Zacks Investment Research upgraded shares of PetroChina Company Limited (NYSE:PTR) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $76.00 price target on the oil and gas company’s stock.
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 equities analysts also recently weighed in on PTR. BidaskClub downgraded shares of PetroChina Company Limited from a sell rating to a strong sell rating in a report on Friday, August 18th. Macquarie raised shares of PetroChina Company Limited from a neutral rating to an outperform rating in a report on Wednesday, August 2nd. Morgan Stanley raised shares of PetroChina Company Limited from an equal weight rating to an overweight rating in a report on Monday, July 31st. Finally, Mizuho downgraded shares of PetroChina Company Limited from a buy rating to a neutral rating in a report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $76.00.
PetroChina Company Limited (PTR) traded down $0.79 on Tuesday, hitting $71.00. 75,430 shares of the company were exchanged, compared to its average volume of 97,193. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.56 and a current ratio of 0.79. The stock has a market capitalization of $221,300.00, a P/E ratio of 31.15 and a beta of 1.25. PetroChina Company Limited has a one year low of $60.69 and a one year high of $81.80.
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The company also recently declared a semiannual dividend, which was paid on Monday, November 6th. Shareholders of record on Thursday, September 7th were issued a dividend of $1.0381 per share. The ex-dividend date of this dividend was Wednesday, September 6th. This represents a yield of 3.21%. This is an increase from PetroChina Company Limited’s previous semiannual dividend of $0.55. PetroChina Company Limited’s payout ratio is currently 72.02%.
Large investors have recently modified their holdings of the business. SG Americas Securities LLC lifted its holdings in PetroChina Company Limited by 7.5% during the second quarter. SG Americas Securities LLC now owns 2,031 shares of the oil and gas company’s stock valued at $124,000 after purchasing an additional 142 shares in the last quarter. Knowledge Leaders Capital LLC lifted its holdings in shares of PetroChina Company Limited by 125.6% in the second quarter. Knowledge Leaders Capital LLC now owns 2,218 shares of the oil and gas company’s stock worth $136,000 after buying an additional 1,235 shares in the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of PetroChina Company Limited by 14.9% in the second quarter. BNP Paribas Arbitrage SA now owns 3,435 shares of the oil and gas company’s stock worth $210,000 after buying an additional 446 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of PetroChina Company Limited by 42.1% in the first quarter. Bank of New York Mellon Corp now owns 4,300 shares of the oil and gas company’s stock worth $315,000 after buying an additional 1,274 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new position in shares of PetroChina Company Limited in the second quarter worth $296,000. 0.19% of the stock is currently owned by institutional investors and hedge funds.
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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