TD Cowen Cuts BP (NYSE:BP) Price Target to $35.00

BP (NYSE:BP) had its price objective trimmed by TD Cowen from $37.00 to $35.00 in a research note released on Friday, MarketBeat.com reports. The firm currently has a hold rating on the oil and gas exploration company’s stock.

Several other equities research analysts have also recently commented on the company. Wolfe Research reissued an “outperform” rating and issued a $51.00 target price on shares of BP in a research note on Thursday, December 18th. Citigroup reiterated a “buy” rating on shares of BP in a research report on Monday, November 3rd. Evercore set a $38.00 target price on shares of BP and gave the company an “in-line” rating in a research report on Tuesday, January 6th. Raymond James Financial dropped their price target on shares of BP from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Finally, Barclays reaffirmed an “overweight” rating on shares of BP in a report on Friday, December 12th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have given a Hold rating and five have assigned a Sell rating to the company’s stock. According to MarketBeat.com, BP presently has an average rating of “Hold” and an average price target of $37.35.

BP Trading Up 1.3%

BP opened at $37.69 on Friday. BP has a 1-year low of $25.22 and a 1-year high of $39.51. The firm has a 50-day moving average price of $35.84 and a two-hundred day moving average price of $35.16. The stock has a market capitalization of $98.81 billion, a PE ratio of -3,764.74, a PEG ratio of 1.77 and a beta of 0.33. The company has a current ratio of 1.26, a quick ratio of 0.98 and a debt-to-equity ratio of 0.74.

BP (NYSE:BP) last released its quarterly earnings results on Tuesday, February 10th. The oil and gas exploration company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. BP had a net margin of 0.03% and a return on equity of 9.68%. The business had revenue of $47.38 billion for the quarter, compared to analysts’ expectations of $42.19 billion. During the same period in the prior year, the firm earned $0.44 earnings per share. BP’s revenue was up 3.6% compared to the same quarter last year. As a group, equities analysts anticipate that BP will post 3.53 earnings per share for the current fiscal year.

BP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Friday, February 20th will be issued a $0.4992 dividend. The ex-dividend date is Friday, February 20th. This represents a $2.00 annualized dividend and a yield of 5.3%. BP’s dividend payout ratio (DPR) is -19,800.00%.

Institutional Trading of BP

A number of large investors have recently made changes to their positions in BP. ORG Partners LLC raised its stake in BP by 16.2% during the 4th quarter. ORG Partners LLC now owns 2,038 shares of the oil and gas exploration company’s stock worth $71,000 after buying an additional 284 shares during the period. First Horizon Corp increased its holdings in shares of BP by 8.1% in the fourth quarter. First Horizon Corp now owns 3,933 shares of the oil and gas exploration company’s stock worth $137,000 after acquiring an additional 296 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of BP by 5.2% during the 4th quarter. GAMMA Investing LLC now owns 6,597 shares of the oil and gas exploration company’s stock valued at $229,000 after purchasing an additional 324 shares in the last quarter. Atlas Brown Inc. grew its position in shares of BP by 0.9% in the 4th quarter. Atlas Brown Inc. now owns 36,721 shares of the oil and gas exploration company’s stock valued at $1,275,000 after purchasing an additional 330 shares during the period. Finally, United Community Bank raised its holdings in BP by 1.3% during the 4th quarter. United Community Bank now owns 29,456 shares of the oil and gas exploration company’s stock worth $1,023,000 after buying an additional 370 shares during the period. Institutional investors own 11.01% of the company’s stock.

About BP

BP plc is a British multinational integrated energy company headquartered in London. Originating in the early 20th century as the Anglo-Persian Oil Company, BP has grown into one of the world’s largest oil and gas companies, operating across exploration and production, refining and marketing, trading, and a range of low-carbon businesses.

The company’s core activities include upstream exploration and production of crude oil and natural gas, midstream and trading operations, and downstream refining, marketing and supply of fuels, lubricants and petrochemicals.