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China Petroleum & Chemical In Retrospect: Shares Down 1.1% Since Downgraded One Week Ago (SNP)

Published on Thu, 04/04/2013 - 09:10
By Robert Cotter

Bernstein downgraded China Petroleum & Chemical (NYSE:SNP) from Outperform to Market Perform a week ago. The stock closed at $115.26, which is 1.1% lower than the price one week ago ($116.54).

Over the past year, China Petroleum & Chemical has traded in a range of $82.51 to $122.81 and is now at $115.29, 40% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has remained constant.

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.

There is potential upside of 8.8% for shares of China Petroleum & Chemical based on a current price of $115.29 and an average consensus analyst price target of $125.46. The stock should find initial support at its 50-day moving average (MA) of $114.98 and further support at its 200-day MA of $103.29.

By Robert Cotter
rcotter@fnno.com