Zacks Investment Research upgraded shares of Sinopec Shanghai Petrochemical (NYSE:SHI) from a hold rating to a strong-buy rating in a research report sent to investors on Thursday morning. The firm currently has $71.00 price target on the oil and gas company’s stock.
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. “
Sinopec Shanghai Petrochemical (NYSE:SHI) traded up $0.87 on Thursday, hitting $62.54. The stock had a trading volume of 37,761 shares, compared to its average volume of 24,667. The stock has a market capitalization of $10,040.00, a price-to-earnings ratio of 8.01 and a beta of 0.56. Sinopec Shanghai Petrochemical has a one year low of $50.67 and a one year high of $64.80.
Several institutional investors and hedge funds have recently added to or reduced their stakes in SHI. Acadian Asset Management LLC purchased a new stake in shares of Sinopec Shanghai Petrochemical in the fourth quarter valued at $108,000. Van ECK Associates Corp purchased a new stake in shares of Sinopec Shanghai Petrochemical in the third quarter valued at $112,000. Citigroup Inc. lifted its holdings in shares of Sinopec Shanghai Petrochemical by 120.1% in the second quarter. Citigroup Inc. now owns 3,423 shares of the oil and gas company’s stock valued at $183,000 after purchasing an additional 1,868 shares in the last quarter. Cutler Investment Counsel LLC purchased a new stake in shares of Sinopec Shanghai Petrochemical in the third quarter valued at $222,000. Finally, Profund Advisors LLC purchased a new stake in shares of Sinopec Shanghai Petrochemical in the second quarter valued at $233,000. Institutional investors own 1.34% of the company’s stock.
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Sinopec Shanghai Petrochemical Company Profile
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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