Zacks Investment Research Upgrades Sinopec Shanghai Petrochemical (SHI) to Strong-Buy

Sinopec Shanghai Petrochemical (NYSE:SHI) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Thursday, January 18th. The brokerage currently has a $71.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 24.67% from the company’s previous close.

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 (NYSE SHI) traded up $0.59 on Thursday, reaching $56.95. The company’s stock had a trading volume of 7,072 shares, compared to its average volume of 38,124. The firm has a market cap of $6,086.88, a price-to-earnings ratio of 6.93 and a beta of 0.62. Sinopec Shanghai Petrochemical has a 12-month low of $50.67 and a 12-month high of $64.80.

Several hedge funds have recently made changes to their positions in SHI. Acadian Asset Management LLC bought a new stake in shares of Sinopec Shanghai Petrochemical in the 4th quarter worth approximately $108,000. Van ECK Associates Corp bought a new stake in shares of Sinopec Shanghai Petrochemical in the 3rd quarter worth approximately $112,000. Citigroup Inc. lifted its position in shares of Sinopec Shanghai Petrochemical by 120.1% in the 2nd quarter. Citigroup Inc. now owns 3,423 shares of the oil and gas company’s stock worth $183,000 after acquiring an additional 1,868 shares during the period. Cutler Investment Counsel LLC bought a new stake in shares of Sinopec Shanghai Petrochemical in the 3rd quarter worth approximately $222,000. Finally, Profund Advisors LLC bought a new stake in shares of Sinopec Shanghai Petrochemical in the 2nd quarter worth approximately $233,000. Institutional investors own 1.37% of the company’s stock.

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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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