Russell Investments Group Ltd. Raises Stock Position in BP p.l.c. $BP

Russell Investments Group Ltd. lifted its stake in BP p.l.c. (NYSE:BP) by 15.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,410,714 shares of the oil and gas exploration company’s stock after buying an additional 192,211 shares during the period. Russell Investments Group Ltd.’s holdings in BP were worth $52,307,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sound Shore Management Inc. CT acquired a new position in BP in the fourth quarter valued at $67,890,000. Public Employees Retirement System of Ohio acquired a new stake in shares of BP during the first quarter worth about $28,136,000. New York State Common Retirement Fund acquired a new stake in shares of BP during the fourth quarter worth about $17,768,000. Sagefield Capital LP lifted its holdings in shares of BP by 125.2% in the 4th quarter. Sagefield Capital LP now owns 493,556 shares of the oil and gas exploration company’s stock valued at $17,141,000 after purchasing an additional 274,381 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of BP by 20.7% in the 1st quarter. Bank of New York Mellon Corp now owns 432,646 shares of the oil and gas exploration company’s stock valued at $20,334,000 after purchasing an additional 74,243 shares during the period. 11.01% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BP has been the topic of several research analyst reports. TD Cowen lifted their price target on BP from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Thursday, July 16th. Freedom Capital raised BP from a “strong sell” rating to a “hold” rating in a report on Thursday, August 6th. Scotiabank raised their target price on shares of BP from $41.00 to $58.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. Wall Street Zen raised shares of BP from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 18th. Finally, Zacks Research cut shares of BP from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. Twelve analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $46.36.

BP Stock Performance

Shares of BP stock opened at $42.56 on Friday. The stock’s 50-day moving average price is $41.02 and its 200 day moving average price is $42.15. The company has a quick ratio of 0.95, a current ratio of 1.27 and a debt-to-equity ratio of 0.69. The stock has a market capitalization of $111.48 billion, a PE ratio of 20.76, a price-to-earnings-growth ratio of 0.58 and a beta of 0.16. BP p.l.c. has a 52-week low of $32.72 and a 52-week high of $48.27.

BP (NYSE:BP) last posted its quarterly earnings data on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share for the quarter, topping analysts’ consensus estimates of $1.87 by $0.35. The company had revenue of $69.11 billion during the quarter, compared to analysts’ expectations of $57.89 billion. BP had a return on equity of 16.63% and a net margin of 2.49%.The firm’s revenue for the quarter was up 106.1% on a year-over-year basis. During the same period last year, the firm earned $0.90 EPS. As a group, equities research analysts forecast that BP p.l.c. will post 6.04 EPS for the current year.

BP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, August 14th will be issued a dividend of $0.5196 per share. This is a boost from BP’s previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date of this dividend is Friday, August 14th. BP’s dividend payout ratio is 96.59%.

More BP News

Here are the key news stories impacting BP this week:

• Positive Sentiment: Venezuela gas expansion: BP secured a licence to explore and develop the second phase of the offshore Loran gas field with ADNOC-backed XRG and Qatar-linked UCC Oil and Gas Holding. The field is estimated to contain approximately 4 trillion cubic feet of recoverable gas, giving BP exposure to a potentially valuable long-term production opportunity as Venezuela reopens its energy sector to international companies. BP granted license for Venezuela’s Loran gas field in partnership with XRG, UCC
• Positive Sentiment: International partnerships reduce execution burden: BP’s partnership with Gulf-backed companies could provide capital, regional expertise and political support for the Venezuelan project. The deal also positions BP among the first major international energy companies returning to the country after years of isolation. BP returns to Venezuela with Gulf partners
• Positive Sentiment: Shah Deniz project advances: Emerson won a multimillion-dollar contract to provide automation technology for BP’s $2.9 billion Shah Deniz Compression project in Azerbaijan. The project is designed to access lower-pressure gas reserves and support production, although the contract is more significant operationally than financially for BP in the near term. Emerson wins contract for BP’s Shah Deniz Compression project
• Neutral Sentiment: Investor positioning: Unusually heavy options activity included purchases of 128,060 call options, more than five times average daily volume. This may indicate increased bullish speculation, but it does not represent a change in BP’s fundamentals.
• Negative Sentiment: Strategic and geopolitical concerns: The Venezuela announcement came shortly after BP outlined plans to leave the North Sea, raising questions about its geographic priorities and exposure to a politically sensitive market. The Loran licence remains subject to regulatory approvals, and sanctions, infrastructure challenges and political uncertainty could delay development or increase costs. BP to develop offshore gasfield in Venezuela

About BP

BP plc is a British multinational integrated energy company headquartered in London. Originating in the early 20th century as the Anglo-Persian Oil Company, BP has grown into one of the world’s largest oil and gas companies, operating across exploration and production, refining and marketing, trading, and a range of low-carbon businesses.

The company’s core activities include upstream exploration and production of crude oil and natural gas, midstream and trading operations, and downstream refining, marketing and supply of fuels, lubricants and petrochemicals.