Sinopec Shanghai Petrochemical (SHI) Upgraded at Citigroup

Citigroup upgraded shares of Sinopec Shanghai Petrochemical (NYSE:SHI) from a sell rating to a buy rating in a report published on Tuesday morning, Briefing.com Automated Import reports.

Separately, Zacks Investment Research lowered Sinopec Shanghai Petrochemical from a buy rating to a sell rating in a research note on Tuesday, April 30th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $58.00.

Shares of NYSE:SHI opened at $43.86 on Tuesday. The company has a market capitalization of $4.74 billion, a PE ratio of 6.12 and a beta of 1.06. Sinopec Shanghai Petrochemical has a 1 year low of $41.50 and a 1 year high of $74.09.

The company also recently declared an annual dividend, which will be paid on Monday, July 29th. Stockholders of record on Monday, June 24th will be paid a $3.296 dividend. This represents a dividend yield of 6.54%. The ex-dividend date of this dividend is Friday, June 21st. Sinopec Shanghai Petrochemical’s dividend payout ratio is presently 58.02%.

Several large investors have recently modified their holdings of the company. Renaissance Group LLC boosted its stake in shares of Sinopec Shanghai Petrochemical by 24.1% in the first quarter. Renaissance Group LLC now owns 270,294 shares of the oil and gas company’s stock worth $12,901,000 after acquiring an additional 52,459 shares during the last quarter. Freestone Capital Holdings LLC boosted its stake in shares of Sinopec Shanghai Petrochemical by 65.9% in the first quarter. Freestone Capital Holdings LLC now owns 207,948 shares of the oil and gas company’s stock worth $9,926,000 after acquiring an additional 82,602 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Sinopec Shanghai Petrochemical by 9.1% in the first quarter. Renaissance Technologies LLC now owns 164,350 shares of the oil and gas company’s stock worth $7,844,000 after acquiring an additional 13,700 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Sinopec Shanghai Petrochemical by 8.4% in the first quarter. Wells Fargo & Company MN now owns 155,056 shares of the oil and gas company’s stock worth $7,401,000 after acquiring an additional 12,076 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of Sinopec Shanghai Petrochemical by 195.9% in the first quarter. Jane Street Group LLC now owns 104,944 shares of the oil and gas company’s stock worth $5,009,000 after acquiring an additional 69,479 shares during the last quarter. 1.76% of the stock is currently owned by hedge funds and other institutional investors.

Sinopec Shanghai Petrochemical Company Profile

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

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