BP (NYSE:BP) Cut to “Neutral” at Redburn Atlantic

Redburn Atlantic lowered shares of BP (NYSE:BP) from a buy rating to a neutral rating in a report issued on Tuesday morning, Marketbeat Ratings reports.

Other equities analysts have also issued reports about the stock. Wolfe Research assumed coverage on shares of BP in a research report on Thursday, July 18th. They issued an outperform rating and a $57.00 price objective on the stock. Barclays raised shares of BP to a strong-buy rating in a research report on Wednesday, July 31st. Argus raised shares of BP to a hold rating in a research report on Thursday, August 1st. UBS Group raised shares of BP to a strong-buy rating in a research report on Tuesday, July 30th. Finally, Hsbc Global Res raised shares of BP to a hold rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $43.73.

BP Stock Performance

Shares of BP stock opened at $31.43 on Tuesday. The stock has a market cap of $8.65 billion, a P/E ratio of 9.85, a P/E/G ratio of 4.27 and a beta of 0.64. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.24 and a quick ratio of 0.95. The company has a fifty day moving average price of $33.44 and a two-hundred day moving average price of $35.90. BP has a one year low of $30.52 and a one year high of $40.84.

BP (NYSE:BP) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas exploration company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.92 by $0.08. The firm had revenue of $47.30 billion during the quarter, compared to analysts’ expectations of $55.82 billion. BP had a net margin of 3.60% and a return on equity of 13.83%. The company’s revenue for the quarter was down 2.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.89 earnings per share. As a group, equities analysts predict that BP will post 3.85 EPS for the current year.

BP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 9th were issued a $0.48 dividend. This is a positive change from BP’s previous quarterly dividend of $0.44. This represents a $1.92 annualized dividend and a yield of 6.11%. The ex-dividend date was Friday, August 9th. BP’s dividend payout ratio (DPR) is currently 59.56%.

Hedge Funds Weigh In On BP

Hedge funds have recently bought and sold shares of the company. Strategic Blueprint LLC boosted its stake in shares of BP by 2.6% in 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 purchasing an additional 330 shares in the last quarter. GAMMA Investing LLC boosted its stake in shares of BP by 12.4% in the 2nd quarter. GAMMA Investing LLC now owns 3,097 shares of the oil and gas exploration company’s stock valued at $112,000 after purchasing an additional 342 shares in the last quarter. SouthState Corp boosted its stake in shares of 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 purchasing an additional 393 shares in the last quarter. Kingswood Wealth Advisors LLC boosted its stake in shares of BP by 5.4% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 8,001 shares of the oil and gas exploration company’s stock valued at $289,000 after purchasing an additional 408 shares in the last quarter. Finally, Hexagon Capital Partners LLC boosted its stake in shares of BP by 4.1% in the 2nd quarter. Hexagon Capital Partners LLC now owns 10,767 shares of the oil and gas exploration company’s stock valued at $389,000 after purchasing an additional 422 shares in the last quarter. 11.01% of the stock is owned by institutional investors.

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.