BP (NYSE:BP) Rating Increased to Overweight at JPMorgan Chase & Co.

Key Points

• JPMorgan upgraded BP to “overweight” from “neutral,” while the broader analyst consensus remains “Moderate Buy” with an average price target of $46.59.
• BP shares rose 2.8% to $44.30, within a 12-month range of $32.72 to $48.27. The company recently exceeded quarterly expectations, reporting $2.22 in EPS versus a $1.87 consensus and revenue of $69.11 billion.
• Institutional investors have increased exposure to BP, including major additions by Van ECK Associates and Alyeska Investment Group; institutions and hedge funds collectively own 11.01% of the stock.

BP (NYSE:BP - Get Free Report) was upgraded by stock analysts at JPMorgan Chase & Co. from a "neutral" rating to an "overweight" rating in a note issued to investors on Wednesday.

Other equities analysts also recently issued research reports about the company. Weiss Ratings upgraded BP from a "hold (c-)" rating to a "hold (c)" rating in a research note on Wednesday, August 5th. Freedom Capital upgraded BP from a "strong sell" rating to a "hold" rating in a report on Thursday, August 6th. Piper Sandler upped their price target on BP from $43.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, September 3rd. Zacks Research raised shares of BP from a "hold" rating to a "strong-buy" rating in a report on Tuesday, September 8th. Finally, Wells Fargo & Company lowered their target price on shares of BP from $54.00 to $48.00 and set an "equal weight" rating for the company in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $46.59.

BP Stock Up 2.8%

BP stock traded up $1.20 during midday trading on Wednesday, reaching $44.30. The stock had a trading volume of 1,280,976 shares, compared to its average volume of 10,936,090. The company has a fifty day moving average price of $43.53 and a two-hundred day moving average price of $43.31. BP has a 12 month low of $32.72 and a 12 month high of $48.27. The company has a current ratio of 1.27, a quick ratio of 0.95 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $116.04 billion, a P/E ratio of 21.60, a PEG ratio of 0.50 and a beta of 0.15.

BP (NYSE:BP - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.87 by $0.35. The business had revenue of $69.11 billion for the quarter, compared to analyst estimates of $57.89 billion. BP had a return on equity of 16.63% and a net margin of 2.49%.The company's quarterly revenue was up 106.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.90 earnings per share. As a group, equities analysts expect that BP will post 6.61 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sound Shore Management Inc. CT purchased a new stake in BP in the fourth quarter worth $67,890,000. Van ECK Associates Corp grew its position in shares of BP by 290.2% in the 2nd quarter. Van ECK Associates Corp now owns 2,049,151 shares of the oil and gas exploration company's stock worth $75,716,000 after buying an additional 1,524,048 shares during the period. Alyeska Investment Group L.P. lifted its position in BP by 48.8% during the 2nd quarter. Alyeska Investment Group L.P. now owns 2,830,923 shares of the oil and gas exploration company's stock valued at $104,603,000 after acquiring an additional 928,617 shares during the period. Kahn Brothers Group Inc. bought a new position in shares of BP during the second quarter valued at approximately $23,094,000. Finally, Public Employees Retirement System of Ohio bought a new stake in BP in the first quarter worth $28,136,000. 11.01% of the stock is currently owned by hedge funds and other institutional investors.

About BP

BP p.l.c. is a global integrated energy company headquartered in London, England. Its operations span the energy value chain, including exploration and production of oil and natural gas, refining, fuel marketing, energy trading and transportation. BP also produces and markets lubricants through its Castrol brand and supplies fuels through retail networks operating under brands such as BP, Aral and ampm.

The company has operations and business relationships across multiple regions, including the Americas, Europe, the Middle East, Africa and Asia-Pacific.

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