BP p.l.c. (NYSE:BP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “BP is one of the largest integrated energy firms in the world with a strong and diversified portfolio of development projects. The company has gained 15.5% over the last three months, outperforming the industry’s 12% gain.  For the fourth quarter of 2017, BP projects sequentially higher production owing to ongoing project ramp ups.   Also, the company has restarted share repurchase plan beginning fourth quarter 2017. However, the oil spill incident of 2010 in the BP-operated Macondo Prospect continues to affect the company. Although BP has cleared the substantial litigation expenses related to the spill, it had to divest some of its best operating properties.”

A number of other research firms have also recently commented on BP. BidaskClub cut shares of BP p.l.c. from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Societe Generale cut shares of BP p.l.c. from a “buy” rating to a “hold” rating and decreased their target price for the company from $35.04 to $34.90 in a research report on Wednesday, July 26th. Scotiabank set a $37.00 target price on shares of BP p.l.c. and gave the company a “buy” rating in a research report on Tuesday, August 1st. Piper Jaffray Companies raised shares of BP p.l.c. from a “neutral” rating to an “overweight” rating and upped their target price for the company from $36.33 to $42.00 in a research report on Friday, August 4th. Finally, TheStreet cut shares of BP p.l.c. from a “b-” rating to a “c” rating in a research report on Thursday, August 10th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the company. BP p.l.c. currently has a consensus rating of “Hold” and a consensus price target of $38.67.

Shares of BP p.l.c. (NYSE:BP) traded down $0.27 on Wednesday, hitting $39.61. 4,000,000 shares of the company were exchanged, compared to its average volume of 5,529,433. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.18 and a quick ratio of 0.88. BP p.l.c. has a 12-month low of $33.10 and a 12-month high of $41.55. The stock has a market capitalization of $129,370.00, a price-to-earnings ratio of 29.11, a P/E/G ratio of 1.19 and a beta of 0.98.

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Several hedge funds and other institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. lifted its holdings in BP p.l.c. by 0.9% in the third quarter. Ameriprise Financial Inc. now owns 6,722,574 shares of the oil and gas exploration company’s stock valued at $258,345,000 after acquiring an additional 61,668 shares during the period. Russell Investments Group Ltd. lifted its holdings in BP p.l.c. by 6.2% in the third quarter. Russell Investments Group Ltd. now owns 4,085,982 shares of the oil and gas exploration company’s stock valued at $157,009,000 after acquiring an additional 240,212 shares during the period. Parametric Portfolio Associates LLC lifted its holdings in BP p.l.c. by 13.3% in the second quarter. Parametric Portfolio Associates LLC now owns 2,883,066 shares of the oil and gas exploration company’s stock valued at $99,898,000 after acquiring an additional 338,581 shares during the period. OLD Republic International Corp lifted its holdings in BP p.l.c. by 7.2% in the first quarter. OLD Republic International Corp now owns 1,749,500 shares of the oil and gas exploration company’s stock valued at $60,393,000 after acquiring an additional 117,000 shares during the period. Finally, New York State Common Retirement Fund lifted its holdings in BP p.l.c. by 1.3% in the third quarter. New York State Common Retirement Fund now owns 605,397 shares of the oil and gas exploration company’s stock valued at $23,265,000 after acquiring an additional 7,719 shares during the period. 9.94% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for BP p.l.c. (NYSE:BP)

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