BP (NYSE:BP) Stock Price Expected to Rise, Raymond James Analyst Says

BP (NYSE:BP) had its price target raised by analysts at Raymond James from $36.00 to $37.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas exploration company’s stock. Raymond James’ target price would suggest a potential upside of 16.55% from the stock’s current price.

BP has been the topic of a number of other reports. Wells Fargo & Company lowered their price target on shares of BP from $31.00 to $30.00 and set an “equal weight” rating on the stock in a report on Wednesday. Scotiabank downgraded shares of BP from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $42.00 to $36.00 in a research report on Thursday, October 10th. Piper Sandler decreased their target price on shares of BP from $36.00 to $32.00 and set a “neutral” rating for the company in a research report on Thursday, December 19th. Redburn Atlantic lowered BP from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 24th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating on shares of BP in a report on Tuesday. Eleven equities research analysts have rated the stock with a hold rating, five have given a buy rating and four have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.76.

BP Price Performance

Shares of NYSE BP traded down $0.04 during mid-day trading on Friday, hitting $31.75. 3,115,272 shares of the company’s stock traded hands, compared to its average volume of 10,135,100. BP has a 1 year low of $27.82 and a 1 year high of $40.40. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.22 and a quick ratio of 0.94. The company’s 50-day moving average is $29.56 and its two-hundred day moving average is $31.87. The company has a market capitalization of $84.82 billion, a P/E ratio of 33.44, a PEG ratio of 2.20 and a beta of 0.64.

BP (NYSE:BP) last announced its earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.78 by $0.05. The business had revenue of $47.25 billion for the quarter, compared to the consensus estimate of $52.05 billion. BP had a net margin of 1.36% and a return on equity of 12.91%. The business’s revenue for the quarter was down 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.15 earnings per share. On average, equities analysts anticipate that BP will post 3.45 EPS for the current fiscal year.

Hedge Funds Weigh In On BP

Several hedge funds have recently bought and sold shares of the company. Butensky & Cohen Financial Security Inc. lifted its position in shares of BP by 0.3% during the fourth quarter. Butensky & Cohen Financial Security Inc. now owns 129,215 shares of the oil and gas exploration company’s stock worth $3,820,000 after purchasing an additional 358 shares in the last quarter. ST Germain D J Co. Inc. boosted its position in BP by 9.0% in the 3rd quarter. ST Germain D J Co. Inc. now owns 4,549 shares of the oil and gas exploration company’s stock valued at $143,000 after buying an additional 377 shares during the period. Sunbelt Securities Inc. increased its position in shares of BP by 3.8% during the third quarter. Sunbelt Securities Inc. now owns 11,459 shares of the oil and gas exploration company’s stock worth $360,000 after acquiring an additional 415 shares during the period. Atlas Brown Inc. boosted its holdings in BP by 1.2% in the fourth quarter. Atlas Brown Inc. now owns 37,338 shares of the oil and gas exploration company’s stock valued at $1,104,000 after purchasing an additional 437 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in BP by 3.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 15,087 shares of the oil and gas exploration company’s stock valued at $534,000 after purchasing an additional 498 shares in the last quarter. Institutional investors and hedge funds 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.