The Sinopec Shanghai Petrochemical Co. (SHI) Rating Lowered to Hold at Zacks Investment Research

The Sinopec Shanghai Petrochemical Co. (SHI) Rating Lowered to Hold at Zacks Investment Research

Sinopec Shanghai Petrochemical Co. (NYSE:SHI) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

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. “

Shares of Sinopec Shanghai Petrochemical (NYSE:SHI) opened at 50.63 on Friday. The stock has a 50 day moving average of $51.03 and a 200 day moving average of $49.14. Sinopec Shanghai Petrochemical has a one year low of $34.37 and a one year high of $53.69. The stock has a market cap of $5.47 billion, a P/E ratio of 7.91 and a beta of 0.61.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Dorsey Wright & Associates bought a new position in Sinopec Shanghai Petrochemical during the second quarter worth approximately $307,000. Bank of Montreal Can bought a new position in Sinopec Shanghai Petrochemical during the second quarter worth approximately $242,000. BlackRock Institutional Trust Company N.A. increased its position in Sinopec Shanghai Petrochemical by 8.7% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 54,194 shares of the company’s stock worth $2,486,000 after buying an additional 4,331 shares during the period. Parametric Portfolio Associates LLC increased its position in Sinopec Shanghai Petrochemical by 10.4% in the second quarter. Parametric Portfolio Associates LLC now owns 29,046 shares of the company’s stock worth $1,332,000 after buying an additional 2,728 shares during the period. Finally, Oxford Asset Management increased its position in Sinopec Shanghai Petrochemical by 5.1% in the second quarter. Oxford Asset Management now owns 13,271 shares of the company’s stock worth $609,000 after buying an additional 642 shares during the period. Hedge funds and other institutional investors own 0.25% of the company’s stock.

About Sinopec Shanghai Petrochemical

Sinopec Shanghai Petrochemical Company Limited is a petrochemical Company. The Company is engaged in processing crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. The Company has five segments: synthetic fibres, resins and plastics, intermediate petrochemicals, petroleum products and trading of petrochemical products.

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