HSBC Lowers PetroChina (NYSE:PTR) to Reduce

PetroChina (NYSE:PTR) was downgraded by analysts at HSBC from a “hold” rating to a “reduce” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

A number of other research firms have also recently issued reports on PTR. ValuEngine cut PetroChina from a “sell” rating to a “strong sell” rating in a report on Monday, July 8th. Credit Suisse Group lowered PetroChina from a “neutral” rating to an “underperform” rating in a report on Monday, June 3rd. Goldman Sachs Group raised PetroChina from a “neutral” rating to a “buy” rating and set a $74.00 price objective for the company in a research report on Tuesday, May 14th. Citigroup upgraded PetroChina from a “neutral” rating to a “buy” rating and set a $57.45 price objective for the company in a report on Friday, May 24th. Finally, TheStreet downgraded PetroChina from a “b-” rating to a “c+” rating in a report on Friday, May 17th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the company. PetroChina has an average rating of “Hold” and a consensus target price of $71.11.

Shares of NYSE:PTR opened at $53.38 on Wednesday. The firm has a market cap of $96.73 billion, a price-to-earnings ratio of 12.41 and a beta of 1.18. PetroChina has a 12 month low of $47.65 and a 12 month high of $83.24. The company’s fifty day simple moving average is $50.40 and its 200 day simple moving average is $58.05. The company has a quick ratio of 0.51, a current ratio of 0.80 and a debt-to-equity ratio of 0.31.

Several hedge funds have recently modified their holdings of the stock. Royal Bank of Canada lifted its stake in shares of PetroChina by 148.3% in the 2nd quarter. Royal Bank of Canada now owns 6,659 shares of the oil and gas company’s stock valued at $367,000 after purchasing an additional 3,977 shares during the period. Integrated Wealth Concepts LLC bought a new stake in PetroChina during the second quarter valued at $217,000. Morgan Stanley boosted its position in shares of PetroChina by 226.4% during the 2nd quarter. Morgan Stanley now owns 52,218 shares of the oil and gas company’s stock valued at $2,876,000 after acquiring an additional 36,220 shares during the last quarter. Marshall Wace North America L.P. lifted its position in PetroChina by 57.0% during the second quarter. Marshall Wace North America L.P. now owns 198,850 shares of the oil and gas company’s stock valued at $10,951,000 after purchasing an additional 72,214 shares during the last quarter. Finally, Invesco Ltd. lifted its position in PetroChina by 6.6% during the second quarter. Invesco Ltd. now owns 49,795 shares of the oil and gas company’s stock valued at $2,743,000 after purchasing an additional 3,078 shares during the last quarter. Institutional investors and hedge funds own 0.23% of the company’s stock.

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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