OREANDA-NEWS. July 24, 2013. China Petroleum and Chemical (NYSE: SNP) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research note issued to investors, Stock Ratings Network.com reports. They currently have a USD 63.00 price objective on the stock. Zacks‘ price target indicates a potential downside of 9.33% from the company’s current price.

Zacks‘ analyst wrote, “We are downgrading our recommendation on Sinopec to Underperform from Neutral. During the first quarter, all the company’s segments registered loss except the Refining segment. Moreover, increases in the price of international crude oil amid government caps on fuel prices, prevented the company from fully passing on the spiraling costs to consumers. We believe that Sinopec’s matured domestic oil fields and associated rising costs will continue to be an overhang on its operations as natural declines become pricier to counterbalance. In view of these factors, we do not see any positive catalyst in the near term. “

Several other analysts have also recently commented on the stock. Analysts at Macquarie upgraded shares of China Petroleum and Chemical to an “outperform” rating in a research note to investors on Thursday, June 27th. Separately, analysts at Jefferies Group upgraded shares of China Petroleum and Chemical from an “underperform” rating to a “hold” rating in a research note to investors on Tuesday, June 11th. Finally, analysts at Jefferies Group downgraded shares of China Petroleum and Chemical from a “hold” rating to an “underperform” rating in a research note to investors on Monday, April 15th.

One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of USD 63.00.

Shares of China Petroleum and Chemical (NYSE: SNP) traded up 3.18% during mid-day trading on Thursday, hitting USD 71.69. China Petroleum and Chemical has a 52 week low of USD 64.7615 and a 52 week high of USD 94.4692. The stock’s 50-day moving average is currently USD 73.37. The company has a market cap of USD 82.227 billion and a P/E ratio of 7.64.

China Petroleum & Chemical Corporation (NYSE: SNP) is a China-based energy and chemical company.