BP (NYSE:BP – Get Free Report) had its price target cut by equities researchers at Scotiabank from $47.00 to $42.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “sector outperform” rating on the oil and gas exploration company’s stock. Scotiabank’s price target would indicate a potential upside of 19.35% from the company’s previous close.
BP has been the subject of several other reports. Raymond James boosted their price objective on BP from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, April 15th. Piper Sandler boosted their price objective on BP from $40.00 to $43.00 and gave the stock a “neutral” rating in a research report on Thursday, April 18th. Wells Fargo & Company reduced their price objective on BP from $42.00 to $41.00 and set an “equal weight” rating for the company in a research report on Friday. Erste Group Bank restated a “hold” rating on shares of BP in a research report on Friday, June 14th. Finally, StockNews.com downgraded BP from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 29th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $42.88.
View Our Latest Stock Analysis on BP
BP Stock Performance
BP (NYSE:BP – Get Free Report) last released its quarterly earnings data on Tuesday, May 7th. The oil and gas exploration company reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $1.03 by ($0.06). BP had a return on equity of 13.49% and a net margin of 4.51%. The firm had revenue of $48.88 billion during the quarter, compared to analyst estimates of $53.65 billion. The firm’s revenue was down 13.0% on a year-over-year basis. During the same period last year, the business earned $1.66 EPS. On average, analysts expect that BP will post 4.7 EPS for the current fiscal year.
Hedge Funds Weigh In On BP
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Butensky & Cohen Financial Security Inc. boosted its position in shares of BP by 1.1% in the 2nd quarter. Butensky & Cohen Financial Security Inc. now owns 124,818 shares of the oil and gas exploration company’s stock valued at $4,506,000 after purchasing an additional 1,354 shares during the period. Indiana Trust & Investment Management CO boosted its position in BP by 29.1% during the 2nd quarter. Indiana Trust & Investment Management CO now owns 2,034 shares of the oil and gas exploration company’s stock worth $73,000 after acquiring an additional 459 shares during the period. Kingswood Wealth Advisors LLC boosted its position in BP by 5.4% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 8,001 shares of the oil and gas exploration company’s stock worth $289,000 after acquiring an additional 408 shares during the period. Trust Co. of Vermont boosted its position in BP by 34.5% during the 2nd quarter. Trust Co. of Vermont now owns 2,839 shares of the oil and gas exploration company’s stock worth $102,000 after acquiring an additional 729 shares during the period. Finally, Quent Capital LLC acquired a new stake in BP during the 2nd quarter worth about $38,000. 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.
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