BP plc (NYSE:BP) Shares Acquired by Pinnacle Associates Ltd.

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Pinnacle Associates Ltd. lifted its position in shares of BP plc (NYSE:BP) by 1.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 36,635 shares of the oil and gas exploration company’s stock after acquiring an additional 670 shares during the period. Pinnacle Associates Ltd.’s holdings in BP were worth $1,528,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC increased its position in BP by 18.6% in the first quarter. FMR LLC now owns 30,833,002 shares of the oil and gas exploration company’s stock worth $1,348,019,000 after buying an additional 4,832,518 shares during the period. BlackRock Inc. increased its position in BP by 51.5% in the first quarter. BlackRock Inc. now owns 12,141,698 shares of the oil and gas exploration company’s stock worth $530,835,000 after buying an additional 4,126,312 shares during the period. PNC Financial Services Group Inc. increased its position in BP by 80.7% in the first quarter. PNC Financial Services Group Inc. now owns 3,652,922 shares of the oil and gas exploration company’s stock worth $159,705,000 after buying an additional 1,631,395 shares during the period. Wells Fargo & Company MN increased its position in BP by 20.9% in the first quarter. Wells Fargo & Company MN now owns 5,720,246 shares of the oil and gas exploration company’s stock worth $250,090,000 after buying an additional 989,753 shares during the period. Finally, Menora Mivtachim Holdings LTD. increased its position in BP by 65.1% in the first quarter. Menora Mivtachim Holdings LTD. now owns 1,790,920 shares of the oil and gas exploration company’s stock worth $78,299,000 after buying an additional 706,490 shares during the period. 10.88% of the stock is currently owned by institutional investors and hedge funds.

BP has been the topic of several analyst reports. ValuEngine lowered BP from a “hold” rating to a “sell” rating in a research report on Thursday, July 18th. BMO Capital Markets began coverage on BP in a research note on Tuesday. They issued an “outperform” rating and a $53.00 price target for the company. Credit Suisse Group cut BP from an “outperform” rating to a “neutral” rating and set a $41.06 price target for the company. in a research note on Wednesday, July 10th. Finally, Jefferies Financial Group raised BP from a “hold” rating to a “buy” rating and increased their price target for the stock from $46.30 to $48.60 in a research note on Wednesday, July 31st. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $52.04.

NYSE:BP opened at $36.38 on Friday. BP plc has a 1 year low of $35.73 and a 1 year high of $47.16. The stock has a market cap of $121.86 billion, a price-to-earnings ratio of 9.57, a PEG ratio of 1.15 and a beta of 0.74. The business has a fifty day moving average of $38.77 and a 200-day moving average of $41.74. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.77 and a current ratio of 1.07.

BP Company Profile

BP p.l.c. engages in energy business worldwide. It operates through three segments: Upstream, Downstream, and Rosneft. The Upstream segment is involved in the oil and natural gas exploration, field development, and production; midstream transportation, storage, and processing; and marketing and trading of liquefied natural gas (LNG), biogas, power and natural gas liquids (NGLs).

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Institutional Ownership by Quarter for BP (NYSE:BP)

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