Zacks Investment Research upgraded shares of PetroChina Ltd. (NYSE:PTR) from a sell rating to a hold rating in a report published on Tuesday morning.
According to Zacks, “Being one of the two Chinese integrated oil firms, PetroChina is well-positioned to capitalize on the country’s favorable trends. In particular, we like PTR’s robust portfolio of assetsand strong balance sheet, which make it better suited to handle volatile market conditions than most of its peers. On top of that, its natural gas business offers lucrative growth prospects in the coming years as China moves from coal to natural gas. But there's no ignoring that the crude price slump has adversely affected the group’s earnings and cash flows, particularly at its upstream unit. Such has been the impact that PTR's E&P segment swung to a loss during the first 9 months of 2016. 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. Considering these factors, we see limited upside from current levels.”
Separately, Macquarie lowered PetroChina from an outperform rating to a neutral rating in a research note on Monday, July 25th. Four equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of Hold.
PetroChina (NYSE:PTR) opened at 68.66 on Tuesday. The firm has a 50-day moving average price of $69.12 and a 200-day moving average price of $68.13. PetroChina has a 52 week low of $52.30 and a 52 week high of $76.06. The stock has a market capitalization of $82.39 billion, a PE ratio of 137.32 and a beta of 1.28.
The company also recently declared a semiannual dividend, which was paid on Monday, November 7th. Shareholders of record on Tuesday, September 13th were issued a dividend of $0.3213 per share. This represents a yield of 0.95%. The ex-dividend date of this dividend was Friday, September 9th. PetroChina’s dividend payout ratio is presently 120.41%.
A number of institutional investors have recently added to or reduced their stakes in PTR. Emerald Acquisition Ltd. purchased a new position in PetroChina during the second quarter valued at $5,839,000. Societe Generale purchased a new position in PetroChina during the second quarter valued at $141,000. World Asset Management Inc boosted its position in PetroChina by 8.3% in the second quarter. World Asset Management Inc now owns 13,057 shares of the company’s stock valued at $887,000 after buying an additional 1,002 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in PetroChina during the second quarter valued at $273,000. Finally, Capital Fund Management S.A. boosted its position in PetroChina by 453.0% in the second quarter. Capital Fund Management S.A. now owns 17,330 shares of the company’s stock valued at $1,177,000 after buying an additional 14,196 shares in the last quarter. Institutional investors and hedge funds own 0.22% of the company’s stock.
PetroChina Company Profile
PetroChina Company Limited is an oil and gas producer and distributor. The Company’s segments are Exploration and Production, Refining and Chemicals, Marketing, and Natural Gas and Pipeline. The Company’s Exploration and Production segment is engaged in the exploration, development, production and marketing of crude oil and natural gas.