BP p.l.c. (NYSE:BP) Sees Large Decrease in Short Interest

BP p.l.c. (NYSE:BPGet Rating) was the recipient of a large drop in short interest in the month of October. As of October 31st, there was short interest totalling 8,870,000 shares, a drop of 8.2% from the October 15th total of 9,660,000 shares. Based on an average daily trading volume, of 10,260,000 shares, the short-interest ratio is presently 0.9 days. Currently, 0.3% of the shares of the company are short sold.

BP Stock Up 0.2 %

BP stock opened at $33.97 on Thursday. The firm has a market cap of $105.30 billion, a price-to-earnings ratio of -9.90, a PEG ratio of 0.64 and a beta of 0.75. The stock has a fifty day simple moving average of $31.42 and a two-hundred day simple moving average of $30.64. BP has a 12 month low of $25.33 and a 12 month high of $34.54. The company has a current ratio of 1.04, a quick ratio of 0.76 and a debt-to-equity ratio of 0.58.

BP Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, November 11th will be paid a $0.3604 dividend. The ex-dividend date is Thursday, November 10th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.24%. BP’s dividend payout ratio (DPR) is currently -41.40%.

Analysts Set New Price Targets

A number of brokerages recently commented on BP. Wells Fargo & Company upgraded BP from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $31.00 to $36.00 in a research report on Monday, November 7th. TD Securities lifted their price target on BP from $32.00 to $34.00 and gave the company a “hold” rating in a research note on Wednesday, November 2nd. Morgan Stanley lifted their price objective on BP from GBX 566 ($6.65) to GBX 603 ($7.09) in a research note on Tuesday, November 8th. Deutsche Bank Aktiengesellschaft lifted their price objective on BP from GBX 472 ($5.55) to GBX 527 ($6.19) in a research note on Wednesday, November 2nd. Finally, Piper Sandler lifted their target price on BP from $37.00 to $40.00 and gave the stock an “overweight” rating in a report on Friday, November 11th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $246.15.

Hedge Funds Weigh In On BP

Institutional investors and hedge funds have recently bought and sold shares of the stock. Mach 1 Financial Group LLC purchased a new position in shares of BP in the third quarter valued at about $28,000. Turim 21 Investimentos Ltda. bought a new stake in shares of BP in the first quarter worth about $30,000. LS Investment Advisors LLC bought a new stake in shares of BP in the second quarter worth about $31,000. Sterling Investment Advisors Ltd. bought a new stake in BP during the first quarter worth approximately $32,000. Finally, CoreFirst Bank & Trust increased its stake in BP by 63.8% during the second quarter. CoreFirst Bank & Trust now owns 1,613 shares of the oil and gas exploration company’s stock worth $46,000 after acquiring an additional 628 shares during the last quarter. 9.22% of the stock is currently owned by hedge funds and other institutional investors.

About BP

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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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