<div id="readability-page-1"><div><p>Morgan Stanley said in a research report that PETROCHINA (00857.HK)<span> </span><span> +0.220 (+1.836%)  </span> <span> Short selling $608.68M; Ratio 38.355%  </span>  reported 1Q26 results below expectations, with EPS of RMB0.26, 4% lower than the brokers forecast, mainly due to a 14% shortfall in realized oil prices versus its estimate. However, the broker attributed this to a pricing time lag, which led to a relatively wider discount of realized oil prices to Brent oil futures in the first quarter. It expects the situation to normalize in 2Q26.</p><p>The report noted that earnings from the natural gas, refining, chemicals and marketing segments were all significantly above expectations. The broker believes that despite nominal earnings missing forecasts, the underlying operating results were materially better than expected. It maintained an Overweight rating on the stock with a TP of HKD13.25. (hc/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-04-30 12:25.)</p></div><p>This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.</p></div>

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<p>Morgan Stanley reported that PetroChina's 1Q26 earnings fell short of expectations, with an EPS of RMB0.26, 4% below forecasts due to a 14% shortfall in realized oil prices. This was attributed to a pricing time lag, but earnings from natural gas, refining, chemicals, and marketing exceeded expectations. The broker maintains an Overweight rating on PetroChina with a target price of HKD13.25, expecting normalization in oil prices in 2Q26.</p>

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M Stanley: PETROCHINA  Oil Price Lag Drags on Reported Earnings, Rated Overweight