Parallel Advisors LLC Has $1.16 Million Position in BP p.l.c. (NYSE:BP)

Parallel Advisors LLC reduced its stake in BP p.l.c. (NYSE:BP) by 1.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 32,104 shares of the oil and gas exploration company’s stock after selling 490 shares during the period. Parallel Advisors LLC’s holdings in BP were worth $1,159,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC increased its holdings in shares of BP by 27.0% in the first quarter. GAMMA Investing LLC now owns 2,755 shares of the oil and gas exploration company’s stock valued at $104,000 after purchasing an additional 586 shares during the last quarter. PSquared Asset Management AG acquired a new position in shares of BP in the fourth quarter valued at about $50,315,000. OLD Mission Capital LLC grew its stake in shares of BP by 145.5% in the fourth quarter. OLD Mission Capital LLC now owns 656,293 shares of the oil and gas exploration company’s stock valued at $23,233,000 after acquiring an additional 388,931 shares in the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of BP by 13.9% in the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 487,648 shares of the oil and gas exploration company’s stock valued at $17,263,000 after acquiring an additional 59,379 shares in the last quarter. Finally, LRI Investments LLC acquired a new position in shares of BP in the first quarter valued at about $32,000. 11.01% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

BP has been the topic of several research reports. Argus upgraded shares of BP to a “hold” rating in a research note on Thursday, August 1st. Evercore ISI upgraded shares of BP to a “strong-buy” rating in a research note on Wednesday, July 31st. Erste Group Bank reaffirmed a “hold” rating on shares of BP in a research report on Friday, June 14th. Hsbc Global Res raised shares of BP to a “hold” rating in a research report on Thursday, August 8th. Finally, Morgan Stanley cut shares of BP from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $49.90 to $41.50 in a research report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.23.

BP Stock Up 0.8 %

BP stock opened at $31.84 on Monday. The stock has a market capitalization of $88.20 billion, a P/E ratio of 9.98, a price-to-earnings-growth ratio of 3.96 and a beta of 0.64. The company has a current ratio of 1.24, a quick ratio of 0.95 and a debt-to-equity ratio of 0.62. BP p.l.c. has a 12 month low of $30.67 and a 12 month high of $40.84. The firm has a 50-day moving average price of $33.97 and a 200-day moving average price of $36.13.

BP (NYSE:BP) last posted its earnings results on Tuesday, July 30th. The oil and gas exploration company reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.08. The firm had revenue of $47.30 billion during the quarter, compared to analysts’ expectations of $55.82 billion. BP had a net margin of 3.60% and a return on equity of 13.83%. The business’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.89 earnings per share. As a group, equities research analysts anticipate that BP p.l.c. will post 3.96 EPS for the current fiscal year.

BP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 9th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 6.03%. The ex-dividend date is Friday, August 9th. This is a positive change from BP’s previous quarterly dividend of $0.44. BP’s dividend payout ratio (DPR) is 59.56%.

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.