BP (NYSE:BP) Given New $43.00 Price Target at Piper Sandler

BP (NYSE:BP) had its target price increased by research analysts at Piper Sandler from $40.00 to $43.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s target price points to a potential upside of 11.98% from the company’s current price.

A number of other research firms also recently weighed in on BP. Jefferies Financial Group raised BP from a “hold” rating to a “buy” rating and upped their price target for the stock from $38.60 to $42.30 in a research report on Monday, March 4th. Erste Group Bank raised BP from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Wells Fargo & Company upped their price target on BP from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. TD Securities upped their price target on BP from $41.00 to $43.00 and gave the stock a “buy” rating in a research report on Wednesday, February 7th. Finally, Raymond James increased their price objective on BP from $42.00 to $45.00 and gave the company an “outperform” rating in a report on Monday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $43.72.

BP Stock Up 0.1 %

NYSE BP traded up $0.03 during trading hours on Thursday, reaching $38.40. 1,102,935 shares of the company’s stock were exchanged, compared to its average volume of 9,360,064. The company’s 50-day moving average is $37.09 and its two-hundred day moving average is $36.46. BP has a one year low of $33.52 and a one year high of $40.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.94 and a current ratio of 1.21. The company has a market capitalization of $108.14 billion, a price-to-earnings ratio of 7.54, a price-to-earnings-growth ratio of 1.97 and a beta of 0.68.

BP (NYSE:BP) last posted its earnings results on Tuesday, February 6th. The oil and gas exploration company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.11. BP had a return on equity of 16.00% and a net margin of 7.15%. The business had revenue of $52.14 billion during the quarter, compared to analysts’ expectations of $53.14 billion. During the same period in the prior year, the business earned $1.59 EPS. BP’s revenue for the quarter was down 24.7% compared to the same quarter last year. On average, analysts forecast that BP will post 4.89 EPS for the current fiscal year.

Institutional Investors Weigh In On BP

Several hedge funds have recently added to or reduced their stakes in BP. Brown Brothers Harriman & Co. lifted its holdings in BP by 202.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 5,921 shares of the oil and gas exploration company’s stock valued at $174,000 after purchasing an additional 3,965 shares during the last quarter. SS&H Financial Advisors Inc. bought a new position in BP during the 1st quarter worth $338,000. Gamco Investors INC. ET AL bought a new position in BP during the 1st quarter worth $343,000. Cowa LLC increased its position in BP by 10,274.3% during the 1st quarter. Cowa LLC now owns 2,070,297 shares of the oil and gas exploration company’s stock worth $609,000 after buying an additional 2,050,341 shares during the period. Finally, Nations Financial Group Inc. IA ADV bought a new position in BP during the 1st quarter worth $327,000. Institutional investors and hedge funds own 11.01% of the company’s stock.

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.