Zacks Investment Research Downgrades PetroChina Company Limited (PTR) to Sell

PetroChina Company Limited (NYSE:PTR) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

According to Zacks, “The ongoing oil price weakness 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. Adding to the woes is China’s decision to cut natural gas prices for industrial users that reduced margins in PTR’s gas-wholesale business. Furthermore, China's weakened industrial activity has dampened demand for PTR'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. All these factors are also reflected in the stock price of PTR which has declined about 12% year to date.”

Several other research firms have also issued reports on PTR. Macquarie raised shares of PetroChina Company Limited from a “neutral” rating to an “outperform” rating in a research report on Wednesday, August 2nd. Mizuho lowered shares of PetroChina Company Limited from a “buy” rating to a “neutral” rating in a research report on Friday, July 28th. Morgan Stanley raised shares of PetroChina Company Limited from an “equal weight” rating to an “overweight” rating in a research report on Monday, July 31st. BidaskClub raised shares of PetroChina Company Limited from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Finally, Sanford C. Bernstein lowered shares of PetroChina Company Limited from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. PetroChina Company Limited presently has an average rating of “Hold”.

Shares of PetroChina Company Limited (PTR) traded down 0.91% on Tuesday, reaching $64.54. 41,692 shares of the company traded hands. PetroChina Company Limited has a 52-week low of $60.69 and a 52-week high of $81.80. The stock has a market cap of $118.12 billion, a price-to-earnings ratio of 40.34 and a beta of 1.17. The stock has a 50 day moving average of $64.01 and a 200 day moving average of $65.61.

WARNING: “Zacks Investment Research Downgrades PetroChina Company Limited (PTR) to Sell” was originally published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this report on another publication, it was copied illegally and republished in violation of United States and international trademark and copyright laws. The legal version of this report can be viewed at https://ledgergazette.com/2017/10/17/zacks-investment-research-downgrades-petrochina-company-limited-ptr-to-sell.html.

Several institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership bought a new position in shares of PetroChina Company Limited in the second quarter valued at about $8,506,000. OxFORD Asset Management LLP raised its position in shares of PetroChina Company Limited by 13.1% in the second quarter. OxFORD Asset Management LLP now owns 41,117 shares of the oil and gas company’s stock valued at $2,520,000 after purchasing an additional 4,752 shares during the period. Dimensional Fund Advisors LP raised its position in shares of PetroChina Company Limited by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 444,854 shares of the oil and gas company’s stock valued at $27,265,000 after purchasing an additional 23,637 shares during the period. Virtu KCG Holdings LLC bought a new position in shares of PetroChina Company Limited in the second quarter valued at about $418,000. Finally, Renaissance Technologies LLC raised its position in shares of PetroChina Company Limited by 18.7% in the second quarter. Renaissance Technologies LLC now owns 396,700 shares of the oil and gas company’s stock valued at $24,310,000 after purchasing an additional 62,600 shares during the peri

According to Zacks, “The ongoing oil price weakness 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. Adding to the woes is China’s decision to cut natural gas prices for industrial users that reduced margins in PTR’s gas-wholesale business. Furthermore, China's weakened industrial activity has dampened demand for PTR'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. All these factors are also reflected in the stock price of PTR which has declined about 12% year to date.”

Several other research firms have also issued reports on PTR. Macquarie raised shares of PetroChina Company Limited from a “neutral” rating to an “outperform” rating in a research report on Wednesday, August 2nd. Mizuho lowered shares of PetroChina Company Limited from a “buy” rating to a “neutral” rating in a research report on Friday, July 28th. Morgan Stanley raised shares of PetroChina Company Limited from an “equal weight” rating to an “overweight” rating in a research report on Monday, July 31st. BidaskClub raised shares of PetroChina Company Limited from a “strong sell” rating to a “sell” rating in a research report on Friday, August 25th. Finally, Sanford C. Bernstein lowered shares of PetroChina Company Limited from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 6th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. PetroChina Company Limited presently has an average rating of “Hold”.

Shares of PetroChina Company Limited (PTR) traded down 0.91% on Tuesday, reaching $64.54. 41,692 shares of the company traded hands. PetroChina Company Limited has a 52-week low of $60.69 and a 52-week high of $81.80. The stock has a market cap of $118.12 billion, a price-to-earnings ratio of 40.34 and a beta of 1.17. The stock has a 50 day moving average of $64.01 and a 200 day moving average of $65.61.

WARNING: “Zacks Investment Research Downgrades PetroChina Company Limited (PTR) to Sell” was originally published by The Ledger Gazette and is the sole property of of The Ledger Gazette. If you are reading this report on another publication, it was copied illegally and republished in violation of United States and international trademark and copyright laws. The legal version of this report can be viewed at https://ledgergazette.com/2017/10/17/zacks-investment-research-downgrades-petrochina-company-limited-ptr-to-sell.html.

Several institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership bought a new position in shares of PetroChina Company Limited in the second quarter valued at about $8,506,000. OxFORD Asset Management LLP raised its position in shares of PetroChina Company Limited by 13.1% in the second quarter. OxFORD Asset Management LLP now owns 41,117 shares of the oil and gas company’s stock valued at $2,520,000 after purchasing an additional 4,752 shares during the period. Dimensional Fund Advisors LP raised its position in shares of PetroChina Company Limited by 5.6% in the second quarter. Dimensional Fund Advisors LP now owns 444,854 shares of the oil and gas company’s stock valued at $27,265,000 after purchasing an additional 23,637 shares during the period. Virtu KCG Holdings LLC bought a new position in shares of PetroChina Company Limited in the second quarter valued at about $418,000. Finally, Renaissance Technologies LLC raised its position in shares of PetroChina Company Limited by 18.7% in the second quarter. Renaissance Technologies LLC now owns 396,700 shares of the oil and gas company’s stock valued at $24,310,000 after purchasing an additional 62,600 shares during the period. 0.19% of the stock is currently owned by institutional investors.

About PetroChina Company Limited

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.

Analyst Recommendations for PetroChina Company Limited (NYSE:PTR)

Receive News & Ratings for PetroChina Company Limited Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for PetroChina Company Limited and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply