Integrated Wealth Concepts LLC raised its stake in shares of BP plc (NYSE:BP) by 7.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 14,607 shares of the oil and gas exploration company’s stock after purchasing an additional 1,032 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in BP were worth $616,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Focused Wealth Management Inc acquired a new position in shares of BP in the 2nd quarter worth approximately $25,000. Marino Stram & Associates LLC boosted its holdings in shares of BP by 71.0% in the 1st quarter. Marino Stram & Associates LLC now owns 667 shares of the oil and gas exploration company’s stock worth $29,000 after acquiring an additional 277 shares in the last quarter. Rocky Mountain Advisers LLC acquired a new position in BP during the 2nd quarter worth $36,000. Next Capital Management LLC acquired a new position in BP during the 2nd quarter worth $38,000. Finally, Manchester Financial Inc. acquired a new position in BP during the 2nd quarter worth $40,000. 10.72% of the stock is currently owned by institutional investors.
BP has been the topic of several research reports. Credit Suisse Group downgraded BP from an “outperform” rating to a “neutral” rating and set a $41.06 price objective on the stock. in a report on Wednesday, July 10th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of BP in a report on Friday, August 30th. ValuEngine downgraded BP from a “hold” rating to a “sell” rating in a report on Thursday, July 18th. Jefferies Financial Group raised BP from a “hold” rating to a “buy” rating and upped their price objective for the stock from $46.30 to $48.60 in a report on Wednesday, July 31st. Finally, Grupo Santander raised BP from a “hold” rating to a “buy” rating in a report on Wednesday, September 11th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and ten have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $52.04.
BP (NYSE:BP) last issued its earnings results on Tuesday, July 30th. The oil and gas exploration company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.78 by $0.05. The company had revenue of $73.75 billion during the quarter, compared to analysts’ expectations of $79.79 billion. BP had a net margin of 2.97% and a return on equity of 12.12%. On average, analysts forecast that BP plc will post 3.06 earnings per share for the current fiscal year.
BP Company Profile
BP p.l.c. engages in energy business worldwide. It operates through three segments: Upstream, Downstream, and Rosneft. The Upstream segment is involved in the oil and natural gas exploration, field development, and production; midstream transportation, storage, and processing; and marketing and trading of liquefied natural gas (LNG), biogas, power and natural gas liquids (NGLs).
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