BP (NYSE: BP) raised to “strong buy” at Zacks Investment Research
BP (NYSE: BP) was upgraded by Zacks Investment Research from a “hold” rating to a “strong buy” rating in a research note released Friday, Zacks.com reports. The company currently has a target price of $ 29.00 on the shares of the oil and gas exploration company. Zacks Investment Research’s target price suggests a potential rise of 13.46% from the current share price.
According to Zacks, “BP has a strong portfolio of upstream projects, which has supported impressive production growth. Since 2016, he has put online several key upstream projects that will help the integrated energy player generate 900,000 barrels of oil equivalent production per day. BP has put in place an aggressive energy transition plan to capitalize on the growing demand for clean energy. The company has set a goal of developing 50 gigawatts (GW) of net renewable power generation capacity in a decade, which is a huge improvement from the 2.5 GW capacity that the company has grown up to. here. The British energy giant recently reported strong second quarter results, thanks to rising commodity prices. Before announcing third quarter results, the company plans to repurchase $ 1.4 billion worth of shares. “
Other equity research analysts have also recently published reports on the company. Wells Fargo & Company raised its BP price target from $ 31.00 to $ 32.00 and rated the stock “overweight” in a research report released on Wednesday, June 30. TheStreet downgraded BP from a “d +” rating to a “c-” rating in a research report published on Wednesday, May 12. Deutsche Bank Aktiengesellschaft on Wednesday reaffirmed BP’s “hold” rating in a research report. The Berenberg Bank reaffirmed the “hold” rating of BP’s shares in a research report on Friday, April 30. Finally, Societe Generale reaffirmed a “buy” rating on BP shares in a research report on Wednesday April 28. Two equity research analysts rated the stock with a sell rating, ten assigned a conservation rating, ten issued a buy rating, and one issued a strong buy rating for the company’s stock. . The company currently has an average hold rating and a consensus price target of $ 36.02.
BP shares traded up $ 0.22 during the midday Friday session, reaching $ 25.56. 9,082,521 shares of the company were traded in the hands, compared to its average volume of 14,619,969. The company has a market capitalization of $ 86.27 billion, a PE ratio of 9.98, a price ratio / earnings-growth of 0.55 and a beta of 0.92. The company has a quick ratio of 0.94, a current ratio of 1.29, and a debt ratio of 0.67. The company’s fifty-day moving average is $ 26.03. BP has a one-year low at $ 14.74 and a one-year high at $ 28.49.
BP (NYSE: BP) last released its results on Monday, August 2. The oil and gas exploration company reported earnings per share (EPS) of $ 0.83 for the quarter, beating Zacks’ consensus estimate of $ 0.61 by $ 0.22. The company posted revenue of $ 36.47 billion in the quarter, compared to analysts’ estimates of $ 40.70 billion. BP had a return on equity of 6.54% and a net margin of 5.21%. The company’s quarterly revenue grew 15.1% year-over-year. In the same quarter of last year, the company posted EPS ($ 1.98). As a group, research analysts expect BP to post 2.92 EPS for the current fiscal year.
Hedge funds have recently bought and sold stocks. Bogart Wealth LLC raised its stake in BP from 97.8% in the 2nd quarter. Bogart Wealth LLC now owns 4,047 shares of the oil and gas exploration company valued at $ 107,000 after purchasing an additional 2,001 shares in the last quarter. FDx Advisors Inc. purchased a new position in BP in the second quarter valued at approximately $ 258,000. Archer Investment Corp increased its stake in BP by 442.2% in the 2nd quarter. Archer Investment Corp now owns 18,392 shares of the oil and gas exploration company valued at $ 486,000 after purchasing an additional 15,000 shares in the last quarter. Lebenthal Global Advisors LLC increased its stake in BP by 19.9% in the 2nd quarter. Lebenthal Global Advisors LLC now owns 25,896 shares of the oil and gas exploration company valued at $ 684,000 after purchasing an additional 4,300 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its stake in BP by 99.4% in the 2nd quarter. Russell Investments Group Ltd. Now owns 1,652,137 shares of the oil and gas exploration company valued at $ 43,561,000 after purchasing an additional 823,441 shares in the last quarter. Institutional investors hold 8.16% of the company’s shares.
BP Plc operates as an integrated oil and gas company. It operates through the following segments: Upstream, Downstream and Rosneft. The Upstream segment is engaged in oil and gas exploration, field development and production, intermediate transportation, storage and processing, as well as the marketing and trade of natural gas, including natural gas. liquefied and electricity and natural gas liquids.
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