Zacks Investment Research Downgrades China Petroleum & Chemical Corporation (NYSE:SNP) to Hold

China Petroleum & Chemical Corporation (NYSE:SNP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, October 25th.

According to Zacks, “Through its refinery business, Sinopec has been able to withstand the crude price weakness to a large extent. During first-half 2017, consumption of refined petroleum products jumped almost 6% from the prior-year comparable period. Also, declining long-term debt load along with a rapidly rising cash balance reflect balance sheet strength. Sinopec has also made large-scale oil discoveries, especially in the Shengli field, which will support long-term production.   Sinopec’s dividend yield of 4.90% is impressive and is higher than 1.58% yield for the industry. However, Sinopec’s price chart reveals that it has underperformed the industry year to date. We believe that Sinopec’s matured domestic oil fields and associated rising costs will remain an overhang on its operations. Sinopec’s operating expense management since the beginning of 2017 is unimpressive. Given these factors, we prefer to wait for a better entry point.”

Other equities research analysts also recently issued reports about the company. ValuEngine upgraded China Petroleum & Chemical Corporation from a “hold” rating to a “buy” rating in a report on Monday, September 11th. Mizuho upgraded China Petroleum & Chemical Corporation from a “neutral” rating to a “buy” rating in a report on Tuesday, August 8th. BidaskClub downgraded China Petroleum & Chemical Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, June 30th. Sanford C. Bernstein upgraded China Petroleum & Chemical Corporation from a “market perform” rating to an “outperform” rating in a report on Thursday, July 6th. Finally, Citigroup Inc. upgraded China Petroleum & Chemical Corporation from a “neutral” rating to a “buy” rating in a research note on Tuesday, August 29th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $82.00.

China Petroleum & Chemical Corporation (NYSE SNP) traded down $0.38 during midday trading on Wednesday, reaching $74.49. The company had a trading volume of 99,500 shares, compared to its average volume of 119,027. China Petroleum & Chemical Corporation has a 52 week low of $67.82 and a 52 week high of $84.88. The company has a market cap of $90,646.02, a P/E ratio of 16.49, a price-to-earnings-growth ratio of 1.97 and a beta of 1.28. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.97 and a quick ratio of 0.61.

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Several institutional investors have recently added to or reduced their stakes in SNP. Sit Investment Associates Inc. bought a new stake in shares of China Petroleum & Chemical Corporation during the 2nd quarter valued at about $204,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of China Petroleum & Chemical Corporation during the 3rd quarter valued at about $218,000. PNC Financial Services Group Inc. grew its stake in shares of China Petroleum & Chemical Corporation by 3.2% during the 2nd quarter. PNC Financial Services Group Inc. now owns 3,078 shares of the oil and gas company’s stock valued at $241,000 after purchasing an additional 95 shares during the period. Quantbot Technologies LP grew its stake in shares of China Petroleum & Chemical Corporation by 1,393.7% during the 2nd quarter. Quantbot Technologies LP now owns 3,570 shares of the oil and gas company’s stock valued at $280,000 after purchasing an additional 3,331 shares during the period. Finally, Ronald Blue & Co. LLC grew its stake in shares of China Petroleum & Chemical Corporation by 10.1% during the 2nd quarter. Ronald Blue & Co. LLC now owns 3,731 shares of the oil and gas company’s stock valued at $293,000 after purchasing an additional 343 shares during the period. Institutional investors and hedge funds own 0.76% of the company’s stock.

About China Petroleum & Chemical Corporation

China Petroleum & Chemical Corporation is a China-based energy and chemical company. The Company’s segments include Exploration and Development segment, Refining segment, Marketing and Distribution segment, Chemicals segment, and Corporate and Others segment. Exploration and Development segment explores and develops oil fields, as well as produces crude oil and natural gas.

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