BP (LON:BP) Upgraded by Berenberg Bank to Buy Rating

Key Points

• BP has been upgraded to a "buy" rating by Berenberg Bank, with a revised price target of GBX 500 ($6.68), indicating a potential upside of 16.18%.
• Other analysts have also adjusted their price targets, with Royal Bank of Canada raising theirs to GBX 470 ($6.28), and JPMorgan Chase increasing it to GBX 440 ($5.88).
• Insider transactions have been reported, including a significant sale of 336,621 shares by Murray Auchincloss at an average price of GBX 359 ($4.80).

BP (LON:BP - Get Free Report) was upgraded by research analysts at Berenberg Bank to a "buy" rating in a research report issued on Wednesday, Marketbeat reports. The firm currently has a GBX 500 ($6.68) price objective on the oil and gas exploration company's stock, up from their prior price objective of GBX 385 ($5.14). Berenberg Bank's price target suggests a potential upside of 16.18% from the stock's current price.

Several other research analysts have also recently issued reports on BP. Royal Bank Of Canada raised their target price on BP from GBX 450 ($6.01) to GBX 470 ($6.28) and gave the stock a "sector perform" rating in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on BP from GBX 420 ($5.61) to GBX 440 ($5.88) and gave the stock a "neutral" rating in a research report on Wednesday. Finally, Jefferies Financial Group reissued a "hold" rating and issued a GBX 390 ($5.21) target price on shares of BP in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of GBX 460 ($6.14).

BP Trading Up 3.1%

Shares of LON:BP opened at GBX 430.35 ($5.75) on Wednesday. The stock has a market capitalization of £83.76 billion, a price-to-earnings ratio of 32.15, a PEG ratio of 0.35 and a beta of 0.49. The company has a debt-to-equity ratio of 105.65, a quick ratio of 0.62 and a current ratio of 1.22. The stock's 50-day simple moving average is GBX 383.84 and its two-hundred day simple moving average is GBX 395.70. BP has a 52-week low of GBX 379.70 ($5.07) and a 52-week high of GBX 562.30 ($7.51).

Insider Buying and Selling at BP

In other news, insider Murray Auchincloss sold 336,621 shares of BP stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of GBX 359 ($4.80), for a total transaction of £1,208,469.39 ($1,614,305.89). Over the last 90 days, insiders bought 214 shares of company stock worth $80,903. 0.26% of the stock is owned by insiders.

BP Company Profile

BP p.l.c. provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, and integrated gas and power; trading of gas; operation of onshore and offshore wind power, as well as hydrogen and carbon capture and storage facilities; trading and marketing of renewable and non-renewable power; and production of crude oil.

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