BP (NYSE:BP) Downgraded to Hold at StockNews.com

StockNews.com downgraded shares of BP (NYSE:BP) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

Several other analysts also recently commented on BP. Erste Group Bank reaffirmed a hold rating on shares of BP in a report on Friday, June 14th. Wolfe Research assumed coverage on BP in a research note on Thursday, July 18th. They issued an outperform rating and a $57.00 price target for the company. HSBC downgraded shares of BP from a buy rating to a hold rating in a research note on Thursday, August 8th. Piper Sandler reissued a neutral rating and issued a $43.00 price target on shares of BP in a research note on Wednesday, July 17th. Finally, Scotiabank reduced their price objective on shares of BP from $47.00 to $42.00 and set a sector outperform rating on the stock in a research note on Friday, July 12th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $44.23.

BP Stock Up 0.8 %

BP stock opened at $32.55 on Tuesday. The stock has a market capitalization of $90.17 billion, a PE ratio of 10.20, a price-to-earnings-growth ratio of 3.96 and a beta of 0.64. BP has a twelve month low of $30.67 and a twelve month high of $40.84. The company has a 50 day moving average of $33.84 and a 200-day moving average of $36.09. The company has a quick ratio of 0.95, a current ratio of 1.24 and a debt-to-equity ratio of 0.62.

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

BP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 9th will be given a dividend of $0.48 per share. The ex-dividend date of this dividend is Friday, August 9th. This is a positive change from BP’s previous quarterly dividend of $0.44. This represents a $1.92 annualized dividend and a dividend yield of 5.90%. BP’s payout ratio is currently 59.56%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Strategic Investment Solutions Inc. IL purchased a new stake in shares of BP in the 2nd quarter worth approximately $75,000. Magnolia Capital Advisors LLC purchased a new stake in BP during the 2nd quarter worth approximately $237,000. EverSource Wealth Advisors LLC increased its position in shares of BP by 3.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 15,087 shares of the oil and gas exploration company’s stock valued at $534,000 after acquiring an additional 498 shares during the period. Gabelli Funds LLC raised its position in BP by 2.2% during the 2nd quarter. Gabelli Funds LLC now owns 360,050 shares of the oil and gas exploration company’s stock worth $12,998,000 after buying an additional 7,850 shares during the last quarter. Finally, Waters Parkerson & CO. LLC purchased a new position in shares of BP during the second quarter worth $264,000. Hedge funds and other institutional investors own 11.01% of the company’s stock.

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.