Zacks Investment Research upgraded shares of Sinopec (NYSE:SNP) from a hold rating to a buy rating in a research report report published on Tuesday. Zacks Investment Research currently has $97.00 price objective on the oil and gas company’s stock.
According to Zacks, “We appreciate Sinopec’s large-scale oil discoveries, especially in the Tahe basin of Xinjiang and the Sichuan Basin, which will support long-term production. Also, declining long-term debt load along with a rapidly rising cash pile reflect balance sheet strength. The year 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.”
SNP has been the subject of several other reports. Macquarie raised Sinopec from a neutral rating to an outperform rating in a research report on Monday, April 2nd. ValuEngine raised Sinopec from a hold rating to a buy rating in a research report on Wednesday, January 3rd. Nomura raised Sinopec from a neutral rating to a buy rating in a research report on Thursday, March 29th. HSBC lowered Sinopec from a buy rating to a hold rating in a research report on Tuesday, January 23rd. Finally, Jefferies Group raised Sinopec from a hold rating to a buy rating in a research report on Wednesday, January 17th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $97.00.
The firm also recently disclosed a Semi-Annual dividend, which will be paid on Thursday, June 21st. Stockholders of record on Friday, May 25th will be given a $4.568 dividend. The ex-dividend date is Thursday, May 24th. Sinopec’s dividend payout ratio (DPR) is presently 63.73%.
Several hedge funds have recently bought and sold shares of the company. Glovista Investments LLC bought a new position in shares of Sinopec in the 4th quarter worth about $3,949,000. Jane Street Group LLC bought a new position in shares of Sinopec in the 4th quarter worth about $1,362,000. Millennium Management LLC raised its position in shares of Sinopec by 3.6% in the 4th quarter. Millennium Management LLC now owns 438,278 shares of the oil and gas company’s stock worth $32,156,000 after acquiring an additional 15,034 shares in the last quarter. Sensato Investors LLC raised its position in shares of Sinopec by 37.8% in the 4th quarter. Sensato Investors LLC now owns 179,088 shares of the oil and gas company’s stock worth $13,140,000 after acquiring an additional 49,148 shares in the last quarter. Finally, Earnest Partners LLC bought a new position in shares of Sinopec in the 4th quarter worth about $114,000. 0.97% of the stock is owned by hedge funds and other institutional investors.
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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