Dividend Coverage: This Major Integrated Oil & Gas Stock Declared a Special Dividend Alongside its Interim Dividend; Will Trade Ex-Dividend on September 06, 2017
LONDON, UK / ACCESSWIRE / September 5, 2017 / Pro-Trader Daily takes a closer look at PetroChina Co. Ltd (NYSE: PTR) as the Company's stock will begin trading ex-dividend on September 06, 2017. In order to capture the dividend payout, investors must purchase the stock a day prior to the ex-dividend date that is by latest at the end of the trading session on September 05, 2017. Are you looking for research on dividend stocks, if so register with us now for your free membership at:
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Dividend Declared
On August 24, 2017, PetroChina's Board declared a special interim dividend of RMB0.03809 Yuan per share for 2017 in addition to an interim dividend of RMB0.03117 Yuan per share based on the dividend distribution of 45% of profit attributable to owners of the Company under IFRS for the six months ended June 30, 2017.
The interim dividend of the Company will be paid to shareholders whose names appear on the Company's register of members at the close of trading on September 14, 2017. The register of members of H shares will be closed from September 09, 2017, to September 14, 2017; both days inclusive.
PetroChina's indicated dividend represents a yield of 2.84%, which is higher compared to the average dividend yield of 2.50% for the Basic Materials sector. PetroChina has not increased its payout in the last year.
Dividend Insights
PetroChina has a dividend payout ratio of 61.2%, which indicates that the Company distributes approximately $0.62 for every $1.00 earned. The dividend payout ratio reflects how much money a company is returning to shareholders, versus how much money it is keeping on hand to reinvest in growth, to pay off debt, and/or to add to its cash reserves.
According to analysts' estimates, PetroChina is forecasted to report earnings of $2.21 for the next year, which is substantially above its annualized dividend of $1.83.
PetroChina's net cash flows from operating activities were RMB144.83 billion for H1 2017, representing an increase of 29.5% from the net cash flows of RMB111.84 billion for H1 2016. As at June 30, 2017, the Company had cash and cash equivalents of RMB114.54 billion, of which, approximately 50.0% were denominated in Renminbi, approximately 48.8% were denominated in US Dollars, approximately 0.3% were denominated in Hong Kong Dollars and approximately 0.9% were denominated in other currencies.
Recent Development for Forrester
On August 24, 2017, PetroChina announced that revenue increased by 32.0% to RMB975.91 billion for H1 2017 from RMB739.07 billion for H1 2016. This was primarily due to the combined impact of the rise in the prices of crude oil, natural gas, refined products and other main products, and the increase in its sales volume.
PetroChina's profit amounted to RMB20.96 billion for H1 2017, representing an increase of 24.0% from RMB16.91 billion for H1 2016. Profit attributable to owners of the Company amounted to RMB12.68 billion for H1 2017, representing an increase of RMB12.15 billion from RMB531 million for H1 2016.
About PetroChina
PetroChina Co. Ltd, together with its subsidiaries, primarily engages in a range of petroleum related products, services, and activities. It operates through Exploration and Production, Refining and Chemicals, Marketing, and Natural Gas and Pipeline segments.
As of December 31, 2016, the company had a total length of 78,852 km of domestic oil and gas pipelines consisting of 49,420 km of natural gas pipelines, 18,872 km of crude oil pipelines, and 10,560 km of refined product pipelines. The Company was founded in 1988 and is based in Beijing, the People's Republic of China. PetroChina Company Limited operates as a subsidiary of China National Petroleum Corporation.
Stock Performance
On Friday, September 01, 2017, the stock closed the trading session at $65.14, climbing 1.27% from its previous closing price of $64.32. A total volume of 192.63 thousand shares have exchanged hands, which was higher than the 3-month average volume of 98.35 thousand shares. PetroChina's stock price advanced 1.37% in the last one month. The stock is trading at a PE ratio of 39.74 and has a dividend yield of 2.44%. The stock currently has a market cap of $215.97 billion.
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