Zacks Investment Research upgraded shares of Sinopec Shanghai Petrochemical (NYSE:SHI) from a hold rating to a strong-buy rating in a research report report published on Thursday morning. They currently have $71.00 target price on the oil and gas company’s stock.
According to Zacks, “Shanghai Petrochemical Company Ltd. is a China’s largest petrochemical company. The Company processes crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. “
Sinopec Shanghai Petrochemical (SHI) opened at $62.54 on Thursday. The firm has a market cap of $6,754.32, a price-to-earnings ratio of 7.69 and a beta of 0.55. Sinopec Shanghai Petrochemical has a 52-week low of $50.67 and a 52-week high of $64.80.
Institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN lifted its position in Sinopec Shanghai Petrochemical by 4.7% during the 3rd quarter. Wells Fargo & Company MN now owns 162,784 shares of the oil and gas company’s stock worth $9,738,000 after acquiring an additional 7,323 shares during the last quarter. Eqis Capital Management Inc. acquired a new position in Sinopec Shanghai Petrochemical during the 3rd quarter worth $274,000. Aperio Group LLC lifted its position in Sinopec Shanghai Petrochemical by 18.4% during the 3rd quarter. Aperio Group LLC now owns 35,574 shares of the oil and gas company’s stock worth $2,128,000 after acquiring an additional 5,535 shares during the last quarter. Northern Trust Corp lifted its position in Sinopec Shanghai Petrochemical by 5.8% during the 2nd quarter. Northern Trust Corp now owns 49,225 shares of the oil and gas company’s stock worth $2,635,000 after acquiring an additional 2,702 shares during the last quarter. Finally, BB&T Investment Services Inc. acquired a new position in Sinopec Shanghai Petrochemical during the 3rd quarter worth $550,000. 1.34% of the stock is owned by hedge funds and other institutional investors.
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About Sinopec Shanghai Petrochemical
Sinopec Shanghai Petrochemical Company Limited (Shanghai Petrochemical) is a petrochemical company. The Company and its subsidiaries are principally engaged in processing crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. The Company operates in five operating segments.
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