---
title: "According to \"The Big Banks,\" Huayan has slightly raised the target price for PetroChina to 11.7 yuan, expecting this year's growth to be driven by the oil business"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281328991.md"
description: "HSBC Global Research report points out that PetroChina demonstrates resilience amid energy price fluctuations, with profits this year expected to be primarily driven by its oil business, forecasting an average price of USD 80 per barrel for Brent crude oil. The company's earnings and cash flow will strengthen, enhancing dividend resilience. Maintains a \"Buy\" rating and raises the target price to HKD 11.7"
datetime: "2026-04-01T08:03:33.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281328991.md)
  - [en](https://longbridge.com/en/news/281328991.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281328991.md)
---

> Supported Languages: [简体中文](https://longbridge.com/zh-CN/news/281328991.md) | [繁體中文](https://longbridge.com/zh-HK/news/281328991.md)


# According to "The Big Banks," Huayan has slightly raised the target price for PetroChina to 11.7 yuan, expecting this year's growth to be driven by the oil business

HSBC Global Research report indicates that PetroChina (00857.HK) demonstrates resilience in earnings amid fluctuations in energy prices, benefiting from its integrated supply chain and diversified oil and gas portfolio. Although recent growth has been driven by improved profitability in the natural gas business, the bank expects this year's earnings to be more driven by the oil business, as it forecasts the average price of Brent crude oil to be USD 80 per barrel. Therefore, the company's earnings and cash flow will further strengthen, and dividend resilience is also expected to improve.

Based on a projected dividend yield of 5.2% for 2026, the bank believes PetroChina shares remain attractive. It maintains a "Buy" rating, raising the target price for PetroChina H shares from HKD 11.6 to HKD 11.7, and the target price for PetroChina (601857.SH) A shares from RMB 14.6 to RMB 14.7

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