 billion or RMB 0.048 per diluted share a year earlier. Earnings per ADR came in at $3.17.
One of China’s big three oil giants, the other two being Sinopec and CNOOC Limited (CEO - Free Report) , PetroChina’s results were buoyed by higher production, a drop in lifting costs and gains from the spin-off of its pipeline and storage assets.
However, China’s dominant oil and gas producer’s total revenues for the quarter fell 19.6% from the year-ago period to RMB 497.1 billion due to lower commodity prices and a decline in marketing sales volumes.
Meanwhile, the Chinese energy giant reiterated its ambitious plan to achieve near net-zero greenhouse gas emissions by 2050. The company also promised to increase its investments in renewable energy during 2021-2025.
Liquidity & Capital Expenditure
As of Sep 30, the group’s cash balance was RMB 75.5 billion, while cash flow from operating activities for the first nine months of 2020 was RMB 163.3 billion. Capital expenditure for the first three quarters was RMB 160.8 billion, down 7.8% from the year-ago level.
Zacks Rank & Stock Picks
PetroChina, which aims to trim its 2020 capital spending by 22-25% from last year in response to the bearish energy environment, carries a Zacks Rank #3 (Hold).
A better-ranked player in the energy space is Sunoco LP (SUN - Free Report) which carries a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 30 days, Sunoco has seen the Zacks Consensus Estimate for 2020 improve 13.8%.
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PetroChina Company Limited recently delivered impressive third-quarter 2020 earnings. However, the robust results could not drive the stock movement much so far as there has been no major price change since the earnings release on Oct 29.
PetroChina announced third-quarter 2020 earnings of RMB 40.1 billion or RMB 0.219 per diluted share compared to profit of RMB 8.8 billion or RMB 0.048 per diluted share a year earlier. Earnings per ADR came in at $3.17.
One of China’s big three oil giants, the other two being Sinopec and CNOOC Limited (CEO - Free Report) , PetroChina’s results were buoyed by higher production, a drop in lifting costs and gains from the spin-off of its pipeline and storage assets.
However, China’s dominant oil and gas producer’s total revenues for the quarter fell 19.6% from the year-ago period to RMB 497.1 billion due to lower commodity prices and a decline in marketing sales volumes.
Meanwhile, the Chinese energy giant reiterated its ambitious plan to achieve near net-zero greenhouse gas emissions by 2050. The company also promised to increase its investments in renewable energy during 2021-2025.
Liquidity & Capital Expenditure
As of Sep 30, the group’s cash balance was RMB 75.5 billion, while cash flow from operating activities for the first nine months of 2020 was RMB 163.3 billion. Capital expenditure for the first three quarters was RMB 160.8 billion, down 7.8% from the year-ago level.
Zacks Rank & Stock Picks
PetroChina, which aims to trim its 2020 capital spending by 22-25% from last year in response to the bearish energy environment, carries a Zacks Rank #3 (Hold).
A better-ranked player in the energy space is Sunoco LP (SUN - Free Report) which carries a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 30 days, Sunoco has seen the Zacks Consensus Estimate for 2020 improve 13.8%.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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