BP’s (BP) Neutral Rating Reiterated at Citigroup

BP (NYSE:BP)‘s stock had its “neutral” rating reaffirmed by investment analysts at Citigroup in a report released on Wednesday, The Fly reports.

A number of other equities research analysts have also issued reports on BP. Piper Sandler raised shares of BP from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $28.00 to $31.00 in a report on Monday, August 17th. TheStreet lowered shares of BP from a “c-” rating to a “d+” rating in a report on Friday, August 14th. Wolfe Research raised shares of BP from a “peer perform” rating to an “outperform” rating and set a $31.00 target price for the company in a research report on Tuesday, June 2nd. Jefferies Financial Group raised shares of BP from a “hold” rating to a “buy” rating and set a $26.90 target price for the company in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. reaffirmed an “overweight” rating on shares of BP in a research report on Wednesday, July 15th. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and fifteen have issued a buy rating to the company. BP presently has an average rating of “Hold” and a consensus price target of $30.74.

Shares of BP stock traded up $0.30 on Wednesday, hitting $19.96. 14,628,727 shares of the company’s stock traded hands, compared to its average volume of 13,299,696. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.08 and a current ratio of 1.30. BP has a one year low of $15.51 and a one year high of $40.08. The company’s fifty day simple moving average is $21.87 and its 200 day simple moving average is $23.51. The stock has a market capitalization of $66.38 billion, a price-to-earnings ratio of -3.06 and a beta of 0.71.

BP (NYSE:BP) last released its earnings results on Tuesday, August 4th. The oil and gas exploration company reported ($1.98) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.99) by ($0.99). BP had a negative net margin of 9.45% and a negative return on equity of 1.14%. The business had revenue of $31.68 billion for the quarter, compared to the consensus estimate of $38.70 billion. During the same period in the prior year, the business posted $0.14 EPS. BP’s revenue for the quarter was down 56.4% on a year-over-year basis. As a group, sell-side analysts anticipate that BP will post -1.62 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Nations Financial Group Inc. IA ADV lifted its holdings in shares of BP by 4.7% in the second quarter. Nations Financial Group Inc. IA ADV now owns 9,378 shares of the oil and gas exploration company’s stock worth $219,000 after buying an additional 421 shares in the last quarter. Patten & Patten Inc. TN increased its position in BP by 0.9% during the second quarter. Patten & Patten Inc. TN now owns 51,343 shares of the oil and gas exploration company’s stock valued at $1,197,000 after acquiring an additional 434 shares during the last quarter. Glenview Trust Co increased its position in BP by 2.9% during the second quarter. Glenview Trust Co now owns 15,670 shares of the oil and gas exploration company’s stock valued at $365,000 after acquiring an additional 441 shares during the last quarter. Sound Income Strategies LLC increased its position in BP by 48.1% during the second quarter. Sound Income Strategies LLC now owns 1,407 shares of the oil and gas exploration company’s stock valued at $33,000 after acquiring an additional 457 shares during the last quarter. Finally, Advisors Management Group Inc. ADV increased its position in BP by 4.3% during the first quarter. Advisors Management Group Inc. ADV now owns 11,298 shares of the oil and gas exploration company’s stock valued at $276,000 after acquiring an additional 468 shares during the last quarter. Hedge funds and other institutional investors own 8.51% of the company’s stock.

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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