China Petroleum & Chemical Corp. (NYSE:SNP) Enters Top 10 of Fortune 500; Project with SABIC Approved
"Strong Buy" Rated U.S.-Listed Chinese Stocks (February 17, 2012)
By Michael Liu
China Petroleum & Chemical Corp. (NYSE:SNP) has entered the top-10 list of the Fortune 500 ranking, reports Beijing Daily. SNP benefited from the rising oil price in 2008, said the report. In addition, Securities Times reports that Chinese government has approved SNP's $3 billion joint project in Tianjin with Saudi Basic Industries Corporation (SABIC), one of the world's leading manufacturers of chemicals, fertilizers, plastics and metals.
China Petroleum & Chemical Corp (NYSE:SNP) shares are up 28% year-to-date. On average, wall street analysts are expecting its revenue and EPS to rise 12% and 25% in 2010 over 2009. Out of the 30 wall street analysts covering Focus Media, 22 have a positive rating on the stock. Year-to-date, SNP is now the 58th best-performing Chinese stock listed in the U.S. Click here to see the complete ranking.
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