Sinopec Shanghai Petrochemical (NYSE:SHI) Shares Gap Up to $23.44

Sinopec Shanghai Petrochemical Company Limited (NYSE:SHI)’s stock price gapped up prior to trading on Thursday . The stock had previously closed at $23.44, but opened at $24.34. Sinopec Shanghai Petrochemical shares last traded at $24.25, with a volume of 221 shares changing hands.

Separately, Zacks Investment Research lowered shares of Sinopec Shanghai Petrochemical from a “strong-buy” rating to a “sell” rating in a research report on Wednesday, March 31st.

The stock’s 50 day moving average price is $24.19 and its 200 day moving average price is $21.73. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 781.59 and a beta of 0.79.

The company also recently announced an annual dividend, which will be paid on Friday, July 30th. Stockholders of record on Monday, June 21st will be issued a dividend of $1.5282 per share. The ex-dividend date is Friday, June 18th. This represents a dividend yield of 6.1%. This is a boost from Sinopec Shanghai Petrochemical’s previous annual dividend of $1.48. Sinopec Shanghai Petrochemical’s payout ratio is presently 50.52%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in Sinopec Shanghai Petrochemical by 39.7% in the third quarter. BlackRock Inc. now owns 41,795 shares of the oil and gas company’s stock worth $767,000 after buying an additional 11,888 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Sinopec Shanghai Petrochemical in the 3rd quarter valued at $384,000. OLD Mission Capital LLC purchased a new stake in shares of Sinopec Shanghai Petrochemical during the 3rd quarter worth about $426,000. Jane Street Group LLC grew its holdings in Sinopec Shanghai Petrochemical by 211.3% in the 3rd quarter. Jane Street Group LLC now owns 73,865 shares of the oil and gas company’s stock valued at $1,356,000 after buying an additional 50,139 shares during the last quarter. Finally, Lindbrook Capital LLC grew its holdings in shares of Sinopec Shanghai Petrochemical by 1,213.9% during the 4th quarter. Lindbrook Capital LLC now owns 3,219 shares of the oil and gas company’s stock worth $66,000 after purchasing an additional 2,974 shares in the last quarter.

Sinopec Shanghai Petrochemical Company Profile (NYSE:SHI)

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 Fibres, Resins and Plastics, Intermediate Petrochemical Products, Petroleum Products, and Trading of Petrochemical Products.

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