Zacks Investment Research cut shares of PetroChina Company Limited (NYSE:PTR) from a hold rating to a sell rating in a report released on Tuesday, October 17th.
According to Zacks, “The ongoing oil price weakness and steep cuts in domestic gas supplies to industrial users have kept us bearish on PetroChina. Predictably, the crude price slump has adversely affected the group’s earnings and cash flows, particularly at its upstream unit. Adding to the woes is China’s decision to cut natural gas prices for industrial users that reduced margins in PTR’s gas-wholesale business. Furthermore, China's weakened industrial activity has dampened demand for PTR's products like diesel. Finally, we are concerned about prospects for the company’s oil production growth, considering its heavy exposure to significantly mature-producing areas. A limited international operation and an ambitious investment program gives investors more reason to steer clear of the stock. All these factors are also reflected in the stock price of PTR which has declined about 12% year to date.”
PTR has been the subject of a number of other research reports. BidaskClub lowered PetroChina Company Limited from a sell rating to a strong sell rating in a research note on Friday, August 18th. Morgan Stanley upgraded PetroChina Company Limited from an equal weight rating to an overweight rating in a report on Monday, July 31st. Credit Suisse Group raised PetroChina Company Limited from an underperform rating to a neutral rating in a research report on Wednesday, July 5th. Macquarie raised PetroChina Company Limited from a neutral rating to an outperform rating in a research report on Wednesday, August 2nd. Finally, Sanford C. Bernstein downgraded PetroChina Company Limited from an outperform rating to a market perform rating in a research note on Thursday, July 6th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. The stock has an average rating of Hold.
Shares of PetroChina Company Limited (NYSE PTR) traded up $3.54 during trading hours on Tuesday, hitting $71.33. 172,470 shares of the company’s stock traded hands, compared to its average volume of 86,726. The firm has a market capitalization of $124,069.94, a price-to-earnings ratio of 29.60 and a beta of 1.24. PetroChina Company Limited has a 12 month low of $60.69 and a 12 month high of $81.80. The company has a quick ratio of 0.56, a current ratio of 0.79 and a debt-to-equity ratio of 0.22.
The company also recently announced a semiannual dividend, which will be paid on Monday, November 6th. Shareholders of record on Thursday, September 7th will be issued a $1.0381 dividend. This represents a dividend yield of 3.21%. This is a boost from PetroChina Company Limited’s previous semiannual dividend of $0.55. The ex-dividend date of this dividend is Wednesday, September 6th. PetroChina Company Limited’s dividend payout ratio is currently 73.16%.
Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC lifted its holdings in shares of PetroChina Company Limited by 7.5% in the 2nd quarter. SG Americas Securities LLC now owns 2,031 shares of the oil and gas company’s stock worth $124,000 after buying an additional 142 shares during the period. Knowledge Leaders Capital LLC raised its position in shares of PetroChina Company Limited by 125.6% in the 2nd quarter. Knowledge Leaders Capital LLC now owns 2,218 shares of the oil and gas company’s stock worth $136,000 after acquiring an additional 1,235 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in shares of PetroChina Company Limited by 14.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 3,435 shares of the oil and gas company’s stock worth $210,000 after acquiring an additional 446 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of PetroChina Company Limited by 42.1% in the 1st quarter. Bank of New York Mellon Corp now owns 4,300 shares of the oil and gas company’s stock worth $315,000 after acquiring an additional 1,274 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new position in shares of PetroChina Company Limited in the 2nd quarter worth $296,000. Institutional investors and hedge funds own 0.19% of the company’s stock.
PetroChina Company Limited Company Profile
PetroChina Company Limited is a China-based company principally engaged in the production and distribution of oil and gas. The Company mainly operates through four business segments. The Exploration and Production segment is principally engaged in the exploration, development, production and sales of crude oil and natural gas.
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