BP (NYSE:BP) Price Target Raised to $37.00 at Wells Fargo & Company

BP (NYSE:BP) had its price objective boosted by equities researchers at Wells Fargo & Company from $30.00 to $37.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 7.32% from the stock’s current price.

A number of other analysts have also recently commented on the stock. StockNews.com cut shares of BP from a “buy” rating to a “hold” rating in a research note on Tuesday, January 28th. Morgan Stanley cut their target price on shares of BP from $34.70 to $31.80 and set an “equal weight” rating for the company in a research note on Tuesday, January 7th. Raymond James boosted their price target on BP from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, January 17th. Piper Sandler cut their price objective on BP from $36.00 to $32.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Finally, DZ Bank cut BP from a “hold” rating to a “sell” rating in a research note on Tuesday. One analyst has rated the stock with a sell rating, twelve have given a hold rating, four have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.64.

BP Price Performance

NYSE:BP opened at $34.48 on Wednesday. BP has a 52-week low of $27.82 and a 52-week high of $40.40. The company has a market cap of $92.30 billion, a P/E ratio of 36.29, a P/E/G ratio of 2.26 and a beta of 0.64. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.94 and a current ratio of 1.22. The stock’s 50-day simple moving average is $30.68 and its 200 day simple moving average is $31.36.

BP (NYSE:BP) last posted its quarterly earnings results on Tuesday, February 11th. The oil and gas exploration company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.12). BP had a return on equity of 12.91% and a net margin of 1.36%. As a group, sell-side analysts forecast that BP will post 3.35 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BP. ORG Partners LLC grew its holdings in shares of BP by 32.5% during the 3rd quarter. ORG Partners LLC now owns 2,533 shares of the oil and gas exploration company’s stock worth $80,000 after purchasing an additional 621 shares in the last quarter. ST Germain D J Co. Inc. increased its holdings in BP by 9.0% in the 3rd quarter. ST Germain D J Co. Inc. now owns 4,549 shares of the oil and gas exploration company’s stock valued at $143,000 after buying an additional 377 shares during the period. Kornitzer Capital Management Inc. KS raised its position in shares of BP by 5.4% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 454,980 shares of the oil and gas exploration company’s stock valued at $14,282,000 after buying an additional 23,325 shares in the last quarter. Meritage Portfolio Management boosted its position in shares of BP by 1.4% during the 3rd quarter. Meritage Portfolio Management now owns 107,512 shares of the oil and gas exploration company’s stock worth $3,375,000 after acquiring an additional 1,468 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV increased its stake in BP by 12.2% in the third quarter. Nations Financial Group Inc. IA ADV now owns 9,597 shares of the oil and gas exploration company’s stock valued at $301,000 after acquiring an additional 1,046 shares during the last quarter. Institutional investors and hedge funds own 11.01% of the company’s stock.

About BP

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.