Share on StockTwits

China Petroleum and Chemical (NYSE:SNP)‘s stock had its “underperform” rating reaffirmed by Zacks in a research note issued to investors on Monday, reports. They currently have a $82.00 target price on the stock. Zacks‘s price objective would indicate a potential downside of 11.50% from the company’s current price.

Zacks’ analyst wrote, “We are maintaining our recommendation on Sinopec at Underperform, ahead of first quarter results. During 2013, the company witnessed a sharp drop in crude oil prices, which dragged down the Exploration and Production (E&P) segment’s operating profit by 21.8% year over year. However, increases in the price of international crude oil amid government caps on fuel prices prevented the company from fully passing on the spiraling costs to consumers. We believe that Sinopec’s matured domestic oil fields and associated rising costs will continue to be an overhang on its operations as natural declines become pricier to counterbalance. In view of these factors, we see no positive catalyst in the near term.”

Shares of China Petroleum and Chemical (NYSE:SNP) traded down 0.63% during mid-day trading on Monday, hitting $89.90. The stock had a trading volume of 23,210 shares. China Petroleum and Chemical has a one year low of $64.7615 and a one year high of $95.68. The stock’s 50-day moving average is $88.59 and its 200-day moving average is $82.98. The company has a market cap of $104.8 billion and a price-to-earnings ratio of 10.64.

The company also recently announced a special dividend, which is scheduled for Thursday, June 26th. Investors of record on Friday, May 23rd will be paid a dividend of $2.4188 per share. The ex-dividend date is Wednesday, May 21st.

A number of other analysts have also recently weighed in on SNP. Analysts at Goldman Sachs reiterated a “conviction-buy” rating on shares of China Petroleum and Chemical in a research note on Wednesday, February 26th. Separately, analysts at Jefferies Group downgraded shares of China Petroleum and Chemical from a “buy” rating to a “hold” rating in a research note on Thursday, February 20th. Finally, analysts at Bank of America downgraded shares of China Petroleum and Chemical from a “neutral” rating to an “underperform” rating in a research note on Thursday, February 6th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $82.00.

China Petroleum & Chemical Corporation (NYSE:SNP) is a China-based energy and chemical company.

To view Zacks’ full report, visit Zacks’ official website.

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.