BP (NYSE:BP) Rating Lowered to Sector Perform at Scotiabank

by · The Cerbat Gem

BP (NYSE:BP – Get Free Report) was downgraded by research analysts at Scotiabank from a “sector outperform” rating to a “sector perform” rating in a research note issued to investors on Thursday, MarketBeat Ratings reports. They currently have a $36.00 price target on the oil and gas exploration company’s stock, down from their prior price target of $42.00. Scotiabank’s price target points to a potential upside of 12.11% from the company’s current price.

Several other analysts have also recently weighed in on the company. UBS Group raised BP to a “strong-buy” rating in a report on Tuesday, July 30th. StockNews.com raised shares of BP from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. Redburn Atlantic lowered shares of BP from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 24th. Argus upgraded shares of BP to a “hold” rating in a research report on Thursday, August 1st. Finally, Evercore ISI upgraded shares of BP to a “strong-buy” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, five have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, BP currently has an average rating of “Moderate Buy” and an average target price of $42.98.

Check Out Our Latest Research Report on BP

BP Price Performance

NYSE:BP opened at $32.11 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.24 and a debt-to-equity ratio of 0.62. BP has a 12-month low of $30.52 and a 12-month high of $40.84. The stock’s 50 day moving average price is $32.83 and its two-hundred day moving average price is $35.49. The firm has a market capitalization of $8.84 billion, a price-to-earnings ratio of 12.64, a P/E/G ratio of 4.25 and a beta of 0.64.

BP (NYSE:BP – Get Free Report) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas exploration company reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.92 by $0.08. BP had a return on equity of 13.83% and a net margin of 3.60%. The business had revenue of $47.30 billion during the quarter, compared to the consensus estimate of $55.82 billion. During the same quarter last year, the firm posted $0.89 EPS. The company’s quarterly revenue was down 2.6% on a year-over-year basis. On average, analysts anticipate that BP will post 3.76 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BP. Strategic Blueprint LLC boosted its holdings in shares of BP by 2.6% during the 2nd quarter. Strategic Blueprint LLC now owns 13,200 shares of the oil and gas exploration company’s stock valued at $477,000 after acquiring an additional 330 shares in the last quarter. GAMMA Investing LLC grew its holdings in BP by 12.4% during the 2nd quarter. GAMMA Investing LLC now owns 3,097 shares of the oil and gas exploration company’s stock worth $112,000 after acquiring an additional 342 shares during the last quarter. SouthState Corp increased its position in BP by 0.3% in the 2nd quarter. SouthState Corp now owns 128,246 shares of the oil and gas exploration company’s stock valued at $4,630,000 after acquiring an additional 393 shares during the period. Kingswood Wealth Advisors LLC raised its stake in shares of BP by 5.4% during the second quarter. Kingswood Wealth Advisors LLC now owns 8,001 shares of the oil and gas exploration company’s stock valued at $289,000 after acquiring an additional 408 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its stake in shares of BP by 4.1% in the second quarter. Hexagon Capital Partners LLC now owns 10,767 shares of the oil and gas exploration company’s stock worth $389,000 after purchasing an additional 422 shares during the last quarter. Institutional investors own 11.01% of the company’s stock.

BP Company Profile

(Get Free Report)

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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