PetroChina Ltd. (PTR) Stock Rating Lowered by Zacks Investment Research
PetroChina Ltd. (NYSE:PTR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Friday.
According to Zacks, “The ongoing oil price rout and steep cuts in domestic gas supplies to industrial users have kept us bearish on PetroChina. Predictably, 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 PetroChina'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 PetroChina’s gas-wholesale business. Furthermore, China's weakened industrial activity has dampened demand for PetroChina's products like diesel. Finally, we are concerned about prospects for the company’s oil production growth, considering its heavy exposure to significantly mature-producing areas. A limited international operation and an ambitious investment program gives investors more reason to steer clear of the stock.”
Separately, Macquarie downgraded PetroChina from an “outperform” rating to a “neutral” rating in a research report on Monday, July 25th. Five equities research analysts have rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold”.
Shares of PetroChina (NYSE:PTR) opened at 68.74 on Friday. PetroChina has a 52 week low of $52.30 and a 52 week high of $82.91. The company has a market cap of $125.81 billion, a P/E ratio of 85.92 and a beta of 1.24. The company’s 50-day moving average price is $66.96 and its 200 day moving average price is $68.19.
The firm also recently declared a semiannual dividend, which will be paid on Monday, November 7th. Investors of record on Tuesday, September 13th will be issued a dividend of $0.3213 per share. This represents a yield of 0.95%. The ex-dividend date of this dividend is Friday, September 9th. PetroChina’s payout ratio is currently 71.95%.
A number of institutional investors have recently bought and sold shares of PTR. Societe Generale acquired a new position in PetroChina during the second quarter worth approximately $141,000. Tower Research Capital LLC TRC boosted its position in PetroChina by 141.8% in the second quarter. Tower Research Capital LLC TRC now owns 2,113 shares of the company’s stock worth $144,000 after buying an additional 1,239 shares during the last quarter. Pacad Investment Ltd. acquired a new position in PetroChina during the second quarter worth approximately $170,000. BNP Paribas Arbitrage SA boosted its position in PetroChina by 32.9% in the second quarter. BNP Paribas Arbitrage SA now owns 2,833 shares of the company’s stock worth $192,000 after buying an additional 701 shares during the last quarter. Finally, State Street Corp acquired a new position in PetroChina during the first quarter worth approximately $201,000. 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.
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