China Petroleum & Chemical Corporation (SNP) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of China Petroleum & Chemical Corporation (NYSE:SNP) from a strong-buy rating to a hold rating in a report released on Friday, May 12th.

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 raised shares of China Petroleum & Chemical Corporation from a c+ rating to a b rating in a report on Monday, March 27th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $89.00.

China Petroleum & Chemical Corporation (SNP) traded down 0.39% on Friday, reaching $81.11. 83,689 shares of the company traded hands. China Petroleum & Chemical Corporation has a 1-year low of $66.42 and a 1-year high of $84.88. The stock has a market capitalization of $98.24 billion, a price-to-earnings ratio of 11.76 and a beta of 1.14. The stock’s 50-day moving average is $81.41 and its 200-day moving average is $78.46.

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The firm also recently declared a semiannual dividend, which will be paid on Friday, August 4th. Shareholders of record on Tuesday, July 18th will be paid a dividend of $2.4681 per share. The ex-dividend date of this dividend is Friday, July 14th. This is a positive change from China Petroleum & Chemical Corporation’s previous semiannual dividend of $1.77. This represents a yield of 5.99%. China Petroleum & Chemical Corporation’s dividend payout ratio is 15.13%.

A number of hedge funds have recently modified their holdings of SNP. Capital One National Association raised its stake in China Petroleum & Chemical Corporation by 3.9% in the third quarter. Capital One National Association now owns 5,314 shares of the oil and gas company’s stock worth $392,000 after buying an additional 199 shares during the last quarter. Ronald Blue & Co. LLC increased its position in shares of China Petroleum & Chemical Corporation by 7.1% in the first quarter. Ronald Blue & Co. LLC now owns 3,388 shares of the oil and gas company’s stock worth $276,000 after buying an additional 226 shares during the period. World Asset Management Inc increased its position in shares of China Petroleum & Chemical Corporation by 1.6% in the first quarter. World Asset Management Inc now owns 15,895 shares of the oil and gas company’s stock worth $1,296,000 after buying an additional 250 shares during the period. Comerica Bank increased its position in shares of China Petroleum & Chemical Corporation by 2.0% in the first quarter. Comerica Bank now owns 14,988 shares of the oil and gas company’s stock worth $1,222,000 after buying an additional 299 shares during the period. Finally, Checchi Capital Advisers LLC increased its position in shares of China Petroleum & Chemical Corporation by 23.6% in the third quarter. Checchi Capital Advisers LLC now owns 2,931 shares of the oil and gas company’s stock worth $216,000 after buying an additional 560 shares during the period. Institutional investors own 0.69% of the company’s stock.

About China Petroleum & Chemical Corporation

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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