BP (NYSE:BP) Lifted to “Overweight” at Piper Sandler

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Piper Sandler upgraded shares of BP (NYSE:BP) from a neutral rating to an overweight rating in a report released on Monday morning, 24/7 WallStreet reports. Piper Sandler currently has $31.00 target price on the oil and gas exploration company’s stock, up from their prior target price of $28.00. Piper Sandler also issued estimates for BP’s Q3 2020 earnings at $0.01 EPS, Q4 2020 earnings at ($0.12) EPS, FY2020 earnings at ($1.61) EPS, Q1 2021 earnings at $0.21 EPS, Q2 2021 earnings at $0.20 EPS, Q3 2021 earnings at $0.26 EPS, Q4 2021 earnings at $0.26 EPS and FY2021 earnings at $0.93 EPS.

Other equities research analysts have also recently issued research reports about the stock. UBS Group reaffirmed a buy rating on shares of BP in a research report on Monday, June 15th. Barclays restated an overweight rating on shares of BP in a research note on Wednesday, July 1st. Royal Bank of Canada restated an underperform rating on shares of BP in a research note on Wednesday, August 5th. Raymond James upped their price target on shares of BP from $26.00 to $28.00 and gave the company an outperform rating in a research note on Monday, July 20th. Finally, DZ Bank reaffirmed a sell rating on shares of BP in a report on Monday, June 15th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus target price of $30.74.

Shares of NYSE BP opened at $21.96 on Monday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.08 and a current ratio of 1.30. The company has a market cap of $75.09 billion, a P/E ratio of -3.37 and a beta of 0.77. The firm’s fifty day moving average is $23.05 and its two-hundred day moving average is $25.48. BP has a 52-week low of $15.51 and a 52-week high of $40.08.

BP (NYSE:BP) last released its quarterly earnings results on Tuesday, August 4th. The oil and gas exploration company reported ($1.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.99) by ($0.99). BP had a negative return on equity of 1.14% and a negative net margin of 9.45%. The firm had revenue of $31.68 billion for the quarter, compared to analysts’ expectations of $38.70 billion. During the same period in the prior year, the firm posted $0.14 earnings per share. BP’s revenue for the quarter was down 56.4% on a year-over-year basis. As a group, analysts forecast that BP will post -1.06 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.31 per share. This represents a $1.24 annualized dividend and a yield of 5.65%. The ex-dividend date of this dividend is Thursday, August 13th. BP’s payout ratio is 42.03%.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. RMR Wealth Builders acquired a new stake in shares of BP in the second quarter valued at about $48,000. Orion Portfolio Solutions LLC raised its position in shares of BP by 27.2% in the second quarter. Orion Portfolio Solutions LLC now owns 3,405 shares of the oil and gas exploration company’s stock valued at $79,000 after buying an additional 728 shares during the last quarter. tru Independence LLC raised its position in shares of BP by 6.1% in the second quarter. tru Independence LLC now owns 169,966 shares of the oil and gas exploration company’s stock valued at $3,963,000 after buying an additional 9,752 shares during the last quarter. Cerity Partners LLC raised its position in shares of BP by 26.8% in the second quarter. Cerity Partners LLC now owns 18,220 shares of the oil and gas exploration company’s stock valued at $425,000 after buying an additional 3,855 shares during the last quarter. Finally, Covenant Partners LLC acquired a new stake in shares of BP in the second quarter valued at about $546,000. 10.11% of the stock is currently owned by institutional investors and hedge funds.

BP Company Profile

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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