Sinopec Shanghai Petrochemical Co. (SHI) Upgraded by Zacks Investment Research to Buy
Sinopec Shanghai Petrochemical Co. (NYSE:SHI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The firm currently has a $57.00 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 12.34% from the company’s previous close.
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. “
Shares of Sinopec Shanghai Petrochemical (NYSE:SHI) opened at 50.74 on Friday. The stock has a market capitalization of $5.48 billion, a P/E ratio of 7.93 and a beta of 0.61. The stock’s 50 day moving average price is $51.02 and its 200-day moving average price is $49.12. Sinopec Shanghai Petrochemical has a 1-year low of $34.37 and a 1-year high of $53.69.
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Several large investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its stake in Sinopec Shanghai Petrochemical by 4.8% in the second quarter. Advisors Asset Management Inc. now owns 4,772 shares of the company’s stock worth $219,000 after buying an additional 217 shares during the last quarter. Bank of Montreal Can purchased a new stake in Sinopec Shanghai Petrochemical during the second quarter worth $242,000. Dorsey Wright & Associates purchased a new stake in Sinopec Shanghai Petrochemical during the second quarter worth $307,000. BlackRock Inc. increased its stake in Sinopec Shanghai Petrochemical by 1.8% in the first quarter. BlackRock Inc. now owns 8,782 shares of the company’s stock worth $443,000 after buying an additional 156 shares during the last quarter. Finally, Oxford Asset Management increased its stake in Sinopec Shanghai Petrochemical by 5.1% in the second quarter. Oxford Asset Management now owns 13,271 shares of the company’s stock worth $609,000 after buying an additional 642 shares during the last quarter. Institutional investors own 0.25% of the company’s stock.
Sinopec Shanghai Petrochemical Company Profile
Sinopec Shanghai Petrochemical Company Limited is a petrochemical Company. The Company is engaged in processing crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. The Company has five segments: synthetic fibres, resins and plastics, intermediate petrochemicals, petroleum products and trading of petrochemical products.
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