HSBC Boosts BP (BP) Price Target to GBX 690

BP (LON:BP) had its price target raised by HSBC from GBX 675 ($8.79) to GBX 690 ($8.99) in a research note published on Wednesday. HSBC currently has a buy rating on the oil and gas exploration company’s stock.

Several other brokerages have also recently weighed in on BP. Jefferies Financial Group raised their price objective on BP from GBX 520 ($6.77) to GBX 610 ($7.95) and gave the company a hold rating in a report on Monday, June 11th. Barclays restated an overweight rating and issued a GBX 690 ($8.99) price objective on shares of BP in a report on Monday, July 2nd. JPMorgan Chase & Co. set a GBX 650 ($8.47) price objective on BP and gave the company a buy rating in a report on Tuesday, August 7th. Kepler Capital Markets reiterated a buy rating on shares of BP in a report on Wednesday, July 4th. Finally, UBS Group reiterated a buy rating and set a GBX 610 ($7.95) price target on shares of BP in a report on Friday, July 27th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. BP presently has a consensus rating of Buy and an average price target of GBX 617.95 ($8.05).

Shares of LON BP opened at GBX 550.40 ($7.17) on Wednesday. BP has a fifty-two week low of GBX 436.95 ($5.69) and a fifty-two week high of GBX 536.20 ($6.98).

The firm also recently declared a dividend, which will be paid on Friday, September 21st. Investors of record on Thursday, August 9th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, August 9th. This represents a yield of 1.38%. This is a boost from BP’s previous dividend of $0.10.

In other news, insider Brian Gilvary acquired 53 shares of BP stock in a transaction dated Tuesday, July 10th. The stock was bought at an average price of GBX 585 ($7.62) per share, for a total transaction of £310.05 ($403.87). In the last 90 days, insiders have bought 169 shares of company stock valued at $94,863.

BP Company Profile

BP p.l.c. engages in energy business worldwide. It operates through three segments: Upstream, Downstream, and Rosneft. The Upstream segment is involved in the oil and natural gas exploration, field development, and production; midstream transportation, storage, and processing; and marketing and trading of liquefied natural gas (LNG), biogas, power and natural gas liquids (NGLs).

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