AdvisorNet Financial Inc cut its holdings in shares of BP p.l.c. (NYSE:BP – Get Rating) by 12.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,220 shares of the oil and gas exploration company’s stock after selling 1,732 shares during the period. AdvisorNet Financial Inc’s holdings in BP were worth $346,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of BP. Turim 21 Investimentos Ltda. bought a new stake in BP during the 1st quarter worth approximately $30,000. Sterling Investment Advisors Ltd. acquired a new position in BP during the 1st quarter worth $32,000. GoalVest Advisory LLC lifted its holdings in BP by 200.6% during the 2nd quarter. GoalVest Advisory LLC now owns 1,638 shares of the oil and gas exploration company’s stock worth $44,000 after buying an additional 1,093 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in BP during the 1st quarter worth $65,000. Finally, Tcwp LLC acquired a new position in BP during the 1st quarter worth $99,000. 9.22% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research analysts have issued reports on BP shares. TD Securities upped their price objective on BP from $33.00 to $35.00 and gave the stock a “hold” rating in a report on Wednesday, August 3rd. Deutsche Bank Aktiengesellschaft upped their price objective on BP from GBX 450 ($5.44) to GBX 472 ($5.70) in a report on Wednesday, July 6th. Piper Sandler increased their price target on BP from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Monday, September 12th. Credit Suisse Group started coverage on BP in a research note on Thursday, June 9th. They issued a “neutral” rating on the stock. Finally, Wells Fargo & Company cut their price target on BP from $31.00 to $29.00 and set an “underweight” rating on the stock in a research note on Wednesday, August 3rd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, BP has an average rating of “Moderate Buy” and a consensus target price of $206.16.
BP Price Performance
BP (NYSE:BP – Get Rating) last released its earnings results on Monday, August 1st. The oil and gas exploration company reported $2.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.62 by $0.99. The firm had revenue of $67.87 billion during the quarter, compared to analysts’ expectations of $60.85 billion. BP had a positive return on equity of 26.00% and a negative net margin of 5.38%. The company’s revenue was up 86.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.83 EPS. Equities analysts forecast that BP p.l.c. will post 8.39 EPS for the current fiscal year.
BP Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, August 12th will be issued a dividend of $0.3604 per share. This represents a $1.44 dividend on an annualized basis and a yield of 4.66%. The ex-dividend date is Thursday, August 11th. This is a boost from BP’s previous quarterly dividend of $0.33. BP’s dividend payout ratio is -40.57%.
BP p.l.c. engages in the energy business worldwide. It operates through Gas & Low Carbon Energy, Oil Production & Operations, Customers & Products, and Rosneft segments. It produces and trades in natural gas; offers biofuels; operates onshore and offshore wind power, and solar power generating facilities; and provides de-carbonization solutions and services, such as hydrogen and carbon capture and storage.
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