BP p.l.c. (BP) Sees Large Drop in Short Interest
BP p.l.c. (NYSE:BP) was the target of a large decrease in short interest in the month of June. As of June 30th, there was short interest totalling 12,701,988 shares, a decrease of 25.7% from the June 15th total of 17,102,586 shares. Currently, 0.4% of the company’s shares are sold short. Based on an average daily volume of 5,220,839 shares, the days-to-cover ratio is presently 2.4 days.
BP has been the subject of a number of research analyst reports. Scotiabank reiterated a “buy” rating and set a $38.00 price target on shares of BP p.l.c. in a report on Monday, March 27th. Deutsche Bank AG upgraded BP p.l.c. from a “hold” rating to a “buy” rating in a report on Tuesday, April 4th. Zacks Investment Research cut BP p.l.c. from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 11th. Morgan Stanley restated a “buy” rating on shares of BP p.l.c. in a report on Thursday, April 13th. Finally, Citigroup Inc cut BP p.l.c. from a “buy” rating to a “neutral” rating and lowered their target price for the company from $38.88 to $30.66 in a report on Wednesday, April 19th. Three analysts have rated the stock with a sell rating, six have given a hold rating and fifteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $36.10.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Parkside Financial Bank & Trust boosted its stake in shares of BP p.l.c. by 92.4% in the first quarter. Parkside Financial Bank & Trust now owns 2,886 shares of the oil and gas exploration company’s stock valued at $100,000 after buying an additional 1,386 shares during the last quarter. Feltz Wealth PLAN Inc. purchased a new stake in shares of BP p.l.c. during the first quarter valued at about $106,000. Crestwood Advisors Group LLC purchased a new stake in shares of BP p.l.c. during the first quarter valued at about $114,000. Pictet North America Advisors SA purchased a new stake in shares of BP p.l.c. during the first quarter valued at about $128,000. Finally, IHT Wealth Management LLC boosted its stake in shares of BP p.l.c. by 21.4% in the first quarter. IHT Wealth Management LLC now owns 3,903 shares of the oil and gas exploration company’s stock valued at $135,000 after buying an additional 689 shares during the last quarter. 9.99% of the stock is owned by hedge funds and other institutional investors.
Shares of BP p.l.c. (NYSE:BP) opened at 34.83 on Wednesday. The firm has a market cap of $114.15 billion, a price-to-earnings ratio of 51.83 and a beta of 0.94. BP p.l.c. has a 12 month low of $32.50 and a 12 month high of $38.68. The stock’s 50 day moving average price is $35.23 and its 200 day moving average price is $35.20.
BP p.l.c. (NYSE:BP) last issued its quarterly earnings results on Tuesday, May 2nd. The oil and gas exploration company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.08. The firm 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%. BP p.l.c.’s revenue for the quarter was up 45.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.17 earnings per share. Equities research analysts predict that BP p.l.c. will post $1.59 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, June 23rd. Investors of record on Friday, May 12th were issued a $0.595 dividend. This represents a $2.38 dividend on an annualized basis and a yield of 6.83%. The ex-dividend date was Wednesday, May 10th. BP p.l.c.’s dividend payout ratio is currently 366.16%.
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About BP p.l.c.
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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