Pacific Heights Asset Management LLC continued to hold its stake in shares of BP PLC (NYSE:BP) during the second quarter, Holdings Channel reports. The fund owned 200,000 shares of the oil and gas exploration company’s stock at the end of the second quarter. Pacific Heights Asset Management LLC’s holdings in BP PLC were worth $7,102,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of the company. Bank of Montreal Can purchased a new position in BP PLC during the second quarter valued at $257,496,000. Franklin Resources Inc. raised its position in BP PLC by 13.1% in the first quarter. Franklin Resources Inc. now owns 30,033,235 shares of the oil and gas exploration company’s stock valued at $906,404,000 after buying an additional 3,467,640 shares in the last quarter. Acadian Asset Management LLC raised its position in BP PLC by 84.7% in the second quarter. Acadian Asset Management LLC now owns 7,425,394 shares of the oil and gas exploration company’s stock valued at $263,671,000 after buying an additional 3,405,646 shares in the last quarter. Renaissance Technologies LLC raised its position in BP PLC by 226.5% in the first quarter. Renaissance Technologies LLC now owns 979,700 shares of the oil and gas exploration company’s stock valued at $29,567,000 after buying an additional 679,600 shares in the last quarter. Finally, Seminole Management Co. Inc. raised its position in BP PLC by 82.1% in the second quarter. Seminole Management Co. Inc. now owns 1,310,369 shares of the oil and gas exploration company’s stock valued at $46,531,000 after buying an additional 590,690 shares in the last quarter. 12.06% of the stock is currently owned by hedge funds and other institutional investors.
Shares of BP PLC (NYSE:BP) traded up 0.59% on Tuesday, hitting $35.68. The stock had a trading volume of 8,147,575 shares. BP PLC has a 1-year low of $27.01 and a 1-year high of $37.53. The stock’s market cap is $111.66 billion. The firm’s 50-day moving average is $34.16 and its 200 day moving average is $33.10.
BP PLC (NYSE:BP) last released its quarterly earnings results on Tuesday, July 26th. The oil and gas exploration company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by $0.05. The company had revenue of $46.44 billion for the quarter, compared to the consensus estimate of $50.22 billion. BP PLC had a positive return on equity of 3.32% and a negative net margin of 2.76%. The business’s revenue was down 25.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.07 EPS. Equities analysts forecast that BP PLC will post $1.10 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, August 5th were paid a dividend of $0.595 per share. The ex-dividend date of this dividend was Wednesday, August 3rd. This represents a $2.38 annualized dividend and a dividend yield of 6.67%. BP PLC’s dividend payout ratio (DPR) is presently -139.18%.
Several equities analysts have recently weighed in on BP shares. Vetr raised BP PLC from a “buy” rating to a “strong-buy” rating and set a $37.00 price objective on the stock in a research note on Monday, June 27th. Credit Suisse Group AG raised BP PLC from an “underperform” rating to a “neutral” rating in a research note on Tuesday, July 5th. JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of BP PLC in a research note on Thursday, July 21st. Collins Stewart reaffirmed a “buy” rating on shares of BP PLC in a research note on Thursday, June 30th. Finally, Credit Agricole SA reaffirmed a “buy” rating on shares of BP PLC in a research note on Tuesday, August 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating, twelve have given a buy rating and three have given a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $38.63.
BP PLC Company Profile
BP p.l.c. is an integrated oil and gas company. The Company provides its customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving and the petrochemicals products used to make everyday items as diverse as paints, clothes and packaging. The Company operates through three segments: Upstream, Downstream and Rosneft.
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