Sinopec Shanghai Petrochemical (NYSE:SHI) Downgraded to Strong Sell at Zacks Investment Research

Share on StockTwits

Zacks Investment Research downgraded shares of Sinopec Shanghai Petrochemical (NYSE:SHI) from a hold rating to a strong sell rating in a research note released on Thursday morning, Zacks.com reports.

According to Zacks, “Shanghai Petrochemical Company Ltd. is a China’s largest petrochemical company. The Company processes crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. “

Separately, ValuEngine raised Sinopec Shanghai Petrochemical from a sell rating to a hold rating in a research report on Wednesday, October 2nd. Two analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of Hold and an average target price of $43.00.

SHI stock traded down $0.41 during mid-day trading on Thursday, reaching $28.39. The company had a trading volume of 34,985 shares, compared to its average volume of 55,856. The stock has a 50 day simple moving average of $29.36 and a two-hundred day simple moving average of $37.94. The company has a market capitalization of $3.11 billion, a price-to-earnings ratio of 3.96 and a beta of 1.04. Sinopec Shanghai Petrochemical has a 52 week low of $28.02 and a 52 week high of $52.67.

Sinopec Shanghai Petrochemical (NYSE:SHI) last released its quarterly earnings data on Wednesday, August 21st. The oil and gas company reported $0.72 earnings per share (EPS) for the quarter. Sinopec Shanghai Petrochemical had a return on equity of 9.68% and a net margin of 2.74%. The company had revenue of $3.94 billion during the quarter. As a group, equities analysts expect that Sinopec Shanghai Petrochemical will post 3.3 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC lifted its position in shares of Sinopec Shanghai Petrochemical by 15.7% in the second quarter. Renaissance Technologies LLC now owns 190,200 shares of the oil and gas company’s stock valued at $7,598,000 after buying an additional 25,850 shares during the last quarter. Morgan Stanley lifted its position in shares of Sinopec Shanghai Petrochemical by 199.4% in the second quarter. Morgan Stanley now owns 124,291 shares of the oil and gas company’s stock valued at $4,965,000 after buying an additional 82,781 shares during the last quarter. Parametric Portfolio Associates LLC lifted its position in shares of Sinopec Shanghai Petrochemical by 9.2% in the second quarter. Parametric Portfolio Associates LLC now owns 111,316 shares of the oil and gas company’s stock valued at $4,447,000 after buying an additional 9,385 shares during the last quarter. Aperio Group LLC lifted its position in shares of Sinopec Shanghai Petrochemical by 2.0% in the second quarter. Aperio Group LLC now owns 111,217 shares of the oil and gas company’s stock valued at $4,443,000 after buying an additional 2,165 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Sinopec Shanghai Petrochemical by 0.8% in the second quarter. Northern Trust Corp now owns 59,203 shares of the oil and gas company’s stock valued at $2,366,000 after buying an additional 491 shares during the last quarter. 1.58% of the stock is owned by institutional investors.

About Sinopec Shanghai Petrochemical

Sinopec Shanghai Petrochemical Company Limited, together with its subsidiaries, manufactures and sells petrochemical products in the People's Republic of China. The company operates through five segments: Synthetic Fibres, Resins and Plastics, Intermediate Petrochemicals, Petroleum Products, and Trading of Petrochemical Products.

Recommended Story: How can investors find ex-dividend dates?

Get a free copy of the Zacks research report on Sinopec Shanghai Petrochemical (SHI)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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



Latest News

VictoryShares US Small Cap High Div Volatility Wtd ETF  Shares Up 0.6%
VictoryShares US Small Cap High Div Volatility Wtd ETF Shares Up 0.6%
iShares JP Morgan USD Emerging Markets Bond ETF  Shares Up 0%
iShares JP Morgan USD Emerging Markets Bond ETF Shares Up 0%
Sinopec Shanghai Petrochemical  Downgraded to Strong Sell at Zacks Investment Research
Sinopec Shanghai Petrochemical Downgraded to Strong Sell at Zacks Investment Research
Goldman Sachs Group Upgrades Container Store Group  to Neutral
Goldman Sachs Group Upgrades Container Store Group to Neutral
Ryman Hospitality Properties  Stock Rating Lowered by Zacks Investment Research
Ryman Hospitality Properties Stock Rating Lowered by Zacks Investment Research
Prologis  Price Target Increased to $87.00 by Analysts at Deutsche Bank
Prologis Price Target Increased to $87.00 by Analysts at Deutsche Bank


 
© 2006-2019 Zolmax.