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 raised PetroChina from a “neutral” rating to an “outperform” rating in a research report on Wednesday, September 21st. Five investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold”.
PetroChina (NYSE:PTR) opened at 68.74 on Friday. The firm’s 50-day moving average price is $66.96 and its 200-day moving average price is $68.19. PetroChina has a 12-month low of $52.30 and a 12-month 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 business also recently declared a semiannual dividend, which will be paid on Monday, November 7th. Stockholders of record on Tuesday, September 13th will be paid a dividend of $0.3213 per share. The ex-dividend date is Friday, September 9th. This represents a dividend yield of 0.95%. PetroChina’s dividend payout ratio (DPR) is presently 71.95%.
Several hedge funds have recently added to or reduced their stakes in the company. Westpac Banking Corp increased its stake in PetroChina by 2.6% in the second quarter. Westpac Banking Corp now owns 292,969 shares of the company’s stock valued at $19,898,000 after buying an additional 7,412 shares during the period. Emerald Acquisition Ltd. bought a new stake in PetroChina during the second quarter valued at about $5,839,000. OLD Mission Capital LLC increased its stake in PetroChina by 840.1% in the second quarter. OLD Mission Capital LLC now owns 82,110 shares of the company’s stock valued at $5,577,000 after buying an additional 73,376 shares during the period. Nikko Asset Management Americas Inc. increased its stake in PetroChina by 12.0% in the second quarter. Nikko Asset Management Americas Inc. now owns 81,033 shares of the company’s stock valued at $5,460,000 after buying an additional 8,700 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in PetroChina by 41.9% in the second quarter. JPMorgan Chase & Co. now owns 71,836 shares of the company’s stock valued at $4,879,000 after buying an additional 21,196 shares during the period. Institutional investors 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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