PetroChina Company Limited (NYSE:PTR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, November 7th. The brokerage currently has a $76.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s target price points to a potential upside of 13.48% from the stock’s previous close.
According to Zacks, “Following the comprehensive Q3 earnings bump, we are upgrading our investment thesis on PetroChina to a 'Buy'. China’s dominant oil and gas producer's biggest unit – exploration and production – swung to profitability as oil price soared 36%. A tight leash on oil and gas lifting expenses that decreased 1.9% from the same period last year, also helped results. The energy titan also experienced strong natural gas demand, while operational optimization helped control costs. Being one of the two Chinese integrated oil firms, PTR is already well-positioned to capitalize on the country’s favorable trends. In particular, we like its robust portfolio of assets and strong balance sheet, which make it better suited to handle erratic market conditions than most of its peers Consequently, we think PTR offers substantial upside potential from the current price levels.”
Several other research firms have also weighed in on PTR. Mizuho lowered PetroChina Company Limited from a “buy” rating to a “neutral” rating in a report on Friday, July 28th. Morgan Stanley upgraded PetroChina Company Limited from an “equal weight” rating to an “overweight” rating in a report on Monday, July 31st. Macquarie upgraded PetroChina Company Limited from a “neutral” rating to an “outperform” rating in a report on Wednesday, August 2nd. Finally, BidaskClub cut PetroChina Company Limited from a “sell” rating to a “strong sell” rating in a research report on Friday, August 18th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $76.00.
PetroChina Company Limited (NYSE:PTR) opened at $66.97 on Tuesday. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.79 and a quick ratio of 0.56. PetroChina Company Limited has a 12 month low of $60.69 and a 12 month high of $81.80. The firm has a market capitalization of $122,569.16, a PE ratio of 29.25 and a beta of 1.24.
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A number of hedge funds and other institutional investors have recently made changes to their positions in PTR. Arrowstreet Capital Limited Partnership bought a new stake in PetroChina Company Limited during the 2nd quarter worth $8,506,000. BT Investment Management Ltd acquired a new position in PetroChina Company Limited during the 2nd quarter worth about $6,507,000. Renaissance Technologies LLC lifted its holdings in PetroChina Company Limited by 18.7% during the 2nd quarter. Renaissance Technologies LLC now owns 396,700 shares of the oil and gas company’s stock worth $24,310,000 after buying an additional 62,600 shares during the period. JPMorgan Chase & Co. lifted its holdings in PetroChina Company Limited by 3,221.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 46,104 shares of the oil and gas company’s stock worth $2,825,000 after buying an additional 44,716 shares during the period. Finally, Credit Suisse AG lifted its holdings in PetroChina Company Limited by 141.7% during the 1st quarter. Credit Suisse AG now owns 69,246 shares of the oil and gas company’s stock worth $5,073,000 after buying an additional 40,598 shares during the period. 0.17% of the stock is owned by hedge funds and other institutional investors.
About PetroChina Company Limited
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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