China Petroleum & Chemical Corporation (NYSE:SNP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $82.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.06% from the stock’s previous close.

According to Zacks, “Through its refinery business, Sinopec has been able to withstand the crude price weakness to a large extent. During first-half 2017, consumption of refined petroleum products jumped almost 6% from the prior-year comparable period. Also, declining long-term debt load along with a rapidly rising cash balance reflect balance sheet strength. Sinopec has also made large-scale oil discoveries, especially in the Shengli field, which will support long-term production.   Sinopec’s dividend yield of 4.84% is impressive and is higher than 1.57% yield for the industry. The company gives emphasis to building production capacity, improving operational organization and growing output.”

SNP has been the subject of a number of other research reports. BidaskClub lowered China Petroleum & Chemical Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, June 30th. Mizuho raised China Petroleum & Chemical Corporation from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 8th. ValuEngine raised China Petroleum & Chemical Corporation from a “hold” rating to a “buy” rating in a research note on Monday, September 11th. Sanford C. Bernstein raised China Petroleum & Chemical Corporation from a “market perform” rating to an “outperform” rating in a research note on Thursday, July 6th. Finally, Citigroup Inc. raised China Petroleum & Chemical Corporation from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 29th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $82.00.

China Petroleum & Chemical Corporation (SNP) traded up 0.9495% during mid-day trading on Tuesday, hitting $73.2187. The company’s stock had a trading volume of 19,834 shares. China Petroleum & Chemical Corporation has a 52-week low of $67.82 and a 52-week high of $84.88. The stock has a market cap of $88.65 billion, a P/E ratio of 10.6114 and a beta of 1.17. The company’s 50 day moving average is $75.90 and its 200-day moving average is $78.24.

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Several large investors have recently bought and sold shares of the stock. Renaissance Technologies LLC lifted its position in shares of China Petroleum & Chemical Corporation by 34.8% in the second quarter. Renaissance Technologies LLC now owns 533,600 shares of the oil and gas company’s stock worth $41,941,000 after buying an additional 137,870 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of China Petroleum & Chemical Corporation by 52.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 404,796 shares of the oil and gas company’s stock worth $31,817,000 after buying an additional 139,206 shares in the last quarter. Northern Trust Corp lifted its position in shares of China Petroleum & Chemical Corporation by 4.5% in the second quarter. Northern Trust Corp now owns 286,313 shares of the oil and gas company’s stock worth $22,504,000 after buying an additional 12,218 shares in the last quarter. Assetmark Inc. lifted its position in shares of China Petroleum & Chemical Corporation by 4.4% in the second quarter. Assetmark Inc. now owns 231,105 shares of the oil and gas company’s stock worth $18,165,000 after buying an additional 9,743 shares in the last quarter. Finally, Royal Bank of Canada lifted its position in shares of China Petroleum & Chemical Corporation by 7.0% in the second quarter. Royal Bank of Canada now owns 194,400 shares of the oil and gas company’s stock worth $15,281,000 after buying an additional 12,715 shares in the last quarter. Institutional investors own 0.76% of the company’s stock.

About China Petroleum & Chemical Corporation

China Petroleum & Chemical Corporation is a China-based energy and chemical company. The Company’s segments include Exploration and Development segment, Refining segment, Marketing and Distribution segment, Chemicals segment, and Corporate and Others segment. Exploration and Development segment explores and develops oil fields, as well as produces crude oil and natural gas.

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