Zacks Investment Research Lowers Sinopec Shanghai Petrochemical (NYSE:SHI) to Hold

Zacks Investment Research downgraded shares of Sinopec Shanghai Petrochemical (NYSE:SHI) from a strong-buy rating to a hold rating in a research report released on Saturday, March 17th.

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. “

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SHI has been the subject of several other research reports. ValuEngine downgraded shares of Sinopec Shanghai Petrochemical from a strong-buy rating to a buy rating in a research note on Friday, February 2nd. Citigroup raised shares of Sinopec Shanghai Petrochemical from a sell rating to a buy rating in a research note on Tuesday, February 27th. Two analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. Sinopec Shanghai Petrochemical has an average rating of Buy and an average price target of $68.00.

NYSE:SHI traded up $0.52 on Friday, hitting $64.25. The company had a trading volume of 31,407 shares, compared to its average volume of 35,173. The company has a market cap of $6,901.20, a price-to-earnings ratio of 7.73 and a beta of 0.65. Sinopec Shanghai Petrochemical has a 52 week low of $50.67 and a 52 week high of $64.56.

The firm also recently declared an annual dividend, which will be paid on Monday, July 23rd. Stockholders of record on Tuesday, June 19th will be paid a dividend of $4.7647 per share. The ex-dividend date of this dividend is Monday, June 18th. This represents a dividend yield of 7.91%. This is an increase from Sinopec Shanghai Petrochemical’s previous annual dividend of $3.63. Sinopec Shanghai Petrochemical’s dividend payout ratio (DPR) is presently 39.23%.

Several hedge funds have recently added to or reduced their stakes in SHI. Acadian Asset Management LLC bought a new position in shares of Sinopec Shanghai Petrochemical during the fourth quarter valued at $108,000. Van ECK Associates Corp bought a new position in shares of Sinopec Shanghai Petrochemical during the third quarter valued at $112,000. We Are One Seven LLC bought a new position in shares of Sinopec Shanghai Petrochemical during the fourth quarter valued at $128,000. Cutler Investment Counsel LLC bought a new position in shares of Sinopec Shanghai Petrochemical during the third quarter valued at $222,000. Finally, Ameriprise Financial Inc. raised its stake in shares of Sinopec Shanghai Petrochemical by 9.6% during the second quarter. Ameriprise Financial Inc. now owns 4,425 shares of the oil and gas company’s stock valued at $238,000 after acquiring an additional 389 shares during the last quarter. 1.35% of the stock is owned by hedge funds and other institutional investors.

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Sinopec Shanghai Petrochemical Company Profile

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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