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Upgrade Alert for China Petroleum & Chemical (SNP)

By James Quinn

China Petroleum & Chemical (NYSE:SNP) was upgraded from Neutral to Buy at UBS (pre-open) today. The stock closed yesterday at $68.30 on volume of 176,000 shares, above average daily volume of 168,000.

China Petroleum and Chemical Corporation (Sinopec) explores for and produces crude oil and natural gas in China. The Company also owns refineries that make petroleum and petrochemical products such as gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers. In addition, Sinopec trades petrochemical products.

Over the past year, China Petroleum & Chemical has traded in a range of $48.28 to $96.01 and closed yesterday at $68.30, 41% above that low. The 200-day and 50-day moving averages have moved 0.34% lower and 1.46% higher over the past week, respectively.

China Petroleum & Chemical has overhead space with shares priced $68.30, or 21.1% below the average consensus analyst price target of $86.53. The stock should find initial support at its 50-day moving average (MA) of $65.11 and further support at its 200-day MA of $64.55.

SmarTrend is monitoring the recent change of momentum in China Petroleum & Chemical. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of China Petroleum & Chemical in search of a potential trend change.

Keywords: analyst upgrades/downgrades china petroleum & chemical

Ticker(s): SNP