Barclays Reaffirms “Overweight” Rating for BP (NYSE:BP)

Barclays reaffirmed their overweight rating on shares of BP (NYSE:BP) in a report released on Wednesday, The Fly reports.

Several other equities research analysts have also recently issued reports on BP. Royal Bank of Canada reissued an underperform rating on shares of BP in a research note on Wednesday, April 29th. Piper Sandler cut BP from an overweight rating to a neutral rating and set a $40.00 price objective for the company. in a research note on Monday, March 9th. Credit Suisse Group reaffirmed a neutral rating on shares of BP in a research note on Wednesday, April 8th. Zacks Investment Research cut BP from a hold rating to a strong sell rating and set a $25.00 price objective for the company. in a research note on Tuesday, April 21st. Finally, UBS Group reaffirmed a buy rating on shares of BP in a research note on Monday, June 15th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have issued a buy rating to the company. BP has an average rating of Hold and a consensus target price of $37.87.

BP stock opened at $23.41 on Wednesday. The business has a fifty day moving average of $24.00 and a two-hundred day moving average of $29.11. The company has a quick ratio of 0.83, a current ratio of 1.01 and a debt-to-equity ratio of 0.71. The stock has a market cap of $79.04 billion, a price-to-earnings ratio of -24.13 and a beta of 0.80. BP has a 52-week low of $15.51 and a 52-week high of $41.71.

BP (NYSE:BP) last posted its earnings results on Tuesday, April 28th. The oil and gas exploration company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.04). The business had revenue of $59.65 billion for the quarter, compared to analyst estimates of $56.89 billion. BP had a positive return on equity of 8.53% and a negative net margin of 1.19%. BP’s revenue was down 10.1% compared to the same quarter last year. During the same period last year, the business earned $0.12 EPS. As a group, sell-side analysts anticipate that BP will post -0.14 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Monday, May 11th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 10.68%. The ex-dividend date of this dividend was Friday, May 8th. BP’s dividend payout ratio (DPR) is 84.75%.

A number of hedge funds and other institutional investors have recently made changes to their positions in BP. FSA Wealth Management LLC purchased a new stake in shares of BP in the 4th quarter valued at about $25,000. Tsfg LLC lifted its holdings in shares of BP by 555.0% in the 1st quarter. Tsfg LLC now owns 1,310 shares of the oil and gas exploration company’s stock valued at $32,000 after purchasing an additional 1,110 shares during the last quarter. Solstein Capital LLC purchased a new stake in shares of BP in the 1st quarter valued at about $32,000. First National Bank of South Miami lifted its holdings in shares of BP by 73.2% in the 4th quarter. First National Bank of South Miami now owns 866 shares of the oil and gas exploration company’s stock valued at $33,000 after purchasing an additional 366 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in shares of BP in the 1st quarter valued at about $33,000. 10.28% of the stock is owned by institutional investors.

About BP

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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