PLDT (NYSE:PHI) Shares Gap Down – Here’s What Happened

PLDT Inc. (NYSE:PHI) gapped down before the market opened on Thursday . The stock had previously closed at $19.37, but opened at $18.51. PLDT shares last traded at $18.1260, with a volume of 7,935 shares traded.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PHI. Weiss Ratings upgraded shares of PLDT from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 14th. TD Cowen reaffirmed a “hold” rating on shares of PLDT in a research report on Thursday, August 13th. JPMorgan Chase & Co. lowered PLDT from an “overweight” rating to a “neutral” rating in a report on Monday, August 17th. Finally, Zacks Research raised PLDT from a “strong sell” rating to a “hold” rating in a research report on Monday, July 20th. Four investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company presently has a consensus rating of “Hold”.

PLDT Stock Up 1.5%

The firm has a market capitalization of $3.92 billion, a price-to-earnings ratio of 8.18, a P/E/G ratio of 2.71 and a beta of 0.60. The company has a quick ratio of 0.43, a current ratio of 0.44 and a debt-to-equity ratio of 1.98. The company’s 50 day moving average price is $19.01 and its 200 day moving average price is $20.16.

PLDT Cuts Dividend

The company also recently declared a dividend, which will be paid on Friday, September 25th. Shareholders of record on Thursday, August 27th will be paid a dividend of $0.7515 per share. This represents a yield of 841.0%. The ex-dividend date is Thursday, August 27th. PLDT’s payout ratio is presently 49.10%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Invesco Ltd. lifted its holdings in shares of PLDT by 14.1% during the third quarter. Invesco Ltd. now owns 1,697,399 shares of the technology company’s stock worth $31,741,000 after purchasing an additional 209,385 shares during the period. UBS Group AG increased its holdings in PLDT by 41.4% in the 3rd quarter. UBS Group AG now owns 251,013 shares of the technology company’s stock worth $4,694,000 after buying an additional 73,439 shares during the period. Jane Street Group LLC increased its holdings in PLDT by 227.9% in the 1st quarter. Jane Street Group LLC now owns 77,493 shares of the technology company’s stock worth $1,695,000 after buying an additional 53,861 shares during the period. Quantinno Capital Management LP raised its position in PLDT by 47.0% during the 1st quarter. Quantinno Capital Management LP now owns 121,103 shares of the technology company’s stock worth $2,548,000 after buying an additional 38,731 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its position in PLDT by 20.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 181,574 shares of the technology company’s stock worth $3,951,000 after buying an additional 30,803 shares during the last quarter. 2.26% of the stock is currently owned by hedge funds and other institutional investors.

About PLDT

Philippine Long Distance Telephone Company (PLDT) is the largest integrated telecommunications provider in the Philippines, offering a comprehensive suite of fixed‐line, wireless, broadband Internet, and digital solutions to residential, enterprise, and government customers. Founded in 1928, PLDT has played a pivotal role in the development of the country’s communications infrastructure, evolving from a traditional operator of long‐distance telephone lines into a diversified digital services provider.

PLDT operates two main business segments: its fixed‐line and broadband operations under the PLDT brand and its wireless services through subsidiary Smart Communications.