Sinopec Shanghai Petrochemical Co. (NYSE:SHI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage currently has a $57.00 price objective on the stock. Zacks Investment Research’s target price indicates a potential upside of 12.34% from the stock’s current price.

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. “

Sinopec Shanghai Petrochemical (NYSE:SHI) opened at 50.74 on Friday. The stock has a market capitalization of $5.48 billion, a PE ratio of 7.93 and a beta of 0.61. Sinopec Shanghai Petrochemical has a 1-year low of $34.37 and a 1-year high of $53.69. The stock’s 50 day moving average price is $51.02 and its 200 day moving average price is $49.12.

A number of large investors have recently made changes to their positions in SHI. BlackRock Institutional Trust Company N.A. increased its stake in shares of 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 valued at $2,486,000 after buying an additional 4,331 shares in the last quarter. Parametric Portfolio Associates LLC increased its stake 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. Oxford Asset Management increased its stake 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. Dorsey Wright & Associates increased its stake in Sinopec Shanghai Petrochemical by 44.0% in the third quarter. Dorsey Wright & Associates now owns 9,627 shares of the company’s stock worth $493,000 after buying an additional 2,942 shares during the period. Finally, BlackRock Inc. increased its stake in Sinopec Shanghai Petrochemical by 1.8% in the first quarter. BlackRock Inc. now owns 8,782 shares of the company’s stock worth $443,000 after buying an additional 156 shares during the period. 0.25% of the stock is owned by hedge funds and other institutional investors.

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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