Zacks Investment Research Downgrades Sinopec Shanghai Petrochemical (NYSE:SHI) to Sell

Sinopec Shanghai Petrochemical (NYSE:SHIGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Tuesday, Zacks.com reports.

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. “

SHI has been the topic of several other research reports. JPMorgan Chase & Co. lowered shares of Sinopec Shanghai Petrochemical from a “neutral” rating to an “underweight” rating in a research note on Tuesday, April 19th. StockNews.com assumed coverage on shares of Sinopec Shanghai Petrochemical in a research note on Saturday. They set a “buy” rating on the stock.

Shares of NYSE SHI opened at $18.67 on Tuesday. The company has a market cap of $2.02 billion, a price-to-earnings ratio of 4.07, a PEG ratio of 0.25 and a beta of 0.60. The company has a quick ratio of 0.95, a current ratio of 1.33 and a debt-to-equity ratio of 0.02. Sinopec Shanghai Petrochemical has a 1 year low of $17.78 and a 1 year high of $27.94. The company has a 50-day simple moving average of $20.24.

Institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its holdings in Sinopec Shanghai Petrochemical by 41.7% during the 2nd quarter. Bank of America Corp DE now owns 5,375 shares of the oil and gas company’s stock worth $126,000 after buying an additional 1,581 shares during the period. LPL Financial LLC acquired a new stake in Sinopec Shanghai Petrochemical during the 3rd quarter worth approximately $200,000. Millennium Management LLC acquired a new stake in Sinopec Shanghai Petrochemical during the 4th quarter worth approximately $251,000. Citadel Advisors LLC acquired a new stake in Sinopec Shanghai Petrochemical during the 4th quarter worth approximately $296,000. Finally, Veriti Management LLC acquired a new stake in Sinopec Shanghai Petrochemical during the 1st quarter worth approximately $270,000. 0.85% of the stock is currently owned by institutional investors and hedge funds.

About Sinopec Shanghai Petrochemical (Get Rating)

Sinopec Shanghai Petrochemical Company Limited, together with its subsidiaries, manufactures and sells petroleum products in the People's Republic of China. It operates through five segments: Synthetic Fibers, Resins and Plastics, Intermediate Petrochemicals, Petroleum Products, and Trading of Petrochemical Products.

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