The stock of China Petroleum & Chemical Corporation (NYSE:SNP) is now priced at $44.21 and the shares are 0.25 points up or 0.57% higher compared to its previous closing price of $43.96. The stock had 117929 contracts set over the past session. SNP shares’ daily volume is compared to its average trading volume at 206466 shares. However, it has a float of 1210 million and although its performance was 0.16% over the week, it’s one to watch. Analysts have given the SNP stock a yearly average price target of $60.85 per share. It means the stock’s upside potential is 37.64% with the SNP share price recently placing at $43.47 to $44.29. However, some brokerage firms have priced the stock below the average, including one that has called $4.8.
The shorts are running away from the China Petroleum & Chemical Corporation stock, with the latest data on short interest released on June 15, 2020, showing that short interest numbers in the SNP shares have declined. Short interest in the stock represents just 0.02% of its float, but the volume has dropped by 0. The volume of shorted shares dropped to from shares over the last two weeks. The average intraday trading volume has been shares, which means that days to cover moved to roughly.
In the last trading session, China Petroleum & Chemical Corporation (NYSE:SNP) raised by $0.07 over the week and gained $0.61 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $66.79. The stock recorded its established 52-week high on 07/19/19.
Since 06/30/20, the stock has traded to a low of $41.3 at 7.05%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.08. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, China Petroleum & Chemical Corporation’s two-week RSI is 49.65. This suggests that the stock is neutral at the moment and that SNP shares’ price movement remains stable. The stochastic readings are equally revealing at 64.14% meaning the SNP share price is currently in neutral territory.
The technical chart shows that the SNP stock will likely settle at between $44.51 and $44.81 per share. However, if the stock dips below $43.69, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $43.17.
Currently, the stock is trading in the green of MACD, with a reading of 0.04. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at JP Morgan cut their recommendation for SNP from Overweight to Neutral in March 03 review. Citigroup analysts downgraded their recommendation of the stock from Buy to Neutral in a flash note released to investors on February 12. Credit Suisse seeing the stock struggling downgraded it from Neutral to Underperform on February 04.
The average rating for the SNP equity is 2 and is currently gathering a bullish momentum. Of 2 analysts tracking China Petroleum & Chemical Corporation polled by Reuters, 1 rated SNP as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the SNP stock price is 10.19X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands at 16below the group’s average of 31.1. China Petroleum & Chemical Corporation has its P/E ratio at 0.5, which means that the stock is currently trading at a discount relative to the 0.8 industry average.