BP (NYSE:BP) Price Target Raised to $47.00

BP (NYSE:BP) had its target price upped by TD Cowen from $41.00 to $47.00 in a research note published on Monday morning,Benzinga 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 issued reports on BP. Wall Street Zen upgraded BP from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 18th. Wells Fargo & Company dropped their target price on shares of BP from $54.00 to $48.00 and set an “equal weight” rating for the company in a report on Wednesday, August 5th. Freedom Capital raised BP from a “strong sell” rating to a “hold” rating in a report on Thursday, August 6th. HSBC raised shares of BP from a “hold” rating to a “buy” rating and boosted their target price for the stock from $46.00 to $51.30 in a report on Friday, September 25th. Finally, Piper Sandler upped their price target on BP from $43.00 to $46.00 and gave the company a “neutral” rating in a research report on Thursday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.21.

BP Stock Performance

NYSE BP opened at $44.05 on Monday. The firm has a 50-day moving average of $43.78 and a 200-day moving average of $43.46. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.95 and a current ratio of 1.27. The stock has a market cap of $115.39 billion, a PE ratio of 21.49, a P/E/G ratio of 0.50 and a beta of 0.15. BP has a 52-week low of $32.72 and a 52-week high of $48.27.

BP (NYSE:BP) last posted its earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 EPS for the quarter, beating the consensus estimate of $1.87 by $0.35. The company had revenue of $69.11 billion for the quarter, compared to the consensus estimate of $57.89 billion. BP had a return on equity of 16.63% and a net margin of 2.49%.The firm’s revenue for the quarter was up 106.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.90 earnings per share. On average, sell-side analysts anticipate that BP will post 6.74 EPS for the current year.

BP Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, August 14th were paid a dividend of $0.5196 per share. This is an increase from BP’s previous quarterly dividend of $0.4992. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. BP’s dividend payout ratio (DPR) is currently 100.49%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Security National Bank of Sioux City Iowa IA bought a new position in BP in the 2nd quarter valued at about $36,000. Financial Life Planners purchased a new stake in BP in the 1st quarter valued at $39,000. Gill Capital Partners LLC lifted its stake in BP by 53.2% during the 2nd quarter. Gill Capital Partners LLC now owns 1,376 shares of the oil and gas exploration company’s stock valued at $51,000 after acquiring an additional 478 shares in the last quarter. Community Bank N.A. grew its stake in shares of BP by 237.0% in the 2nd quarter. Community Bank N.A. now owns 1,685 shares of the oil and gas exploration company’s stock worth $62,000 after acquiring an additional 1,185 shares in the last quarter. Finally, Trust Co. of Vermont bought a new stake in shares of BP in the 2nd quarter worth $73,000. 11.01% of the stock is owned by institutional investors.

BP Company Profile

BP p.l.c. is a global integrated energy company headquartered in London, United Kingdom. Its operations span the exploration, development and production of oil and natural gas, as well as the processing, refining, transportation and marketing of energy products.

Through its businesses, BP supplies fuels for road transportation, aviation and marine use, along with lubricants marketed under the Castrol brand. The company also operates retail fuel and convenience locations and provides energy products and services to commercial and industrial customers.

BP has expanded its activities beyond traditional hydrocarbons to include lower-carbon businesses such as renewable power, bioenergy, electric-vehicle charging and hydrogen.