Zacks Investment Research upgraded shares of China Telecom Corp. (NYSE:CHA) from a hold rating to a buy rating in a research note released on Tuesday. Zacks Investment Research currently has $59.00 price target on the stock.
According to Zacks, “China Telecom Corporation is a state-owned telecommunications company in China. They operate local telephone networks in ten provinces in China. They operate domestic and international fixed-line networks and infrastructure including wireless local loop, as well as telecom network-based voice, data, video, multimedia and information services. They are also engaged in international telecom service settlement and expand into overseas markets. “
A number of other analysts have also recently issued reports on CHA. Citigroup Inc. cut shares of China Telecom Corp. from a buy rating to a neutral rating in a research note on Wednesday, June 15th. Bank of America Corp. assumed coverage on shares of China Telecom Corp. in a research note on Monday, August 15th. They issued a top pick rating for the company. They noted that the move was a valuation call.
China Telecom Corp. (NYSE:CHA) traded down 0.95% during trading on Tuesday, reaching $51.30. 2,979 shares of the company’s stock were exchanged. The company’s 50 day moving average price is $51.33 and its 200-day moving average price is $49.44. The stock has a market capitalization of $41.52 billion, a price-to-earnings ratio of 13.50 and a beta of 0.67. China Telecom Corp. has a 52 week low of $42.23 and a 52 week high of $55.85.
A number of hedge funds have recently bought and sold shares of the stock. BNP Paribas Arbitrage SA acquired a new stake in China Telecom Corp. during the third quarter worth about $136,000. Barclays PLC acquired a new stake in China Telecom Corp. during the second quarter worth about $212,000. Americafirst Capital Management LLC acquired a new stake in China Telecom Corp. during the second quarter worth about $219,000. Stevens Capital Management LP boosted its stake in China Telecom Corp. by 20.7% in the second quarter. Stevens Capital Management LP now owns 5,587 shares of the company’s stock worth $251,000 after buying an additional 959 shares during the period. Finally, Private Bank & Trust Co. boosted its stake in China Telecom Corp. by 27.6% in the second quarter. Private Bank & Trust Co. now owns 5,807 shares of the company’s stock worth $261,000 after buying an additional 1,257 shares during the period. Hedge funds and other institutional investors own 0.54% of the company’s stock.
China Telecom Corp. Company Profile
China Telecom Corporation Limited is an integrated information service provider in the People’s Republic of China (PRC). The Company offers a range of telecommunications services, including wireline voice services, mobile voice services, Internet access services, value-added services, integrated information application services, telecommunications network resource services and lease of network equipment and other related services.