BP (NYSE:BP) Stock Price Target Raised at TD Cowen

Key Points

• TD Cowen raised BP’s price target from $41 to $47 while maintaining a “hold” rating, implying approximately 5% upside from the previous close.
• Analyst sentiment is broadly positive: BP has an average “Moderate Buy” rating and a consensus price target of $47.52, supported by recent upgrades from Zacks Research and HSBC.
• BP exceeded quarterly expectations, reporting $2.22 in earnings per share versus $1.87 expected and $69.11 billion in revenue, up 106.1% year over year.

BP (NYSE:BP - Get Free Report) had its price target increased by analysts at TD Cowen from $41.00 to $47.00 in a report released on Monday, Benzinga reports. The brokerage currently has a "hold" rating on the oil and gas exploration company's stock. TD Cowen's target price indicates a potential upside of 5.00% from the stock's previous close.

BP has been the topic of a number of other reports. Zacks Research upgraded BP from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 8th. Mizuho set a $53.00 price objective on BP in a research note on Wednesday, August 5th. Morgan Stanley reaffirmed an "overweight" rating on shares of BP in a report on Friday, September 4th. HSBC upgraded BP from a "hold" rating to a "buy" rating and increased their target price for the company from $46.00 to $51.30 in a research report on Friday. Finally, Freedom Capital upgraded shares of BP from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, BP presently has an average rating of "Moderate Buy" and an average price target of $47.52.

BP Price Performance

Shares of BP stock traded up $0.61 during mid-day trading on Monday, hitting $44.76. The company had a trading volume of 967,690 shares, compared to its average volume of 10,918,063. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.27 and a quick ratio of 0.95. The stock's 50 day moving average price is $43.71 and its 200-day moving average price is $43.40. BP has a 52-week low of $32.72 and a 52-week high of $48.27. The company has a market capitalization of $117.25 billion, a P/E ratio of 21.78, a P/E/G ratio of 0.50 and a beta of 0.15.

BP (NYSE:BP - Get Free Report) last posted its earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share for the quarter, beating the consensus estimate of $1.87 by $0.35. BP had a net margin of 2.49% and a return on equity of 16.63%. The company had revenue of $69.11 billion during the quarter, compared to analysts' expectations of $57.89 billion. During the same period last year, the company posted $0.90 earnings per share. BP's quarterly revenue was up 106.1% on a year-over-year basis. Equities research analysts forecast that BP will post 6.74 earnings per share for the current year.

Institutional Investors Weigh In On BP

Several institutional investors have recently made changes to their positions in the company. Financial Life Planners bought a new stake in BP in the first quarter worth about $39,000. Security National Bank of Sioux City Iowa IA bought a new position in shares of BP during the second quarter valued at approximately $36,000. Gill Capital Partners LLC lifted its stake in shares of BP by 53.2% during the 2nd quarter. Gill Capital Partners LLC now owns 1,376 shares of the oil and gas exploration company's stock worth $51,000 after acquiring an additional 478 shares during the last quarter. Community Bank N.A. boosted its holdings in BP by 237.0% during the 2nd quarter. Community Bank N.A. now owns 1,685 shares of the oil and gas exploration company's stock valued at $62,000 after acquiring an additional 1,185 shares during the period. Finally, Trust Co. of Vermont purchased a new position in BP during the 2nd quarter valued at $73,000. Institutional investors own 11.01% of the company's stock.

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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