China Telecom Corp. (CHA) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of China Telecom Corp. (NYSE:CHA) from a hold rating to a buy rating in a research note published on Tuesday morning. They currently have $59.00 price objective 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. “
Several other equities analysts also recently issued reports on CHA. Citigroup Inc. downgraded 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 set a top pick rating on the stock. They noted that the move was a valuation call.
China Telecom Corp. (NYSE:CHA) traded down 0.95% during midday trading on Tuesday, hitting $51.30. 2,979 shares of the stock traded hands. The company’s 50-day moving average is $51.33 and its 200-day moving average is $49.44. The company has a market cap of $41.52 billion, a PE ratio of 13.50 and a beta of 0.67. China Telecom Corp. has a one year low of $42.23 and a one year high of $55.85.
A number of institutional investors have recently bought and sold shares of the company. Bessemer Group Inc. increased its position in China Telecom Corp. by 1.6% in the second quarter. Bessemer Group Inc. now owns 1,746,923 shares of the company’s stock worth $78,594,000 after buying an additional 27,807 shares in the last quarter. Franklin Resources Inc. increased its position in China Telecom Corp. by 1.0% in the first quarter. Franklin Resources Inc. now owns 1,524,287 shares of the company’s stock worth $80,040,000 after buying an additional 14,728 shares in the last quarter. Bank of Montreal Can bought a new position in China Telecom Corp. during the second quarter worth $492,000. Americafirst Capital Management LLC bought a new position in China Telecom Corp. during the second quarter worth $219,000. Finally, Barclays PLC bought a new position in China Telecom Corp. during the second quarter worth $212,000. 0.54% of the stock is currently owned by institutional investors.
About China Telecom Corp.
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.
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