TD Cowen Lowers BP (NYSE:BP) Price Target to $35.00

BP (NYSE:BP) had its target price lowered by TD Cowen from $37.00 to $35.00 in a research note issued to investors on Friday, Marketbeat.com reports. The firm presently has a “hold” rating on the oil and gas exploration company’s stock. TD Cowen’s price objective points to a potential downside of 5.90% from the company’s previous close.

Several other equities analysts have also weighed in on the stock. Jefferies Financial Group reiterated a “hold” rating on shares of BP in a report on Thursday, January 8th. Citigroup reiterated a “buy” rating on shares of BP in a report on Monday, November 3rd. Raymond James Financial lowered their price objective on BP from $40.00 to $38.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. Wells Fargo & Company lifted their target price on BP from $37.00 to $39.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Finally, Santander upgraded BP to an “outperform” rating in a report on Monday, November 3rd. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, ten have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, BP currently has a consensus rating of “Hold” and a consensus price target of $37.35.

BP Price Performance

NYSE:BP opened at $37.20 on Friday. The stock has a 50 day moving average price of $35.80 and a 200 day moving average price of $35.09. The stock has a market cap of $96.96 billion, a PE ratio of -3,715.78, a P/E/G ratio of 2.16 and a beta of 0.33. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.89 and a current ratio of 1.26. BP has a one year low of $25.22 and a one year high of $39.51.

BP (NYSE:BP) last issued its earnings results on Tuesday, February 10th. The oil and gas exploration company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The business had revenue of $47.38 billion during the quarter, compared to the consensus estimate of $42.19 billion. BP had a return on equity of 9.68% and a net margin of 0.03%.The company’s revenue for the quarter was up 3.6% on a year-over-year basis. During the same period last year, the company earned $0.44 EPS. Equities research analysts expect that BP will post 3.53 EPS for the current fiscal year.

Hedge Funds Weigh In On BP

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. ORG Partners LLC increased its position in shares of BP by 16.2% during the fourth quarter. ORG Partners LLC now owns 2,038 shares of the oil and gas exploration company’s stock worth $71,000 after acquiring an additional 284 shares during the period. First Horizon Corp increased its holdings in BP by 8.1% during the 4th quarter. First Horizon Corp now owns 3,933 shares of the oil and gas exploration company’s stock worth $137,000 after purchasing an additional 296 shares during the period. GAMMA Investing LLC raised its position in BP by 5.2% in the 4th quarter. GAMMA Investing LLC now owns 6,597 shares of the oil and gas exploration company’s stock valued at $229,000 after purchasing an additional 324 shares in the last quarter. Atlas Brown Inc. grew its position in shares of BP by 0.9% during the fourth quarter. Atlas Brown Inc. now owns 36,721 shares of the oil and gas exploration company’s stock worth $1,275,000 after buying an additional 330 shares in the last quarter. Finally, United Community Bank raised its holdings in BP by 1.3% in the fourth quarter. United Community Bank now owns 29,456 shares of the oil and gas exploration company’s stock valued at $1,023,000 after acquiring an additional 370 shares in the last quarter. Hedge funds and other institutional investors own 11.01% of the company’s stock.

BP Company Profile

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.