Credit Suisse Group Downgrades Sinopec Shanghai Petrochemical (SHI) to Neutral
Credit Suisse Group cut shares of Sinopec Shanghai Petrochemical (NYSE:SHI) from an outperform rating to a neutral rating in a research report released on Thursday, The Fly reports.
A number of other research firms also recently weighed in on SHI. ValuEngine downgraded Sinopec Shanghai Petrochemical from a sell rating to a strong sell rating in a research report on Thursday, November 1st. Zacks Investment Research downgraded Sinopec Shanghai Petrochemical from a strong-buy rating to a hold rating in a research report on Wednesday, December 26th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Sinopec Shanghai Petrochemical presently has an average rating of Hold and a consensus target price of $68.00.
NYSE:SHI opened at $46.15 on Thursday. The firm has a market cap of $5.14 billion, a P/E ratio of 5.49 and a beta of 1.12. Sinopec Shanghai Petrochemical has a 52-week low of $42.01 and a 52-week high of $74.09.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Stevens Capital Management LP purchased a new stake in Sinopec Shanghai Petrochemical during the third quarter valued at about $228,000. Lester Murray Antman dba SimplyRich purchased a new stake in Sinopec Shanghai Petrochemical during the third quarter valued at about $230,000. Trexquant Investment LP purchased a new stake in Sinopec Shanghai Petrochemical during the third quarter valued at about $288,000. Citadel Advisors LLC purchased a new stake in Sinopec Shanghai Petrochemical during the second quarter valued at about $472,000. Finally, Van ECK Associates Corp raised its position in Sinopec Shanghai Petrochemical by 130.0% during the second quarter. Van ECK Associates Corp now owns 12,569 shares of the oil and gas company’s stock valued at $754,000 after purchasing an additional 7,105 shares in the last quarter. Institutional investors and hedge funds own 1.98% of the company’s stock.
About Sinopec Shanghai Petrochemical
Sinopec Shanghai Petrochemical Company Limited, together with its subsidiaries, manufactures and sells petrochemical products in the People's Republic of China. The company operates through five segments: Synthetic Fibres, Resins and Plastics, Intermediate Petrochemicals, Petroleum Products, and Trading of Petrochemical Products.
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