China Petroleum & Chemical (NYSE:SNP) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, Zacks.com reports. The firm currently has a $56.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 8.21% from the stock’s current price.
According to Zacks, “Sinopec is among the largest integrated energy players in China, with significant presence in upstream and downstream businesses. Further, the company has made major progress in identifying economically-viable oil & gas reserves. A huge scale of prospective new reserves was discovered in a number of prolific oil & gas resources like Sichuan Basin & Jiyang Depression. Notably, Sinopec’s natural gas business has immense potential for growth over the coming years as China intends to move from coal to natural gas. However, the disruption in China’s economy owing to the outbreak of coronavirus will continue to hurt the firm’s refining business. With declining demand for chemical products, the firm’s chemicals operations are expected to take a hit. Moreover, the stock has underperformed its industry in the past year. “
Several other analysts have also recently issued reports on SNP. Bank of America cut China Petroleum & Chemical from a “buy” rating to a “neutral” rating in a research note on Monday, January 13th. Credit Suisse Group cut China Petroleum & Chemical from a “neutral” rating to an “underperform” rating in a research note on Tuesday, February 4th. Finally, Citigroup cut China Petroleum & Chemical from a “buy” rating to a “neutral” rating in a research note on Wednesday, February 12th. Two equities research analysts have rated the stock with a sell rating and five have given a hold rating to the company’s stock. China Petroleum & Chemical presently has an average rating of “Hold” and an average price target of $56.00.
Shares of NYSE SNP opened at $51.75 on Tuesday. The stock’s 50 day moving average price is $56.23 and its two-hundred day moving average price is $58.09. China Petroleum & Chemical has a 52-week low of $51.10 and a 52-week high of $86.64. The stock has a market capitalization of $62.25 billion, a P/E ratio of 9.50, a PEG ratio of 1.06 and a beta of 1.53. The company has a quick ratio of 0.55, a current ratio of 0.89 and a debt-to-equity ratio of 0.32.
Institutional investors have recently made changes to their positions in the company. Pacitti Group Inc. acquired a new stake in shares of China Petroleum & Chemical during the 4th quarter worth approximately $27,000. Lindbrook Capital LLC increased its position in China Petroleum & Chemical by 137.6% in the 4th quarter. Lindbrook Capital LLC now owns 487 shares of the oil and gas company’s stock valued at $29,000 after acquiring an additional 282 shares during the period. NEXT Financial Group Inc increased its position in China Petroleum & Chemical by 442.9% in the 4th quarter. NEXT Financial Group Inc now owns 874 shares of the oil and gas company’s stock valued at $53,000 after acquiring an additional 713 shares during the period. CSat Investment Advisory L.P. acquired a new stake in China Petroleum & Chemical in the 4th quarter valued at approximately $66,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in China Petroleum & Chemical by 113.3% during the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 1,167 shares of the oil and gas company’s stock valued at $70,000 after purchasing an additional 620 shares in the last quarter. Institutional investors and hedge funds own 0.80% of the company’s stock.
About China Petroleum & Chemical
China Petroleum & Chemical Corporation, an energy and chemical company, engages in oil and gas, and chemical operations 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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