BP (NYSE:BP) PT Raised to $47.00 at Scotiabank

BP (NYSE:BP) had its target price lifted by analysts at Scotiabank from $45.00 to $47.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the oil and gas exploration company’s stock. Scotiabank’s price objective suggests a potential upside of 19.18% from the stock’s current price.

Several other research firms have also recently weighed in on BP. Erste Group Bank raised BP from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company boosted their price objective on BP from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Thursday. TD Securities boosted their price objective on BP from $41.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Jefferies Financial Group raised BP from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $38.60 to $42.30 in a research report on Monday, March 4th. Finally, Piper Sandler upped their price target on BP from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, March 14th. Two analysts have rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, BP currently has an average rating of “Hold” and an average price target of $42.88.

BP Stock Performance

Shares of NYSE BP opened at $39.44 on Thursday. The business’s 50-day moving average price is $36.91 and its two-hundred day moving average price is $36.49. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.21 and a quick ratio of 0.94. BP has a one year low of $33.52 and a one year high of $40.84. The company has a market capitalization of $111.66 billion, a P/E ratio of 7.75, a price-to-earnings-growth ratio of 2.00 and a beta of 0.68.

BP (NYSE:BP) last released its quarterly earnings results on Tuesday, February 6th. The oil and gas exploration company reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.11. The company had revenue of $52.14 billion during the quarter, compared to the consensus estimate of $53.14 billion. BP had a return on equity of 16.00% and a net margin of 7.15%. The firm’s revenue was down 24.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.59 EPS. Analysts anticipate that BP will post 4.93 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Cowa LLC boosted its position in BP by 10,274.3% in the 1st quarter. Cowa LLC now owns 2,070,297 shares of the oil and gas exploration company’s stock valued at $609,000 after buying an additional 2,050,341 shares during the last quarter. PSquared Asset Management AG bought a new position in shares of BP in the 4th quarter worth $50,315,000. New York State Common Retirement Fund boosted its position in shares of BP by 32.7% in the 3rd quarter. New York State Common Retirement Fund now owns 1,418,113 shares of the oil and gas exploration company’s stock worth $54,909,000 after purchasing an additional 349,766 shares during the last quarter. OLD Mission Capital LLC boosted its position in shares of BP by 145.5% in the 4th quarter. OLD Mission Capital LLC now owns 656,293 shares of the oil and gas exploration company’s stock worth $23,233,000 after purchasing an additional 388,931 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its position in shares of BP by 15.0% in the 4th quarter. Wedge Capital Management L L P NC now owns 500,704 shares of the oil and gas exploration company’s stock worth $17,725,000 after purchasing an additional 65,425 shares during the last quarter. 11.01% of the stock is currently owned by institutional investors.

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.