BP (NYSE:BP) Sets New 52-Week High at $34.70

BP p.l.c. (NYSE:BPGet Rating) reached a new 52-week high during trading on Wednesday . The stock traded as high as $34.70 and last traded at $34.25, with a volume of 69785 shares traded. The stock had previously closed at $33.91.

Analysts Set New Price Targets

A number of brokerages have issued reports on BP. Scotiabank lowered shares of BP from an “outperform” rating to a “sector perform” rating in a research note on Thursday, October 13th. Wells Fargo & Company upgraded shares of BP from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $31.00 to $36.00 in a research note on Monday, November 7th. Piper Sandler upped their price target on shares of BP from $37.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday, November 11th. TD Securities upped their price target on shares of BP from $32.00 to $34.00 and gave the company a “hold” rating in a research note on Wednesday, November 2nd. Finally, UBS Group increased their price objective on shares of BP from GBX 510 ($5.99) to GBX 535 ($6.29) in a research note on Wednesday, November 2nd. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $246.15.

BP Trading Up 1.1 %

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.04 and a quick ratio of 0.76. The firm has a market capitalization of $106.48 billion, a PE ratio of -10.01, a P/E/G ratio of 0.63 and a beta of 0.75. The company’s fifty day simple moving average is $31.49 and its 200-day simple moving average is $30.66.

BP Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Stockholders of record on Friday, November 11th will be given a $0.3604 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend is Thursday, November 10th. BP’s dividend payout ratio (DPR) is -41.40%.

Institutional Investors Weigh In On BP

Hedge funds have recently modified their holdings of the business. Mach 1 Financial Group LLC acquired a new stake in shares of BP in the third quarter valued at about $28,000. Turim 21 Investimentos Ltda. acquired a new stake in BP during the first quarter worth about $30,000. LS Investment Advisors LLC acquired a new stake in BP during the second quarter worth about $31,000. Sterling Investment Advisors Ltd. acquired a new stake in BP during the first quarter worth about $32,000. Finally, GoalVest Advisory LLC increased its position in BP by 200.6% during the second quarter. GoalVest Advisory LLC now owns 1,638 shares of the oil and gas exploration company’s stock worth $44,000 after purchasing an additional 1,093 shares during the last quarter. 9.22% of the stock is currently owned by institutional investors and hedge funds.

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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