Parallel Advisors LLC Has $933,000 Position in BP p.l.c. (NYSE:BP)

Parallel Advisors LLC reduced its stake in BP p.l.c. (NYSE:BP) by 3.0% during the fourth quarter, HoldingsChannel reports. The firm owned 31,546 shares of the oil and gas exploration company’s stock after selling 973 shares during the quarter. Parallel Advisors LLC’s holdings in BP were worth $933,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its position in BP by 30.1% during the 4th quarter. Bank of New York Mellon Corp now owns 474,957 shares of the oil and gas exploration company’s stock worth $14,040,000 after buying an additional 110,019 shares during the period. SVB Wealth LLC acquired a new stake in BP during the 4th quarter worth approximately $588,000. Avior Wealth Management LLC boosted its position in BP by 83.3% during the 4th quarter. Avior Wealth Management LLC now owns 53,360 shares of the oil and gas exploration company’s stock worth $1,577,000 after buying an additional 24,252 shares during the period. Altrius Capital Management Inc boosted its position in BP by 16.6% during the 4th quarter. Altrius Capital Management Inc now owns 272,527 shares of the oil and gas exploration company’s stock worth $8,056,000 after buying an additional 38,751 shares during the period. Finally, Wedge Capital Management L L P NC boosted its position in BP by 2.2% during the 4th quarter. Wedge Capital Management L L P NC now owns 660,538 shares of the oil and gas exploration company’s stock worth $19,526,000 after buying an additional 14,436 shares during the period. 11.01% of the stock is currently owned by institutional investors and hedge funds.

BP Stock Performance

NYSE:BP opened at $34.61 on Thursday. The company has a fifty day moving average of $32.56 and a 200-day moving average of $31.24. The firm has a market capitalization of $92.65 billion, a P/E ratio of 432.62, a P/E/G ratio of 1.12 and a beta of 0.58. The company has a quick ratio of 0.97, a current ratio of 1.25 and a debt-to-equity ratio of 0.70. BP p.l.c. has a twelve month low of $27.82 and a twelve month high of $40.40.

BP (NYSE:BP) last released its quarterly earnings data on Tuesday, February 11th. The oil and gas exploration company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.12). BP had a net margin of 0.20% and a return on equity of 10.96%. As a group, sell-side analysts anticipate that BP p.l.c. will post 3.53 EPS for the current year.

BP Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, February 21st will be given a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 5.55%. The ex-dividend date of this dividend is Friday, February 21st. BP’s payout ratio is currently 2,375.00%.

Analyst Upgrades and Downgrades

Several research firms recently commented on BP. Royal Bank of Canada reiterated a “sector perform” rating on shares of BP in a research report on Tuesday, January 14th. JPMorgan Chase & Co. upgraded shares of BP from an “underweight” rating to a “neutral” rating in a research report on Thursday, February 20th. Morgan Stanley lowered their price target on shares of BP from $34.70 to $31.80 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. DZ Bank lowered shares of BP from a “hold” rating to a “sell” rating in a report on Tuesday, February 11th. Finally, Piper Sandler lowered their price target on shares of BP from $36.00 to $32.00 and set a “neutral” rating for the company in a report on Thursday, December 19th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, two have issued a buy rating and four have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $37.48.

BP 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.