Zacks Investment Research cut shares of BP (NYSE:BP) from a buy rating to a hold rating in a research note published on Friday, March 9th.
According to Zacks, “BP has rallied 18% over the past year, outperforming the industry’s 10% gain. During 2017, the leading integrated energy firm brought online seven key upstream projects. BP is also expected to bring online five more developments in 2018. All these projects along with the developments placed online during 2016 will likely help the energy giant add 800,000 barrels of oil equivalent per day to net production capacity by 2020. However, the oil spill incident of 2010 in the BP-operated Macondo prospect continues to affect the company. BP anticipates cash out flow related to the incident of $3 billion through 2018 against the prior projection of slightly more than $2 billion.”
A number of other research analysts have also recently commented on the stock. Vetr cut shares of BP from a strong-buy rating to a buy rating and set a $44.43 target price on the stock. in a research report on Monday, February 26th. Royal Bank of Canada raised shares of BP from a sector perform rating to an outperform rating and upped their target price for the company from $33.10 to $40.10 in a research report on Monday, February 26th. Morgan Stanley cut shares of BP from an overweight rating to an equal weight rating in a research report on Tuesday, February 13th. Piper Jaffray reaffirmed a buy rating and issued a $51.00 target price on shares of BP in a research report on Wednesday, January 24th. Finally, ValuEngine raised shares of BP from a hold rating to a buy rating in a research report on Thursday, March 1st. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company has an average rating of Hold and an average target price of $40.26.
Shares of BP traded down $0.63 during mid-day trading on Friday, reaching $39.91. The stock had a trading volume of 5,751,952 shares, compared to its average volume of 6,172,948. The company has a current ratio of 1.16, a quick ratio of 0.86 and a debt-to-equity ratio of 0.55. BP has a 52-week low of $33.83 and a 52-week high of $44.62. The firm has a market capitalization of $134,174.02, a P/E ratio of 21.23, a P/E/G ratio of 0.82 and a beta of 0.91.
BP (NYSE:BP) last announced its quarterly earnings data on Tuesday, February 6th. The oil and gas exploration company reported $0.64 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.02). BP had a net margin of 1.39% and a return on equity of 6.19%. The firm had revenue of $67.82 billion during the quarter, compared to analysts’ expectations of $56.85 billion. During the same period in the prior year, the company posted $0.13 EPS. The company’s revenue for the quarter was up 33.0% compared to the same quarter last year. equities research analysts predict that BP will post 2.66 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, March 29th. Stockholders of record on Friday, February 16th were given a dividend of $0.60 per share. The ex-dividend date was Thursday, February 15th. This represents a $2.40 annualized dividend and a dividend yield of 6.01%. BP’s dividend payout ratio is presently 126.60%.
Institutional investors and hedge funds have recently modified their holdings of the company. Ameriprise Financial Inc. increased its stake in shares of BP by 0.9% during the third quarter. Ameriprise Financial Inc. now owns 6,722,574 shares of the oil and gas exploration company’s stock worth $258,345,000 after buying an additional 61,668 shares during the period. Acadian Asset Management LLC increased its stake in shares of BP by 17.3% during the fourth quarter. Acadian Asset Management LLC now owns 6,444,903 shares of the oil and gas exploration company’s stock worth $270,881,000 after buying an additional 950,489 shares during the period. Brandywine Global Investment Management LLC increased its stake in shares of BP by 0.5% during the fourth quarter. Brandywine Global Investment Management LLC now owns 6,386,885 shares of the oil and gas exploration company’s stock worth $268,441,000 after buying an additional 32,693 shares during the period. Renaissance Technologies LLC increased its stake in shares of BP by 119.2% during the fourth quarter. Renaissance Technologies LLC now owns 5,801,144 shares of the oil and gas exploration company’s stock worth $243,822,000 after buying an additional 3,155,200 shares during the period. Finally, Russell Investments Group Ltd. increased its stake in shares of BP by 15.7% during the fourth quarter. Russell Investments Group Ltd. now owns 4,727,733 shares of the oil and gas exploration company’s stock worth $197,908,000 after buying an additional 641,751 shares during the period. 10.18% of the stock is currently owned by institutional investors and hedge funds.
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BP Company Profile
BP p.l.c. is an integrated oil and gas company. The Company owns an interest in OJSC Oil Company Rosneft (Rosneft), an oil and gas company. The Company’s segments include Upstream, Downstream, Rosneft, and Other businesses and corporate. The Upstream segment is engaged in oil and natural gas exploration, field development and production, as well as midstream transportation, storage and processing.
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