The state-owned oil giant raised just short of $9 billion for its IPO in Shanghai. As Chinese markets closed this morning, shares of PetroChina nearly tripled in their first day of trading. Coupled with shares trading in Hong Kong and New York, Shanghai buying sprees vaulted the net worth of this company to… sit down for this…
Over $1 trillion.
That is DOUBLE the market cap of Exxon Mobil, the world’s second largest company. When trading closed on Friday, PetroChina was worth $456 billion, not too far behind Exxon’s $488 billion. But… throw in a few million foaming Chinese investors… poof! A trillion bucks.
How does it fare in the earnings category? Dare we ask? PetroChina isn’t even in the top 50 of global companies.
sell PTR, we recommend to sell and its PE ratio over 60 can't be justified in any perspect while we think the reasonable one should be around 25.
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