BP plc Stock Rating Reaffirmed by Zacks (BP)
BP plc (NYSE:BP)‘s stock had its “neutral” rating reaffirmed by Zacks in a report issued on Thursday. They currently have a $55.00 target price on the stock. Zacks‘s price target suggests a potential upside of 6.18% from the stock’s previous close.
Zacks’ analyst wrote, “We are maintaining our Neutral recommendation on BP Plc following its first-quarter 2014 results. The company maintains a leading position among global offshore drillers despite lukewarm first-quarter earnings. However, its strategy of offloading non-core upstream properties will prove beneficial over time, while creating a portfolio with potentially stronger growth from a smaller base. The company’s dividend hike is also a positive. Additionally, BP’s position in the Woodford, Haynesville, Fayetteville, Eagle Ford and Utica shale plays, in association with its vast resource base and profound knowledge in unconventional gas, will aid its natural gas operations going forward. However, headwinds from a number of global macro issues like sovereign debt risks, defaults on sovereign credits and changes in U.S. policies are concerns for the company going forward.”
A number of other analysts have also recently weighed in on BP. Analysts at Howard Weil upgraded shares of BP plc from a “sector outperform” rating to a “focus stock” rating in a research note on Thursday. They now have a $57.00 price target on the stock. Separately, analysts at Deutsche Bank downgraded shares of BP plc from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, analysts at Credit Suisse reiterated a “neutral” rating on shares of BP plc in a research note on Tuesday, June 3rd. One analyst has rated the stock with a sell rating, thirteen have assigned a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $55.20.
Shares of BP plc (NYSE:BP) traded down 0.99% on Thursday, hitting $51.80. The stock had a trading volume of 3,409,045 shares. BP plc has a 52-week low of $40.51 and a 52-week high of $53.48. The stock has a 50-day moving average of $51.72 and a 200-day moving average of $49.43. The company has a market cap of $159.4 billion and a price-to-earnings ratio of 16.27.
BP plc (NYSE:BP) last announced its earnings results on Tuesday, April 29th. The company reported $1.05 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.18 by $0.87. The company had revenue of $91.70 billion for the quarter, compared to the consensus estimate of $91.50 billion. During the same quarter in the prior year, the company posted $1.32 earnings per share. The company’s quarterly revenue was down 2.6% on a year-over-year basis. On average, analysts predict that BP plc will post $4.73 earnings per share for the current fiscal year.
BP p.l.c. (NYSE:BP), is an integrated oil and gas company.
To view Zacks’ full report, visit Zacks’ official website.