BP (NYSE:BP) Raised to “Buy” at Citigroup

Citigroup upgraded shares of BP (NYSE:BPGet Rating) from a neutral rating to a buy rating in a report issued on Tuesday morning, The Fly reports.

Several other equities research analysts have also recently weighed in on the stock. Morgan Stanley upped their price target on shares of BP from GBX 566 ($6.69) to GBX 603 ($7.13) in a research report on Tuesday, November 8th. TD Securities boosted their price objective on shares of BP from $32.00 to $34.00 and gave the stock a hold rating in a research note on Wednesday, November 2nd. StockNews.com upgraded shares of BP from a hold rating to a buy rating in a research note on Thursday, November 10th. Scotiabank lowered shares of BP from an outperform rating to a sector perform rating in a research note on Thursday, October 13th. Finally, UBS Group boosted their price objective on shares of BP from GBX 510 ($6.03) to GBX 535 ($6.33) in a research note on Wednesday, November 2nd. Seven research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus target price of $246.15.

BP Price Performance

Shares of BP opened at $34.89 on Tuesday. The company has a 50 day moving average price of $31.62 and a 200-day moving average price of $30.72. BP has a fifty-two week low of $25.33 and a fifty-two week high of $34.95. The stock has a market capitalization of $108.15 billion, a PE ratio of -10.17, a PEG ratio of 0.63 and a beta of 0.75. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.76 and a current ratio of 1.04.

BP Announces Dividend

The firm also recently disclosed 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. This represents a $1.44 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend is Thursday, November 10th. BP’s payout ratio is -41.40%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in BP. New York State Common Retirement Fund lifted its stake in BP by 39.4% in the first quarter. New York State Common Retirement Fund now owns 725,699 shares of the oil and gas exploration company’s stock worth $21,336,000 after acquiring an additional 205,014 shares during the last quarter. Principal Street Partners LLC purchased a new stake in shares of BP during the 1st quarter worth approximately $342,000. 1ST Source Bank lifted its position in shares of BP by 9.5% during the 1st quarter. 1ST Source Bank now owns 34,523 shares of the oil and gas exploration company’s stock worth $1,015,000 after buying an additional 2,995 shares during the last quarter. SouthState Corp lifted its position in shares of BP by 4.1% during the 1st quarter. SouthState Corp now owns 134,261 shares of the oil and gas exploration company’s stock worth $3,947,000 after buying an additional 5,304 shares during the last quarter. Finally, Herold Advisors Inc. lifted its position in shares of BP by 5.8% during the 1st quarter. Herold Advisors Inc. now owns 10,622 shares of the oil and gas exploration company’s stock worth $312,000 after buying an additional 580 shares during the last quarter. Hedge funds and other institutional investors own 9.22% of the company’s stock.

About BP

(Get Rating)

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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