PetroChina Ltd. (NYSE:PTR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
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 first-half loss. 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 that forms the basis of our cautious stance.”
Separately, Macquarie upgraded PetroChina from a “neutral” rating to an “outperform” rating in a research note on Wednesday, September 21st. Four investment analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold”.
Shares of PetroChina (NYSE:PTR) opened at 63.89 on Friday. PetroChina has a one year low of $52.30 and a one year high of $84.05. The stock has a 50 day moving average price of $66.85 and a 200-day moving average price of $68.14. The company has a market capitalization of $116.93 billion, a price-to-earnings ratio of 79.86 and a beta of 1.19.
The firm also recently declared a semiannual dividend, which will be paid on Monday, November 7th. Shareholders of record on Tuesday, September 13th will be issued a dividend of $0.3213 per share. The ex-dividend date is Friday, September 9th. This represents a yield of 0.95%. PetroChina’s payout ratio is currently 71.95%.
A number of hedge funds have recently modified their holdings of the company. Emerald Acquisition Ltd. acquired a new stake in shares of PetroChina during the second quarter worth $5,839,000. OLD Mission Capital LLC increased its stake in shares of PetroChina by 840.1% in the second quarter. OLD Mission Capital LLC now owns 82,110 shares of the company’s stock worth $5,577,000 after buying an additional 73,376 shares during the last quarter. Bank of Montreal Can acquired a new stake in shares of PetroChina during the second quarter worth $3,786,000. Acadian Asset Management LLC acquired a new stake in shares of PetroChina during the second quarter worth $2,553,000. Finally, JPMorgan Chase & Co. increased its stake in shares of PetroChina by 41.9% in the second quarter. JPMorgan Chase & Co. now owns 71,836 shares of the company’s stock worth $4,879,000 after buying an additional 21,196 shares during the last quarter. Hedge funds and other institutional investors own 0.22% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for PetroChina Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PetroChina Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.