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

Zacks Investment Research downgraded shares of China Petroleum & Chemical (NYSE:SNP) from a strong-buy rating to a hold rating in a report released on Tuesday morning.

According to Zacks, “Through its refinery business, Sinopec has been able to withstand the crude price weakness to a large extent. We appreciate Sinopec’s large-scale oil discoveries, especially in the Shengli field and Junggar Basin, which will support long-term production. Also, declining long-term debt load along with a rapidly rising cash balance reflect balance sheet strength. The first nine months of 2017 saw a modest recovery of the global economy as well as GDP growth of 6.9% in the Chinese economy. Sinopec’s dividend yield is also impressive and higher than that of the industry. However, Sinopec’s price chart reveals that it has underperformed the industry over the last one year. We believe that Sinopec’s matured domestic oil fields and associated rising costs will remain an overhang on its operations. Sinopec’s operating expense management since the beginning of 2017 is unimpressive.”

Other equities analysts also recently issued reports about the company. ValuEngine upgraded China Petroleum & Chemical from a hold rating to a buy rating in a research report on Monday, September 11th. Nomura began coverage on China Petroleum & Chemical in a research report on Wednesday, December 6th. They set a neutral rating for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $82.00.

Shares of China Petroleum & Chemical (NYSE SNP) traded up $0.52 during midday trading on Tuesday, hitting $76.66. The stock had a trading volume of 119,453 shares, compared to its average volume of 146,950. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.61 and a current ratio of 0.97. The firm has a market capitalization of $88,829.95, a P/E ratio of 11.46, a PEG ratio of 1.63 and a beta of 1.27. China Petroleum & Chemical has a fifty-two week low of $69.60 and a fifty-two week high of $84.88.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SNP. BT Investment Management Ltd acquired a new stake in China Petroleum & Chemical in the second quarter worth approximately $11,072,000. Arrowstreet Capital Limited Partnership lifted its position in China Petroleum & Chemical by 52.4% in the second quarter. Arrowstreet Capital Limited Partnership now owns 404,796 shares of the oil and gas company’s stock worth $31,817,000 after purchasing an additional 139,206 shares during the period. Renaissance Technologies LLC lifted its position in China Petroleum & Chemical by 34.8% in the second quarter. Renaissance Technologies LLC now owns 533,600 shares of the oil and gas company’s stock worth $41,941,000 after purchasing an additional 137,870 shares during the period. NorthCoast Asset Management LLC lifted its position in China Petroleum & Chemical by 248.3% in the third quarter. NorthCoast Asset Management LLC now owns 59,490 shares of the oil and gas company’s stock worth $4,507,000 after purchasing an additional 42,412 shares during the period. Finally, Crossmark Global Holdings Inc. acquired a new stake in China Petroleum & Chemical in the third quarter worth approximately $2,695,000. Hedge funds and other institutional investors own 0.86% of the company’s stock.

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About China Petroleum & Chemical

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.

Analyst Recommendations for China Petroleum & Chemical (NYSE:SNP)

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