BP’s (BP) “Sector Perform” Rating Reiterated at Royal Bank of Canada

BP (NYSE:BP)‘s stock had its “sector perform” rating reissued by equities research analysts at Royal Bank of Canada in a report released on Tuesday,Benzinga reports.

A number of other brokerages have also commented on BP. Wells Fargo & Company decreased their price objective on BP from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday, December 9th. Piper Sandler dropped their price objective on shares of BP from $36.00 to $32.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Scotiabank cut shares of BP from a “sector outperform” rating to a “sector perform” rating and lowered their price target for the company from $42.00 to $36.00 in a report on Thursday, October 10th. Morgan Stanley lowered their target price on BP from $34.70 to $31.80 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Finally, Redburn Atlantic cut BP from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 24th. Eleven research analysts have rated the stock with a hold rating, five have issued a buy rating and four have assigned a strong buy rating to the stock. According to data from MarketBeat, BP currently has an average rating of “Moderate Buy” and an average target price of $39.89.

BP Price Performance

Shares of NYSE BP traded down $0.51 during trading on Tuesday, hitting $30.71. The company had a trading volume of 5,558,965 shares, compared to its average volume of 9,650,815. The company has a market cap of $82.05 billion, a P/E ratio of 32.33, a PEG ratio of 2.13 and a beta of 0.64. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.94 and a current ratio of 1.22. The business’s 50-day moving average is $29.52 and its 200 day moving average is $31.91. BP has a 52 week low of $27.82 and a 52 week high of $40.40.

BP (NYSE:BP) last released its quarterly earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.05. BP had a return on equity of 12.91% and a net margin of 1.36%. The business had revenue of $47.25 billion during the quarter, compared to analyst estimates of $52.05 billion. During the same quarter last year, the company posted $1.15 EPS. BP’s revenue for the quarter was down 11.3% on a year-over-year basis. Equities research analysts predict that BP will post 3.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bank & Trust Co grew its stake in shares of BP by 404.8% in the 4th quarter. Bank & Trust Co now owns 2,120 shares of the oil and gas exploration company’s stock valued at $63,000 after purchasing an additional 1,700 shares during the period. Versant Capital Management Inc raised its stake in BP by 41.0% during the fourth quarter. Versant Capital Management Inc now owns 2,221 shares of the oil and gas exploration company’s stock worth $66,000 after acquiring an additional 646 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of BP during the second quarter valued at $75,000. ORG Partners LLC grew its holdings in shares of BP by 32.5% in the 3rd quarter. ORG Partners LLC now owns 2,533 shares of the oil and gas exploration company’s stock worth $80,000 after purchasing an additional 621 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of BP during the 3rd quarter worth about $91,000. 11.01% of the stock is currently owned by institutional investors and hedge funds.

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.