BP (NYSE:BP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The brokerage currently has a $44.00 target price on the oil and gas exploration company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 10.55% from the stock’s current price.
According to Zacks, “BP rallied 16.4% over the past year, outperforming the industry’s 8.6% gain. Through 2017, the firm brought online seven key projects — Khazzan Phase 1, Zohr, Juniper, Persephone, Quad 204, Trinidad Onshore Compression and West Nile Delta – Taurus / Libra — which helped the firm produce record volumes of oil and gas during the October-to-December quarter. In fact, fourth-quarter 2017 production touched the highest mark since the January-to-March quarter of 2011. BP is also expected to bring online five more upstream developments in 2018. All these projects along with the developments placed online during 2016 will likely help the energy giant add 800,000 barrels of oil equivalent per day to net production capacity by 2020. BP has also been paying stable dividends to American Depositary Share (ADS) holders for 13 quarters in a row despite volatile crude prices.”
BP has been the topic of several other reports. Royal Bank of Canada raised BP from a “sector perform” rating to an “outperform” rating and lifted their target price for the stock from $33.10 to $40.10 in a report on Monday, February 26th. Vetr raised BP from a “hold” rating to a “buy” rating and set a $40.48 target price on the stock in a report on Friday, November 17th. Morgan Stanley downgraded BP from an “overweight” rating to an “equal weight” rating in a report on Tuesday, February 13th. ValuEngine raised BP from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Finally, Societe Generale raised BP from a “hold” rating to a “buy” rating in a report on Monday, February 12th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $40.26.
BP (NYSE:BP) last released its quarterly earnings data on Tuesday, February 6th. The oil and gas exploration company reported $0.64 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.02). BP had a net margin of 1.39% and a return on equity of 6.19%. The firm had revenue of $67.82 billion for the quarter, compared to analyst estimates of $56.85 billion. During the same period last year, the business earned $0.13 EPS. The company’s revenue was up 33.0% compared to the same quarter last year. equities research analysts anticipate that BP will post 2.7 EPS for the current year.
Several large investors have recently made changes to their positions in BP. Renaissance Technologies LLC increased its position in BP by 119.2% in the 4th quarter. Renaissance Technologies LLC now owns 5,801,144 shares of the oil and gas exploration company’s stock valued at $243,822,000 after buying an additional 3,155,200 shares in the last quarter. Deutsche Bank AG increased its position in BP by 91.3% in the 4th quarter. Deutsche Bank AG now owns 4,270,553 shares of the oil and gas exploration company’s stock valued at $179,488,000 after buying an additional 2,037,709 shares in the last quarter. Virtus Fund Advisers LLC bought a new stake in BP in the 4th quarter valued at about $71,406,000. Acadian Asset Management LLC increased its position in BP by 17.3% in the 4th quarter. Acadian Asset Management LLC now owns 6,444,903 shares of the oil and gas exploration company’s stock valued at $270,881,000 after buying an additional 950,489 shares in the last quarter. Finally, Delek Group Ltd. bought a new stake in BP in the 4th quarter valued at about $26,992,000. 10.19% of the stock is currently owned by institutional investors.
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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