BP (NYSE:BP) Downgraded by StockNews.com to “Buy”

StockNews.com downgraded shares of BP (NYSE:BP) from a strong-buy rating to a buy rating in a research note issued to investors on Saturday.

A number of other analysts have also commented on BP. Erste Group Bank reaffirmed a hold rating on shares of BP in a research note on Friday, June 14th. TD Securities increased their target price on BP from $43.00 to $44.00 and gave the stock a buy rating in a research report on Wednesday, May 8th. Scotiabank increased their target price on BP from $45.00 to $47.00 and gave the stock a sector outperform rating in a research report on Thursday, April 11th. Piper Sandler increased their target price on BP from $40.00 to $43.00 and gave the stock a neutral rating in a research report on Thursday, April 18th. Finally, Wells Fargo & Company increased their target price on BP from $38.00 to $42.00 and gave the stock an equal weight rating in a research report on Thursday, April 11th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $43.88.

BP Stock Up 0.4 %

BP opened at $36.10 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.23 and a debt-to-equity ratio of 0.57. The firm has a market cap of $100.57 billion, a P/E ratio of 11.32, a PEG ratio of 1.89 and a beta of 0.65. BP has a 52 week low of $33.52 and a 52 week high of $40.84. The business’s fifty day simple moving average is $37.02 and its 200 day simple moving average is $36.52.

BP (NYSE:BP) last posted its quarterly earnings data on Tuesday, May 7th. The oil and gas exploration company reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.06). The company had revenue of $48.88 billion for the quarter, compared to analyst estimates of $53.65 billion. BP had a net margin of 4.51% and a return on equity of 13.49%. The firm’s revenue was down 13.0% on a year-over-year basis. During the same period in the previous year, the business earned $1.66 EPS. As a group, equities research analysts anticipate that BP will post 4.76 EPS for the current fiscal year.

BP Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, May 17th were paid a $0.4362 dividend. This represents a $1.74 annualized dividend and a dividend yield of 4.83%. The ex-dividend date of this dividend was Thursday, May 16th. BP’s dividend payout ratio is currently 53.92%.

Hedge Funds Weigh In On BP

Hedge funds and other institutional investors have recently bought and sold shares of the stock. LRI Investments LLC acquired a new position in BP during the 1st quarter worth approximately $32,000. First United Bank & Trust acquired a new position in BP during the 4th quarter worth approximately $33,000. Versant Capital Management Inc acquired a new position in BP during the 4th quarter worth approximately $35,000. Guardian Wealth Management Inc. lifted its position in BP by 576.0% during the 4th quarter. Guardian Wealth Management Inc. now owns 1,129 shares of the oil and gas exploration company’s stock worth $40,000 after acquiring an additional 962 shares in the last quarter. Finally, MeadowBrook Investment Advisors LLC acquired a new position in BP during the 4th quarter worth approximately $46,000. 11.01% of the stock is owned by institutional investors and hedge funds.

BP Company Profile

BP p.l.c. provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, and integrated gas and power; trading of gas; operation of onshore and offshore wind power, as well as hydrogen and carbon capture and storage facilities; trading and marketing of renewable and non-renewable power; and production of crude oil.