JPMorgan Chase & Co. Initiates Coverage on Sinopec Shanghai Petrochemical (NYSE:SHI)

Equities researchers at JPMorgan Chase & Co. assumed coverage on shares of Sinopec Shanghai Petrochemical (NYSE:SHI) in a research report issued to clients and investors on Monday, The Fly reports. The firm set a “neutral” rating on the oil and gas company’s stock.

Separately, Zacks Investment Research downgraded shares of Sinopec Shanghai Petrochemical from a “hold” rating to a “strong sell” rating in a report on Tuesday, August 31st.

NYSE SHI opened at $24.59 on Monday. Sinopec Shanghai Petrochemical has a one year low of $17.03 and a one year high of $27.94. The company’s 50 day moving average price is $22.66 and its 200 day moving average price is $23.94. The firm has a market capitalization of $2.66 billion, a price-to-earnings ratio of 4.94 and a beta of 0.75.

Sinopec Shanghai Petrochemical (NYSE:SHI) last posted its quarterly earnings data on Friday, August 27th. The oil and gas company reported $0.11 earnings per share (EPS) for the quarter. The company had revenue of $2.59 billion for the quarter. Sinopec Shanghai Petrochemical had a net margin of 4.69% and a return on equity of 12.36%. As a group, sell-side analysts anticipate that Sinopec Shanghai Petrochemical will post 4.62 earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE grew its stake 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 valued at $126,000 after acquiring an additional 1,581 shares in the last quarter. Cambria Investment Management L.P. acquired a new stake in Sinopec Shanghai Petrochemical in the 1st quarter worth approximately $260,000. Millennium Management LLC acquired a new stake in Sinopec Shanghai Petrochemical in the 2nd quarter worth approximately $325,000. OLD Mission Capital LLC acquired a new stake in Sinopec Shanghai Petrochemical in the 3rd quarter worth approximately $426,000. Finally, Citadel Advisors LLC lifted its holdings in Sinopec Shanghai Petrochemical by 91.2% in the 2nd quarter. Citadel Advisors LLC now owns 20,013 shares of the oil and gas company’s stock worth $468,000 after purchasing an additional 9,546 shares during the last quarter. Hedge funds and other institutional investors own 1.05% of the company’s stock.

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. It operates through five segments: Synthetic Fibers, Resins and Plastics, Intermediate Petrochemicals, Petroleum Products, and Trading of Petrochemical Products.

Recommended Story: Intrinsic Value

The Fly logo

Receive News & Ratings for Sinopec Shanghai Petrochemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Sinopec Shanghai Petrochemical and related companies with MarketBeat.com's FREE daily email newsletter.