Zacks Research Downgrades BP (NYSE:BP) to Hold

BP (NYSE:BP – Get Free Report) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other brokerages also recently commented on BP. Wall Street Zen raised shares of BP from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 2nd. BNP Paribas Exane set a $57.00 price objective on shares of BP and gave the stock an “outperform” rating in a research note on Friday, April 17th. Morgan Stanley raised shares of BP from an “equal weight” rating to an “overweight” rating and set a $49.40 price objective for the company in a research note on Tuesday, March 24th. UBS Group raised shares of BP from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 15th. Finally, Melius Research lowered shares of BP from a “buy” rating to a “sell” rating and set a $31.00 price target on the stock. in a report on Wednesday, February 11th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $46.14.

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BP Stock Performance

Shares of NYSE:BP opened at $42.65 on Monday. The company has a market capitalization of $111.70 billion, a price-to-earnings ratio of 35.54, a price-to-earnings-growth ratio of 0.57 and a beta of 0.18. BP has a 52 week low of $28.83 and a 52 week high of $48.27. The company has a quick ratio of 0.87, a current ratio of 1.22 and a debt-to-equity ratio of 0.68. The firm has a 50 day moving average of $45.53 and a 200 day moving average of $39.83.

BP (NYSE:BP – Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The oil and gas exploration company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.24. The company had revenue of $52.26 billion during the quarter, compared to the consensus estimate of $48.50 billion. BP had a net margin of 1.62% and a return on equity of 12.06%. BP’s revenue for the quarter was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 earnings per share. On average, sell-side analysts predict that BP will post 5.08 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BP

Institutional investors and hedge funds have recently bought and sold shares of the company. Strategic Advocates LLC purchased a new position in BP in the third quarter worth $25,000. Financial Life Planners purchased a new position in BP in the first quarter worth $39,000. YANKCOM Partnership grew its holdings in shares of BP by 1,068.3% during the fourth quarter. YANKCOM Partnership now owns 958 shares of the oil and gas exploration company’s stock valued at $33,000 after buying an additional 876 shares during the last quarter. Triumph Capital Management purchased a new stake in shares of BP during the third quarter valued at $43,000. Finally, LRI Investments LLC grew its holdings in shares of BP by 76.2% during the fourth quarter. LRI Investments LLC now owns 1,276 shares of the oil and gas exploration company’s stock valued at $44,000 after buying an additional 552 shares during the last quarter. 11.01% of the stock is owned by hedge funds and other institutional investors.

Key Headlines Impacting BP

Here are the key news stories impacting BP this week:

• Negative Sentiment: BP’s board ousted Albert Manifold over governance and conduct concerns, a surprise leadership shake-up that reinforces concerns about instability and could slow the company’s turnaround efforts. BP’s ousted chairman Albert Manifold disputes accusations over his conduct
• Negative Sentiment: Manifold publicly disputed BP’s account, saying he was removed “without warning and without explanation,” which could prolong the controversy and keep boardroom drama in the headlines. BP Crisis Deepens as Ousted Chairman Comes Out Fighting
• Negative Sentiment: Multiple reports also link the removal to alleged bullying or aggressive behavior toward colleagues, creating reputational risk and adding to the perception of recurring governance problems at BP. Oil giant BP ousts new chairman over ‘conduct’ and shares slide

About BP

(Get Free Report)

BP plc is a British multinational integrated energy company headquartered in London. Originating in the early 20th century as the Anglo-Persian Oil Company, BP has grown into one of the world’s largest oil and gas companies, operating across exploration and production, refining and marketing, trading, and a range of low-carbon businesses.

The company’s core activities include upstream exploration and production of crude oil and natural gas, midstream and trading operations, and downstream refining, marketing and supply of fuels, lubricants and petrochemicals.

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