Sinopec Shanghai Petrochemical (NYSE:SHI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday. The firm presently has a $71.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.02% from the stock’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) traded up $0.47 during trading hours on Thursday, hitting $62.27. The stock had a trading volume of 77,900 shares, compared to its average volume of 29,982. Sinopec Shanghai Petrochemical has a one year low of $50.67 and a one year high of $64.80. The firm has a market cap of $6,674.40, a P/E ratio of 7.66 and a beta of 0.55.

Sinopec Shanghai Petrochemical (NYSE:SHI) last announced its quarterly earnings data on Thursday, October 26th. The oil and gas company reported $2.13 EPS for the quarter. Sinopec Shanghai Petrochemical had a return on equity of 22.93% and a net margin of 6.51%. analysts anticipate that Sinopec Shanghai Petrochemical will post 8.32 earnings per share for the current year.

A number of large investors have recently made changes to their positions in the business. BlackRock Inc. increased its holdings in shares of Sinopec Shanghai Petrochemical by 1.8% in the first quarter. BlackRock Inc. now owns 8,782 shares of the oil and gas company’s stock valued at $443,000 after purchasing an additional 156 shares in the last quarter. Advisors Asset Management Inc. boosted its stake in Sinopec Shanghai Petrochemical by 4.8% in the second quarter. Advisors Asset Management Inc. now owns 4,772 shares of the oil and gas company’s stock valued at $219,000 after acquiring an additional 217 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in Sinopec Shanghai Petrochemical by 9.6% in the second quarter. Ameriprise Financial Inc. now owns 4,425 shares of the oil and gas company’s stock valued at $238,000 after acquiring an additional 389 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Sinopec Shanghai Petrochemical by 0.9% in the first quarter. Dimensional Fund Advisors LP now owns 46,569 shares of the oil and gas company’s stock valued at $2,597,000 after acquiring an additional 400 shares during the last quarter. Finally, OxFORD Asset Management LLP boosted its stake in Sinopec Shanghai Petrochemical by 2.1% in the second quarter. OxFORD Asset Management LLP now owns 25,693 shares of the oil and gas company’s stock valued at $1,375,000 after acquiring an additional 518 shares during the last quarter. 1.34% of the stock is currently owned by institutional investors.

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About Sinopec Shanghai Petrochemical

Sinopec Shanghai Petrochemical Company Limited (Shanghai Petrochemical) is a petrochemical company. The Company and its subsidiaries are principally engaged in processing crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. The Company operates in five operating segments.

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