Zacks Investment Research upgraded shares of BP (NYSE:BP) from a hold rating to a buy rating in a report issued on Monday. Zacks Investment Research currently has $44.00 price target on the oil and gas exploration company’s stock.
According to Zacks, “BP rallied 16.4% over the past year, outperforming the industry’s 8.6% gain. Through 2017, the firm brought online seven key projects — Khazzan Phase 1, Zohr, Juniper, Persephone, Quad 204, Trinidad Onshore Compression and West Nile Delta – Taurus / Libra — which helped the firm produce record volumes of oil and gas during the October-to-December quarter. In fact, fourth-quarter 2017 production touched the highest mark since the January-to-March quarter of 2011. BP is also expected to bring online five more upstream 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. BP has also been paying stable dividends to American Depositary Share (ADS) holders for 13 quarters in a row despite volatile crude prices.”
Other analysts also recently issued reports about the company. TheStreet downgraded BP from a b rating to a c+ rating in a research report on Tuesday, February 13th. Societe Generale raised BP from a hold rating to a buy rating in a research report on Monday, February 12th. Piper Jaffray Companies reaffirmed a buy rating and set a $51.00 price target on shares of BP in a research report on Wednesday, January 24th. Vetr raised BP from a hold rating to a buy rating and set a $40.94 price target for the company in a research report on Thursday, November 23rd. Finally, ValuEngine raised BP from a hold rating to a buy rating in a research report on Thursday, March 1st. Three analysts have rated the stock with a sell rating, six have given a hold rating and twelve have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $40.26.
BP (NYSE:BP) last issued its quarterly earnings results on Tuesday, February 6th. The oil and gas exploration company reported $0.64 EPS for the quarter, missing the Zacks’ consensus estimate of $0.66 by ($0.02). The business had revenue of $67.82 billion for the quarter, compared to analysts’ expectations of $56.85 billion. BP had a net margin of 1.39% and a return on equity of 6.19%. The business’s revenue was up 33.0% compared to the same quarter last year. During the same period in the previous year, the business posted $0.13 earnings per share. research analysts anticipate that BP will post 2.7 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 29th. Shareholders of record on Friday, February 16th will be given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 6.02%. The ex-dividend date of this dividend is Thursday, February 15th. BP’s dividend payout ratio is currently 233.34%.
Institutional investors have recently bought and sold shares of the company. Stonehearth Capital Management LLC bought a new position in shares of BP in the fourth quarter worth $115,000. Itau Unibanco Holding S.A. boosted its holdings in shares of BP by 121.3% in the fourth quarter. Itau Unibanco Holding S.A. now owns 2,740 shares of the oil and gas exploration company’s stock worth $115,000 after acquiring an additional 1,502 shares during the period. Pinnacle Wealth Planning Services Inc. bought a new position in shares of BP in the fourth quarter worth $129,000. Truewealth LLC bought a new position in shares of BP in the fourth quarter worth $138,000. Finally, Baystate Wealth Management LLC boosted its holdings in shares of BP by 832.8% in the fourth quarter. Baystate Wealth Management LLC now owns 3,302 shares of the oil and gas exploration company’s stock worth $143,000 after acquiring an additional 2,948 shares during the period. 10.19% of the stock is owned by hedge funds and other institutional investors.
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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.
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