At $232 Billion, World’s 3rd-Largest Oil Major Looks Dirt Cheap

With its earnings outlook improving and massive pipeline assets expected to be restructured, analysts are forecasting a rally in PetroChina Co.’s Hong Kong shares, which are still trading at 2008 crisis levels.

Out of 22 analysts tracked by Bloomberg who follow China’s state-run global oil major, 14 recommend buying the stock and none call for selling. Consensus price target for the stock is about 27 percent higher than the current level, versus 15 percent for shares of comparable companies, according to data compiled by Bloomberg.

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