BP (NYSE:BP – Free Report) had its price objective increased by Scotiabank from $41.00 to $45.00 in a report published on Wednesday morning, Benzinga reports. They currently have a sector outperform rating on the oil and gas exploration company’s stock.
Several other equities research analysts have also recently weighed in on the company. JPMorgan Chase & Co. cut BP from a neutral rating to an underweight rating in a research note on Wednesday, November 1st. Piper Sandler reduced their price target on BP from $45.00 to $38.00 and set a neutral rating on the stock in a research note on Monday, January 8th. Raymond James reduced their price target on BP from $46.00 to $43.00 and set an outperform rating on the stock in a research note on Wednesday, November 1st. Finally, TD Securities upped their price target on BP from $41.00 to $43.00 and gave the stock a buy rating in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $42.25.
BP Stock Performance
BP (NYSE:BP – Get Free Report) last posted its earnings results on Tuesday, February 6th. The oil and gas exploration company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.11. BP had a return on equity of 16.00% and a net margin of 7.15%. The firm had revenue of $52.14 billion for the quarter, compared to analysts’ expectations of $53.14 billion. During the same period in the previous year, the firm earned $1.59 earnings per share. The business’s revenue was down 24.7% compared to the same quarter last year. Analysts expect that BP will post 4.98 earnings per share for the current year.
BP Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Friday, February 16th will be given a dividend of $0.4362 per share. This represents a $1.74 annualized dividend and a dividend yield of 4.80%. The ex-dividend date of this dividend is Thursday, February 15th. BP’s dividend payout ratio is currently 33.79%.
Hedge Funds Weigh In On BP
Several institutional investors have recently added to or reduced their stakes in BP. Lazard Asset Management LLC lifted its stake in shares of BP by 44.7% during the 2nd quarter. Lazard Asset Management LLC now owns 6,943,100 shares of the oil and gas exploration company’s stock worth $245,020,000 after acquiring an additional 2,144,574 shares during the last quarter. Cowa LLC lifted its stake in shares of BP by 10,274.3% during the 1st quarter. Cowa LLC now owns 2,070,297 shares of the oil and gas exploration company’s stock worth $609,000 after acquiring an additional 2,050,341 shares during the last quarter. New York State Common Retirement Fund lifted its stake in shares of BP by 32.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,418,113 shares of the oil and gas exploration company’s stock worth $54,909,000 after acquiring an additional 349,766 shares during the last quarter. Vaughan David Investments LLC IL lifted its stake in shares of BP by 0.5% during the 2nd quarter. Vaughan David Investments LLC IL now owns 952,283 shares of the oil and gas exploration company’s stock worth $33,606,000 after acquiring an additional 4,575 shares during the last quarter. Finally, Wedge Capital Management L L P NC lifted its stake in shares of BP by 15.0% during the 4th quarter. Wedge Capital Management L L P NC now owns 500,704 shares of the oil and gas exploration company’s stock worth $17,725,000 after acquiring an additional 65,425 shares during the last quarter. Hedge funds and other institutional investors own 11.01% of the company’s stock.
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.
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