PetroChina overtakes GE on the list of highest valued companies. Shares of PetroChina (PTR) are becoming even more expensive. They are moving up, and some investors are excited about the prospects of PetroChina over the next few months. The International Business Times reports:
‘We believe after the company’s A-share listing is launched next month PetroChina is likely to announce a number of substantial oil and gas discoveries,’ said Citigroup energy analyst Graham Cunningham in a research report. ‘We thus expect strong short-term (2-3 months) share price performance.’
PetroChina has surpassed General Electric (GE), and is now second behind ExxonMobil (XOM), on the roster of listed companies with the highest value, putting Big Oil squarely in the lead when it comes to valuable listed companies.
But is all the fuss about PetroChina warranted?
After all, the positive report on the company didn’t really offer anything new as far as insights go. Maybe in the long-term PetroChina may not be as sexy, but for now PetroChina is looking at some growth (along with the rest of Big Oil). And, because PetroChina has been known to profit rather handily from rising crude oil prices (which are looking at $85 per barrel as a very real possibility soon), there is a chance that now may be the time to get in on this Big Oil company before it moves too much higher.
Disclosure: I do not invest in Big Oil stock.