BP p.l.c. (BP) Receives Buy Rating from Scotiabank
Scotiabank restated their buy rating on shares of BP p.l.c. (NYSE:BP) in a research note published on Wednesday morning. They currently have a $39.00 target price on the oil and gas exploration company’s stock.
Several other research firms have also weighed in on BP. Evercore ISI increased their target price on shares of BP p.l.c. from $43.00 to $48.00 and gave the stock an outperform rating in a report on Wednesday. Vetr lowered shares of BP p.l.c. from a buy rating to a hold rating and set a $40.67 target price on the stock. in a report on Monday. Cowen and Company reiterated a hold rating and issued a $39.00 target price on shares of BP p.l.c. in a report on Tuesday, October 24th. Piper Jaffray Companies reiterated a buy rating and issued a $39.00 target price on shares of BP p.l.c. in a report on Thursday, September 28th. Finally, Kepler Capital Markets upgraded shares of BP p.l.c. from a reduce rating to a hold rating in a report on Tuesday, October 3rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and a consensus price target of $38.11.
BP p.l.c. (NYSE:BP) last posted its earnings results on Tuesday, August 1st. The oil and gas exploration company reported $0.21 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.39 by ($0.18). The firm had revenue of $56.51 billion during the quarter, compared to analyst estimates of $56.09 billion. BP p.l.c. had a return on equity of 4.54% and a net margin of 1.70%. The company’s revenue for the quarter was up 21.7% on a year-over-year basis. During the same quarter last year, the business posted $0.23 earnings per share.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Friday, November 10th will be given a $0.60 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $2.40 dividend on an annualized basis and a yield of 5.90%. This is an increase from BP p.l.c.’s previous quarterly dividend of $0.60. BP p.l.c.’s dividend payout ratio (DPR) is 203.42%.
A number of institutional investors have recently added to or reduced their stakes in the stock. State Street Corp grew its position in BP p.l.c. by 2.0% in the first quarter. State Street Corp now owns 31,138,116 shares of the oil and gas exploration company’s stock valued at $1,074,889,000 after purchasing an additional 614,408 shares in the last quarter. BlackRock Inc. grew its position in BP p.l.c. by 16,222.8% in the first quarter. BlackRock Inc. now owns 11,803,811 shares of the oil and gas exploration company’s stock valued at $407,466,000 after purchasing an additional 11,731,496 shares in the last quarter. Morgan Stanley grew its position in BP p.l.c. by 11.2% in the first quarter. Morgan Stanley now owns 6,186,085 shares of the oil and gas exploration company’s stock valued at $213,544,000 after purchasing an additional 623,612 shares in the last quarter. Parametric Portfolio Associates LLC lifted its stake 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 last quarter. Finally, OLD Republic International Corp lifted its stake 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 last quarter. 9.88% of the stock is owned by institutional investors and hedge funds.
BP p.l.c. Company Profile
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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