Zacks Investment Research cut shares of BP (NYSE:BP) from a buy rating to a hold rating in a report issued on Friday.
According to Zacks, “BP has rallied 18% over the past year, outperforming the industry’s 10% gain. During 2017, the leading integrated energy firm brought online seven key upstream projects. BP is also expected to bring online five more developments in 2018. All these projects along with the developments placed online during 2016 will likely help the energy giant add 800,000 barrels of oil equivalent per day to net production capacity by 2020. However, the oil spill incident of 2010 in the BP-operated Macondo prospect continues to affect the company. BP anticipates cash out flow related to the incident of $3 billion through 2018 against the prior projection of slightly more than $2 billion.”
A number of other brokerages have also issued reports on BP. Vetr upgraded BP from a hold rating to a buy rating and set a $41.28 price target for the company in a research report on Wednesday, December 6th. TheStreet lowered BP from a b rating to a c+ rating in a research report on Tuesday, February 13th. Societe Generale upgraded BP from a hold rating to a buy rating in a research report on Monday, February 12th. ValuEngine upgraded BP from a hold rating to a buy rating in a research report on Thursday, March 1st. Finally, Piper Jaffray Companies reiterated a buy rating and set a $51.00 price target on shares of BP in a research report on Wednesday, January 24th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. The stock currently has a consensus rating of Hold and an average price target of $40.26.
BP (NYSE:BP) last announced its quarterly earnings results on Tuesday, February 6th. The oil and gas exploration company reported $0.64 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.02). BP had a return on equity of 6.19% and a net margin of 1.39%. The business had revenue of $67.82 billion for the quarter, compared to analyst estimates of $56.85 billion. During the same quarter last year, the firm posted $0.13 EPS. The company’s revenue was up 33.0% compared to the same quarter last year. sell-side analysts expect that BP will post 2.7 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Friday, February 16th will be issued a $0.60 dividend. The ex-dividend date is Thursday, February 15th. This represents a $2.40 annualized dividend and a dividend yield of 6.02%. BP’s dividend payout ratio (DPR) is 184.50%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Sterling Capital Management LLC lifted its holdings in shares of BP by 22.2% during the third quarter. Sterling Capital Management LLC now owns 17,434 shares of the oil and gas exploration company’s stock valued at $670,000 after purchasing an additional 3,164 shares during the last quarter. Cornerstone Investment Partners LLC raised its position in BP by 101.6% during the fourth quarter. Cornerstone Investment Partners LLC now owns 59,430 shares of the oil and gas exploration company’s stock valued at $2,498,000 after buying an additional 29,950 shares during the period. Harvey Investment Co. LLC acquired a new position in BP during the fourth quarter valued at $205,000. Zions Bancorporation raised its position in BP by 607.3% during the third quarter. Zions Bancorporation now owns 31,056 shares of the oil and gas exploration company’s stock valued at $1,193,000 after buying an additional 26,665 shares during the period. Finally, Assetmark Inc. raised its position in BP by 6.7% during the third quarter. Assetmark Inc. now owns 93,251 shares of the oil and gas exploration company’s stock valued at $3,584,000 after buying an additional 5,839 shares during the period. 10.19% of the stock is owned by institutional investors and hedge funds.
BP Company Profile
BP p.l.c. is an integrated oil and gas company. The Company owns an interest in OJSC Oil Company Rosneft (Rosneft), an oil and gas company. The Company’s segments include Upstream, Downstream, Rosneft, and Other businesses and corporate. The Upstream segment is engaged in oil and natural gas exploration, field development and production, as well as midstream transportation, storage and processing.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for BP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BP and related companies with MarketBeat.com's FREE daily email newsletter.