China Petroleum & Chemical (NYSE:SNP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Thursday, January 11th. The firm currently has a $93.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 7.50% from the stock’s current price.
According to Zacks, “Through its refinery business, Sinopec has been able to withstand the crude price weakness to a large extent. We appreciate Sinopec’s large-scale oil discoveries, especially in the Shengli field and Junggar Basin, which will support long-term production. Also, declining long-term debt load along with a rapidly rising cash balance reflect balance sheet strength. The first nine months of 2017 saw a modest recovery of the global economy as well as GDP growth of 6.9% in the Chinese economy. Sinopec’s dividend yield is also impressive and higher than that of the industry. The company gives emphasis to building production capacity, improving operational organization and growing output. Hence, the business scenario looks favorable and Sinopec is well positioned to capitalize on the opportunity.”
A number of other equities analysts also recently weighed in on SNP. ValuEngine downgraded shares of China Petroleum & Chemical from a “buy” rating to a “hold” rating in a report on Thursday, September 28th. Macquarie downgraded shares of China Petroleum & Chemical from an “outperform” rating to a “neutral” rating in a report on Tuesday, January 9th. Finally, Nomura assumed coverage on shares of China Petroleum & Chemical in a report on Wednesday, December 6th. They set a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $93.00.
Shares of China Petroleum & Chemical (NYSE SNP) traded down $0.16 during mid-day trading on Thursday, hitting $86.51. 187,083 shares of the stock were exchanged, compared to its average volume of 189,864. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.61 and a current ratio of 0.97. The company has a market capitalization of $105,150.34 and a price-to-earnings ratio of 12.93. China Petroleum & Chemical has a twelve month low of $69.60 and a twelve month high of $89.68.
China Petroleum & Chemical (NYSE:SNP) last announced its quarterly earnings data on Monday, October 30th. The oil and gas company reported $1.31 EPS for the quarter, topping the Zacks’ consensus estimate of $0.97 by $0.34. The business had revenue of $86.80 billion during the quarter. equities analysts predict that China Petroleum & Chemical will post 6.69 EPS for the current year.
Large investors have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd acquired a new position in shares of China Petroleum & Chemical in the third quarter valued at $218,000. PNC Financial Services Group Inc. grew its stake in shares of China Petroleum & Chemical by 3.2% in the second quarter. PNC Financial Services Group Inc. now owns 3,078 shares of the oil and gas company’s stock valued at $241,000 after acquiring an additional 95 shares in the last quarter. Quantbot Technologies LP grew its stake in shares of China Petroleum & Chemical by 1,393.7% in the second quarter. Quantbot Technologies LP now owns 3,570 shares of the oil and gas company’s stock valued at $280,000 after acquiring an additional 3,331 shares in the last quarter. Creative Planning acquired a new position in shares of China Petroleum & Chemical in the fourth quarter valued at about $307,000. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of China Petroleum & Chemical by 19.2% in the second quarter. Oppenheimer Asset Management Inc. now owns 4,505 shares of the oil and gas company’s stock valued at $354,000 after acquiring an additional 726 shares in the last quarter. Hedge funds and other institutional investors own 0.86% of the company’s stock.
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About China Petroleum & Chemical
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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