BP (NYSE:BP) Cut to “Hold” at StockNews.com

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

Other analysts have also recently issued research reports about the stock. Scotiabank cut shares of BP from a “sector outperform” rating to a “sector perform” rating and cut their target price for the stock from $42.00 to $36.00 in a research note on Thursday, October 10th. BNP Paribas cut BP from an “outperform” rating to a “neutral” rating in a report on Wednesday, October 9th. Raymond James lifted their price target on BP from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. Piper Sandler reduced their price objective on BP from $36.00 to $32.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Finally, Wells Fargo & Company dropped their target price on shares of BP from $31.00 to $30.00 and set an “equal weight” rating for the company in a report on Wednesday, January 15th. Twelve equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat.com, BP presently has an average rating of “Moderate Buy” and a consensus target price of $38.76.

Get Our Latest Analysis on BP

BP Stock Performance

NYSE BP opened at $31.58 on Tuesday. 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 twelve month low of $27.82 and a twelve month high of $40.40. The stock has a 50-day moving average of $30.04 and a 200 day moving average of $31.55. The stock has a market capitalization of $85.22 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 2.21 and a beta of 0.64.

BP (NYSE:BPGet Free Report) last announced its earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.05. The firm had revenue of $47.25 billion for the quarter, compared to analyst estimates of $52.05 billion. BP had a return on equity of 12.91% and a net margin of 1.36%. The business’s revenue was down 11.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.15 EPS. Sell-side analysts anticipate that BP will post 3.35 EPS for the current fiscal year.

Institutional Investors Weigh In On BP

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Asset Planning Inc acquired a new stake in shares of BP during the 4th quarter worth about $40,000. Bank & Trust Co raised its stake in shares of BP by 404.8% in the 4th quarter. Bank & Trust Co now owns 2,120 shares of the oil and gas exploration company’s stock valued at $63,000 after acquiring an additional 1,700 shares during the period. Versant Capital Management Inc lifted its holdings in shares of BP by 41.0% in the 4th quarter. Versant Capital Management Inc now owns 2,221 shares of the oil and gas exploration company’s stock worth $66,000 after acquiring an additional 646 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in shares of BP during the 2nd quarter worth approximately $75,000. Finally, ORG Partners LLC raised its position 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 purchasing an additional 621 shares during the period. Institutional investors and hedge funds own 11.01% of the company’s stock.

About BP

(Get Free Report)

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.

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