China Petroleum & Chemical (NYSE:SNP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “We appreciate Sinopec’s large-scale natural gas discoveries, especially in the Shunbei area in Xinjiang Tarim Basin, Hangjinqi of Nei Mongol, Dongpo of west Sichuan and Weirong block in southwestern Sichuan province, which will support long-term production. Sinopec’s dividend yield is also impressive and higher than that of the industry. Sinopec’s debt-to-capitalization ratio is 11.4%, significantly lower than the industry’s 49.4%. This reflects the company’s strong balance sheet. However, we believe Sinopec’s matured domestic oil fields and associated rising costs will remain an overhang on its operations. As it is, Sinopec’s operating expenses rose in 2017 and the trend continued through the first six months of 2018. Moreover, declining oil production amid recovering crude prices is hurting the company’s upstream business. Given these factors, we prefer to wait for a better entry point.”
A number of other research analysts have also weighed in on SNP. Goldman Sachs Group lowered shares of China Petroleum & Chemical from a “buy” rating to a “neutral” rating in a research note on Monday, June 4th. They noted that the move was a valuation call. ValuEngine upgraded shares of China Petroleum & Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday, July 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $106.00.
China Petroleum & Chemical stock opened at $99.42 on Wednesday. China Petroleum & Chemical has a 1-year low of $69.60 and a 1-year high of $105.61. The company has a market capitalization of $119.34 billion, a P/E ratio of 17.85, a price-to-earnings-growth ratio of 0.65 and a beta of 1.33. The company has a quick ratio of 0.60, a current ratio of 0.99 and a debt-to-equity ratio of 0.13.
China Petroleum & Chemical (NYSE:SNP) last released its quarterly earnings data on Sunday, August 26th. The oil and gas company reported $2.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $1.14. China Petroleum & Chemical had a net margin of 2.71% and a return on equity of 7.14%. The business had revenue of $106.54 billion during the quarter. sell-side analysts forecast that China Petroleum & Chemical will post 9.72 EPS for the current year.
Institutional investors have recently added to or reduced their stakes in the stock. The Manufacturers Life Insurance Company grew its stake in China Petroleum & Chemical by 156.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 1,348 shares of the oil and gas company’s stock valued at $119,000 after buying an additional 823 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its position in shares of China Petroleum & Chemical by 49.5% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,677 shares of the oil and gas company’s stock valued at $159,000 after purchasing an additional 555 shares in the last quarter. Signaturefd LLC grew its position in shares of China Petroleum & Chemical by 43.6% during the 2nd quarter. Signaturefd LLC now owns 1,913 shares of the oil and gas company’s stock valued at $172,000 after purchasing an additional 581 shares in the last quarter. Suntrust Banks Inc. purchased a new position in shares of China Petroleum & Chemical during the 1st quarter valued at $206,000. Finally, Earnest Partners LLC grew its position in shares of China Petroleum & Chemical by 53.5% during the 2nd quarter. Earnest Partners LLC now owns 2,363 shares of the oil and gas company’s stock valued at $212,000 after purchasing an additional 824 shares in the last quarter. Institutional investors and hedge funds own 1.04% of the company’s stock.
About China Petroleum & Chemical
China Petroleum & Chemical Corporation, an energy and chemical company, engages in the oil and gas, and chemical operations and businesses in the People's Republic of China. It operates through five segments: Exploration and Production, Refining, Marketing and Distribution, Chemicals, and Corporate and Others.
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