Wells Fargo & Company Lowers BP (NYSE:BP) Price Target to $31.00

BP (NYSE:BP) had its price target dropped by stock analysts at Wells Fargo & Company from $33.00 to $31.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 2.96% from the company’s current price.

Several other research firms have also recently weighed in on BP. BNP Paribas cut shares of BP from an “outperform” rating to a “neutral” rating in a report on Wednesday, October 9th. Scotiabank cut shares of BP from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the company from $42.00 to $36.00 in a research note on Thursday, October 10th. The Goldman Sachs Group upgraded BP to a “strong-buy” rating in a research report on Friday, October 11th. StockNews.com upgraded shares of BP from a “hold” rating to a “buy” rating in a research report on Tuesday, November 5th. Finally, Redburn Atlantic downgraded BP from a “buy” rating to a “neutral” rating in a report on Tuesday, September 24th. Eleven analysts have rated the stock with a hold rating, five have assigned a buy rating and four have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $42.48.

BP Trading Up 0.1 %

BP opened at $30.11 on Monday. The company has a fifty day moving average price of $30.28 and a two-hundred day moving average price of $32.99. The company has a market cap of $80.90 billion, a P/E ratio of 31.68, a price-to-earnings-growth ratio of 2.01 and a beta of 0.64. The company has a current ratio of 1.22, a quick ratio of 0.94 and a debt-to-equity ratio of 0.66. BP has a 1-year low of $27.82 and a 1-year high of $40.40.

BP (NYSE:BP) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 EPS for the quarter, beating analysts’ consensus estimates of $0.78 by $0.05. BP had a return on equity of 12.91% and a net margin of 1.36%. The business had revenue of $47.25 billion during the quarter, compared to analyst estimates of $52.05 billion. During the same period in the prior year, the firm posted $1.15 EPS. BP’s quarterly revenue was down 11.3% compared to the same quarter last year. Analysts predict that BP will post 3.57 EPS for the current fiscal year.

Institutional Investors Weigh In On BP

Several institutional investors have recently modified their holdings of the business. Independence Bank of Kentucky raised its stake in BP by 85.7% during the 2nd quarter. Independence Bank of Kentucky now owns 1,300 shares of the oil and gas exploration company’s stock valued at $47,000 after buying an additional 600 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in BP during the second quarter valued at $75,000. ORG Partners LLC lifted its holdings in BP by 32.5% in the third quarter. ORG Partners LLC now owns 2,533 shares of the oil and gas exploration company’s stock valued at $80,000 after acquiring an additional 621 shares during the period. Future Financial Wealth Managment LLC bought a new stake in BP during the third quarter valued at approximately $91,000. Finally, Anchor Investment Management LLC grew its position in shares of BP by 58.7% during the 3rd quarter. Anchor Investment Management LLC now owns 3,120 shares of the oil and gas exploration company’s stock valued at $98,000 after acquiring an additional 1,154 shares during the period. 11.01% of the stock is owned by hedge funds and other institutional investors.

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.