TD Cowen Forecasts Strong Price Appreciation for BP (NYSE:BP) Stock

BP (NYSE:BP) had its price objective increased by analysts at TD Cowen from $41.00 to $47.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “hold” rating on the oil and gas exploration company’s stock. TD Cowen’s price objective suggests a potential upside of 7.98% from the company’s previous close.

Several other research analysts also recently weighed in on BP. Weiss Ratings raised BP from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, August 5th. Piper Sandler boosted their price target on shares of BP from $43.00 to $46.00 and gave the stock a “neutral” rating in a report on Thursday, September 3rd. Wall Street Zen upgraded shares of BP from a “buy” rating to a “strong-buy” rating in a research report on Saturday, July 18th. Wells Fargo & Company decreased their price objective on shares of BP from $54.00 to $48.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 5th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of BP in a research report on Friday, September 4th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.52.

BP Price Performance

Shares of BP stock opened at $43.52 on Monday. The firm has a market cap of $114.02 billion, a PE ratio of 21.23, a P/E/G ratio of 0.51 and a beta of 0.15. BP has a twelve month low of $32.72 and a twelve month high of $48.27. 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 business has a 50-day moving average price of $43.77 and a 200 day moving average price of $43.45.

BP (NYSE:BP) last issued its quarterly earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.87 by $0.35. BP had a return on equity of 16.63% and a net margin of 2.49%.The company had revenue of $69.11 billion for the quarter, compared to the consensus estimate of $57.89 billion. During the same quarter in the prior year, the business posted $0.90 earnings per share. BP’s revenue for the quarter was up 106.1% on a year-over-year basis. Sell-side analysts predict that BP will post 6.74 earnings per share for the current fiscal year.

Institutional Investors Weigh In On BP

A number of hedge funds have recently modified their holdings of the business. QRG Capital Management Inc. boosted its position in BP by 8.3% during the second quarter. QRG Capital Management Inc. now owns 143,487 shares of the oil and gas exploration company’s stock worth $5,302,000 after acquiring an additional 10,974 shares during the last quarter. Security National Bank of Sioux City Iowa IA acquired a new stake in BP in the 2nd quarter valued at about $36,000. Anchor Investment Management LLC raised its holdings in BP by 8.9% in the 2nd quarter. Anchor Investment Management LLC now owns 6,189 shares of the oil and gas exploration company’s stock valued at $229,000 after acquiring an additional 506 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in BP by 1.4% during the second quarter. Sequoia Financial Advisors LLC now owns 51,289 shares of the oil and gas exploration company’s stock worth $1,895,000 after buying an additional 717 shares in the last quarter. Finally, Community Bank N.A. grew its holdings in BP by 237.0% in the 2nd quarter. Community Bank N.A. now owns 1,685 shares of the oil and gas exploration company’s stock valued at $62,000 after buying an additional 1,185 shares in the last quarter. 11.01% of the stock is currently owned by institutional investors and hedge funds.

About BP

BP p.l.c. is a global integrated energy company headquartered in London, United Kingdom. Its operations span the exploration, development and production of oil and natural gas, as well as the processing, refining, transportation and marketing of energy products.

Through its businesses, BP supplies fuels for road transportation, aviation and marine use, along with lubricants marketed under the Castrol brand. The company also operates retail fuel and convenience locations and provides energy products and services to commercial and industrial customers.

BP has expanded its activities beyond traditional hydrocarbons to include lower-carbon businesses such as renewable power, bioenergy, electric-vehicle charging and hydrogen.