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JPMorgan lowers PetroChina's target price to HKD 9, continues to strive to improve dividend policy.

Golden Ten Data on November 4, JPMorgan Chase issued a report on PetroChina (00857. HK) had a positive view in the management conference call, believing that the company provided a strong outlook for natural gas demand and unit profitability in the fourth quarter of this year and next year, and that the company was committed to improving its dividend policy. The bank said that the decline in oil prices in the third quarter had a negative impact of CNY2 billion on PetroChina’s operating profit, which was offset by tax savings, lower exploration expenses and subsidies for unconventional natural gas. J.P. Morgan maintained an “overweight” rating on PetroChina and lowered its target price to HK$9 from HK$10.

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