Sinopec Shanghai Petrochemical Co. (NYSE:SHI) Plans $3.30 Annual Dividend
Sinopec Shanghai Petrochemical Co. (NYSE:SHI) declared an annual dividend on Wednesday, April 3rd, Zacks reports. Investors of record on Monday, June 24th will be given a dividend of 3.296 per share by the oil and gas company on Monday, July 29th. This represents a dividend yield of 6.54%. The ex-dividend date is Friday, June 21st.
Sinopec Shanghai Petrochemical has a dividend payout ratio of 35.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Sinopec Shanghai Petrochemical to earn $7.01 per share next year, which means the company should continue to be able to cover its $3.30 annual dividend with an expected future payout ratio of 47.1%.
NYSE:SHI opened at $42.70 on Friday. The firm has a market cap of $4.61 billion, a P/E ratio of 7.35 and a beta of 1.05. Sinopec Shanghai Petrochemical has a twelve month low of $41.50 and a twelve month high of $72.36.
Several equities analysts recently weighed in on SHI shares. Zacks Investment Research upgraded shares of Sinopec Shanghai Petrochemical from a “sell” rating to a “buy” rating and set a $58.00 target price on the stock in a report on Saturday, March 23rd. Citigroup upgraded shares of Sinopec Shanghai Petrochemical from a “sell” rating to a “buy” rating in a report on Tuesday, May 14th. Finally, JPMorgan Chase & Co. lowered shares of Sinopec Shanghai Petrochemical from an “overweight” rating to an “underweight” rating in a report on Monday, June 10th. Four research analysts have rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company. Sinopec Shanghai Petrochemical currently has a consensus rating of “Hold” and a consensus target price of $58.00.
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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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