Brokerages Set BP p.l.c. (NYSE:BP) Target Price at $46.59

Shares of BP p.l.c. (NYSE:BP – Get Free Report) have been assigned a consensus rating of “Moderate Buy” from the twenty-three brokerages that are presently covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $46.5923.

A number of brokerages have issued reports on BP. Piper Sandler upped their price target on shares of BP from $43.00 to $46.00 and gave the company a “neutral” rating in a research note on Thursday, September 3rd. TD Cowen boosted their price objective on shares of BP from $40.00 to $41.00 and gave the company a “hold” rating in a report on Thursday, July 16th. Zacks Research raised BP from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, September 8th. Weiss Ratings raised BP from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, August 5th. Finally, Wells Fargo & Company dropped their price target on BP from $54.00 to $48.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 5th.

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Institutional Investors Weigh In On BP

Several hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. boosted its holdings in BP by 15.8% in the second quarter. Russell Investments Group Ltd. now owns 1,410,714 shares of the oil and gas exploration company’s stock valued at $52,307,000 after purchasing an additional 192,211 shares during the period. Readystate Asset Management LP raised its position in BP by 322.4% in the 2nd quarter. Readystate Asset Management LP now owns 619,670 shares of the oil and gas exploration company’s stock valued at $22,897,000 after purchasing an additional 472,974 shares in the last quarter. Kahn Brothers Group Inc. purchased a new position in shares of BP in the 2nd quarter valued at about $23,094,000. Global Retirement Partners LLC purchased a new stake in shares of BP during the second quarter worth approximately $1,592,000. Finally, denkapparat Operations GmbH purchased a new position in BP in the second quarter worth approximately $1,351,000. 11.01% of the stock is owned by hedge funds and other institutional investors.

BP Trading Down 0.5%

BP stock opened at $45.88 on Friday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.95 and a current ratio of 1.27. The stock has a market cap of $120.18 billion, a PE ratio of 22.38, a price-to-earnings-growth ratio of 0.54 and a beta of 0.15. The stock has a 50-day moving average of $42.92 and a two-hundred day moving average of $43.05. BP has a one year low of $32.72 and a one year high of $48.27.

BP (NYSE:BP – Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.35. The business had revenue of $69.11 billion for the quarter, compared to analyst estimates of $57.89 billion. BP had a return on equity of 16.63% and a net margin of 2.49%.The company’s revenue was up 106.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.90 earnings per share. On average, research analysts anticipate that BP will post 6.58 EPS for the current fiscal year.

BP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 14th will be paid a $0.5196 dividend. The ex-dividend date is Friday, August 14th. This is an increase from BP’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a dividend yield of 4.5%. BP’s dividend payout ratio (DPR) is currently 100.00%.

BP Company Profile

(Get Free Report)

BP p.l.c. is a global integrated energy company headquartered in London, England. Its operations span the energy value chain, including exploration and production of oil and natural gas, refining, fuel marketing, energy trading and transportation. BP also produces and markets lubricants through its Castrol brand and supplies fuels through retail networks operating under brands such as BP, Aral and ampm.

The company has operations and business relationships across multiple regions, including the Americas, Europe, the Middle East, Africa and Asia-Pacific.

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