BP (NYSE:BP) PT Lowered to $35.00 at Wells Fargo & Company

BP (NYSE:BP) had its price objective reduced by Wells Fargo & Company from $39.00 to $35.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an equal weight rating on the oil and gas exploration company’s stock.

Several other brokerages have also commented on BP. Redburn Atlantic lowered BP from a buy rating to a neutral rating in a research note on Tuesday, September 24th. Scotiabank decreased their price target on BP from $47.00 to $42.00 and set a sector outperform rating on the stock in a research note on Friday, July 12th. Royal Bank of Canada lowered BP from an outperform rating to a sector perform rating in a research note on Wednesday, August 7th. Evercore ISI raised BP to a strong-buy rating in a research note on Wednesday, July 31st. Finally, Argus upgraded BP to a hold rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, BP currently has an average rating of Moderate Buy and an average price target of $43.73.

BP Stock Up 2.0 %

BP opened at $31.42 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 1.24. BP has a one year low of $30.52 and a one year high of $40.84. The business’s 50-day simple moving average is $33.36 and its 200-day simple moving average is $35.85. The stock has a market capitalization of $87.04 billion, a P/E ratio of 9.85, a price-to-earnings-growth ratio of 4.27 and a beta of 0.64.

BP (NYSE:BP) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas exploration company reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.92 by $0.08. BP had a return on equity of 13.83% and a net margin of 3.60%. The company had revenue of $47.30 billion for the quarter, compared to analyst estimates of $55.82 billion. During the same quarter in the previous year, the company earned $0.89 EPS. The firm’s revenue for the quarter was down 2.6% compared to the same quarter last year. Analysts anticipate that BP will post 3.85 EPS for the current year.

BP Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, August 9th were given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 6.11%. This is a boost from BP’s previous quarterly dividend of $0.44. The ex-dividend date was Friday, August 9th. BP’s dividend payout ratio is 59.56%.

Institutional Trading of BP

A number of institutional investors have recently added to or reduced their stakes in BP. LRI Investments LLC purchased a new position in BP in the 1st quarter valued at about $31,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in BP in the 2nd quarter valued at about $33,000. Quent Capital LLC acquired a new stake in shares of BP in the 2nd quarter valued at about $38,000. Guardian Wealth Management Inc. raised its stake in shares of BP by 576.0% in the 4th quarter. Guardian Wealth Management Inc. now owns 1,129 shares of the oil and gas exploration company’s stock valued at $40,000 after purchasing an additional 962 shares in the last quarter. Finally, Independence Bank of Kentucky raised its stake in shares of BP by 85.7% in the 2nd quarter. Independence Bank of Kentucky now owns 1,300 shares of the oil and gas exploration company’s stock valued at $47,000 after purchasing an additional 600 shares in the last quarter. 11.01% of the stock is owned by hedge funds and other institutional investors.

BP Company Profile

BP p.l.c. provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, and integrated gas and power; trading of gas; operation of onshore and offshore wind power, as well as hydrogen and carbon capture and storage facilities; trading and marketing of renewable and non-renewable power; and production of crude oil.