By Chua Kong Ho
Dec. 12 (Bloomberg) -- PetroChina Co. and Cnooc Ltd. had their stock ratings downgraded by Goldman Sachs Group Inc., which cited reduced profit forecasts due to a lower oil price.
PetroChina, the nation’s largest oil company, was cut to “sell” from “neutral,” according to a note today. Goldman Sachs cut its share-price estimate for PetroChina’s Hong Kong- traded shares by 45 percent to HK$4.10, and by 5.6 percent to 5.85 yuan for its Shanghai-traded stock.
Cnooc was lowered to “neutral” from “buy” and its share- price estimate cut 34 percent to HK$5.90.
To contact the reporter responsible for this story: Chua Kong Ho in Shanghai at kchua6@bloomberg.net
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