Scotiabank Reiterates “Buy” Rating for BP p.l.c. (BP)
BP p.l.c. (NYSE:BP)‘s stock had its “buy” rating restated by investment analysts at Scotiabank in a report released on Friday. They currently have a $37.00 price objective on the oil and gas exploration company’s stock. Scotiabank’s price objective indicates a potential upside of 5.65% from the company’s current price.
Other equities research analysts also recently issued reports about the company. TheStreet upgraded BP p.l.c. from a “c” rating to a “b-” rating in a report on Tuesday, May 30th. Deutsche Bank AG raised BP p.l.c. from a “hold” rating to a “buy” rating in a research note on Tuesday, April 4th. Argus raised their price objective on BP p.l.c. from $36.00 to $41.00 and gave the company a “buy” rating in a research note on Thursday, June 1st. Morgan Stanley reissued a “buy” rating on shares of BP p.l.c. in a research note on Thursday, April 13th. Finally, Zacks Investment Research raised BP p.l.c. from a “strong sell” rating to a “hold” rating in a research note on Tuesday, June 6th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and fourteen have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $36.11.
Shares of BP p.l.c. (NYSE:BP) traded up 1.07% during trading on Friday, hitting $35.02. The company had a trading volume of 2,301,700 shares. BP p.l.c. has a 12-month low of $32.50 and a 12-month high of $38.68. The stock has a market capitalization of $114.78 billion, a price-to-earnings ratio of 52.11 and a beta of 0.94. The stock has a 50-day moving average of $35.80 and a 200 day moving average of $35.41.
BP p.l.c. (NYSE:BP) last issued its quarterly earnings data on Tuesday, May 2nd. The oil and gas exploration company reported $0.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.08. The company had revenue of $55.86 billion during the quarter, compared to the consensus estimate of $59.87 billion. BP p.l.c. had a return on equity of 3.72% and a net margin of 1.06%. The firm’s revenue was up 45.1% compared to the same quarter last year. During the same period last year, the company earned $0.17 earnings per share. On average, analysts predict that BP p.l.c. will post $1.93 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, June 23rd. Shareholders of record on Friday, May 12th were paid a $0.595 dividend. The ex-dividend date of this dividend was Wednesday, May 10th. This represents a $2.38 annualized dividend and a dividend yield of 6.80%. BP p.l.c.’s payout ratio is presently 366.16%.
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Several hedge funds have recently modified their holdings of BP. Foundry Partners LLC raised its stake in shares of BP p.l.c. by 30.0% in the first quarter. Foundry Partners LLC now owns 438,800 shares of the oil and gas exploration company’s stock valued at $15,147,000 after buying an additional 101,220 shares during the last quarter. Integrated Investment Consultants LLC raised its stake in shares of BP p.l.c. by 3.4% in the first quarter. Integrated Investment Consultants LLC now owns 6,728 shares of the oil and gas exploration company’s stock valued at $232,000 after buying an additional 220 shares during the last quarter. Park National Corp OH raised its stake in shares of BP p.l.c. by 15.5% in the first quarter. Park National Corp OH now owns 57,065 shares of the oil and gas exploration company’s stock valued at $1,970,000 after buying an additional 7,671 shares during the last quarter. Beacon Financial Group raised its stake in shares of BP p.l.c. by 2.5% in the first quarter. Beacon Financial Group now owns 8,154 shares of the oil and gas exploration company’s stock valued at $281,000 after buying an additional 198 shares during the last quarter. Finally, Searle & CO. purchased a new stake in shares of BP p.l.c. during the fourth quarter valued at about $501,000. Hedge funds and other institutional investors own 10.05% of the company’s stock.
BP p.l.c. 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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