PetroChina (NYSE:PTR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The firm currently has a $87.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 8.98% from the stock’s previous close.
According to Zacks, “ADRs of PetroChina have increased 22.3% over a year, handily outperforming the stocks in this industry, which have collectively gained 12.5% over the same period. With higher oil prices helping the state-run giant report a jump in first-half profits, the stock should continue to prosper. In particular, the energy titan's biggest unit – exploration and production – reported a 332.7% surge in profits as oil price soared 33%. PetroChina also experienced strong refined products demand and higher natural gas sales. Being one of the two Chinese integrated oil firms, PetroChina is already well-positioned to capitalize on the country’s growing natural gas demand. Acquisition of two offshore oil concessions from ADNOC has further optimized PetroChina's robust asset portfolio along with boosting its revenues and profits. All these factors account for our bullish stance on the stock.”
PTR has been the topic of a number of other reports. Bank of America reissued a “buy” rating and issued a $106.00 price target on shares of PetroChina in a research note on Monday. Sanford C. Bernstein raised PetroChina from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $60.69 to $82.69 in a research note on Monday, May 28th. Nine equities research analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and a consensus price target of $91.90.
Shares of NYSE:PTR opened at $79.83 on Tuesday. The company has a current ratio of 0.82, a quick ratio of 0.54 and a debt-to-equity ratio of 0.20. PetroChina has a 12-month low of $62.66 and a 12-month high of $85.02. The stock has a market capitalization of $142.57 billion, a price-to-earnings ratio of 44.88 and a beta of 1.44.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in PTR. Wells Fargo & Company MN lifted its stake in shares of PetroChina by 65.7% in the 1st quarter. Wells Fargo & Company MN now owns 26,797 shares of the oil and gas company’s stock valued at $1,869,000 after purchasing an additional 10,628 shares in the last quarter. US Bancorp DE raised its holdings in shares of PetroChina by 154.6% during the 1st quarter. US Bancorp DE now owns 18,314 shares of the oil and gas company’s stock valued at $1,277,000 after buying an additional 11,120 shares during the period. Northern Trust Corp raised its holdings in shares of PetroChina by 5.0% during the 1st quarter. Northern Trust Corp now owns 170,608 shares of the oil and gas company’s stock valued at $11,898,000 after buying an additional 8,056 shares during the period. BlackRock Inc. raised its holdings in shares of PetroChina by 39.8% during the 1st quarter. BlackRock Inc. now owns 577,226 shares of the oil and gas company’s stock valued at $40,255,000 after buying an additional 164,470 shares during the period. Finally, Citigroup Inc. raised its holdings in shares of PetroChina by 11.2% during the 1st quarter. Citigroup Inc. now owns 32,035 shares of the oil and gas company’s stock valued at $2,234,000 after buying an additional 3,237 shares during the period. 0.26% of the stock is currently owned by institutional investors and hedge funds.
PetroChina Company Profile
PetroChina Company Limited, together with its subsidiaries, engages in a range of petroleum related products, services, and activities in Mainland China and internationally. It operates through Exploration and Production, Refining and Chemicals, Marketing, and Natural Gas and Pipeline segments. The Exploration and Production segment engages in the exploration, development, production, and marketing of crude oil and natural gas.
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