According to a research report published by UBS, CNPC's monthly revenue and net profit for the first three quarters increased 7% and 22%, respectively, to 2.32 trillion yuan and 155.8 billion yuan, respectively. Net profit reached record highs during the same period. Net profit for the third quarter fell 7% month-on-month to $51.8 billion, in line with the bank's expectations. The bank remains optimistic about the company's operating trend. It is expected that upstream will continue to benefit from high oil prices, and predicts that the average price of oil in 2026/27 will be 91.57 US dollars and 80 US dollars, respectively, and 100 US dollars for the fourth quarter of 2026. The bank raised CNPC's 2026 profit forecast by 5% and fine-tuned the 2027 and 2028 profit forecasts, raising the target price from HK$12.8 to HK$13.3, which is equivalent to 11 times the projected price-earnings ratio in 2027, with a “buy” rating.

According to a research report published by UBS, CNPC's monthly revenue and net profit for the first three quarters increased 7% and 22%, respectively, to 2.32 trillion yuan and 155.8 billion yuan, respectively. Net profit reached record highs during the same period. Net profit for the third quarter fell 7% month-on-month to $51.8 billion, in line with the bank's expectations. The bank remains optimistic about the company's operating trend. It is expected that upstream will continue to benefit from high oil prices, and predicts that the average price of oil in 2026/27 will be 91.57 US dollars and 80 US dollars, respectively, and 100 US dollars for the fourth quarter of 2026. The bank raised CNPC's 2026 profit forecast by 5% and fine-tuned the 2027 and 2028 profit forecasts, raising the target price from HK$12.8 to HK$13.3, which is equivalent to 11 times the projected price-earnings ratio in 2027, with a “buy” rating.