China Petroleum & Chemical Corp (SNP) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of China Petroleum & Chemical Corp (NYSE:SNP) from a strong-buy rating to a hold rating in a research note released on Friday morning.

According to Zacks, “Sinopec posted impressive first-quarter 2017 financial numbers driven by higher oil price realizations as well as improved refinery throughput. Both earnings and revenues of the leading integrated company improved significantly on a year-over-year basis. The first three months of this year saw a modest recovery of global economy as well as GDP growth of 6.9% in the Chinese economy. Hence, the business scenario looks favorable and Sinopec is well positioned to capitalize on the opportunity. Also, the pricing chart of Sinopec looks impressive with the firm outperformed the Zacks categorized Emerging Markets Integrated industry year-to-date. However, Sinopec’s operating expensemanagement since the beginning of 2017 is unimpressive. Moreover, too much dependence on downstream operations might limit Sinopec’s growth prospects.”

Separately, TheStreet upgraded China Petroleum & Chemical Corp from a c+ rating to a b rating in a research report on Monday, March 27th.

Shares of China Petroleum & Chemical Corp (NYSE:SNP) opened at 80.43 on Friday. The company has a market cap of $97.42 billion, a price-to-earnings ratio of 11.66 and a beta of 1.21. China Petroleum & Chemical Corp has a one year low of $64.61 and a one year high of $84.88. The firm has a 50-day moving average of $81.47 and a 200 day moving average of $76.79.

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The company also recently disclosed a semiannual dividend, which will be paid on Friday, August 4th. Shareholders of record on Tuesday, July 18th will be given a dividend of $2.4681 per share. This is a boost from China Petroleum & Chemical Corp’s previous semiannual dividend of $1.77. The ex-dividend date is Friday, July 14th. This represents a yield of 5.99%. China Petroleum & Chemical Corp’s dividend payout ratio (DPR) is presently 42.47%.

A number of hedge funds and other institutional investors have recently bought and sold shares of SNP. Checchi Capital Advisers LLC purchased a new position in China Petroleum & Chemical Corp during the first quarter valued at $207,000. Sawtooth Solutions LLC purchased a new position in China Petroleum & Chemical Corp during the first quarter valued at $236,000. Ellington Management Group LLC purchased a new position in China Petroleum & Chemical Corp during the fourth quarter valued at $263,000. Greenleaf Trust purchased a new position in China Petroleum & Chemical Corp during the first quarter valued at $263,000. Finally, U S Global Investors Inc purchased a new position in China Petroleum & Chemical Corp during the first quarter valued at $269,000. Hedge funds and other institutional investors own 0.68% of the company’s stock.

About China Petroleum & Chemical Corp

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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