BP (NYSE:BP) Raised to "Hold" at Wells Fargo & Company

Key Points

• BP has been upgraded to a "hold" rating by Wells Fargo & Company, reflecting a shift in analyst sentiment.
• The company reported a quarterly earnings per share (EPS) of $0.90, exceeding estimates of $0.68, although revenue declined by 1.4% year-over-year.
• With a current market capitalization of $87.12 billion, BP's stock currently has a consensus rating of "Hold" and an average target price of $42.41.

BP (NYSE:BP - Get Free Report) was upgraded by equities researchers at Wells Fargo & Company to a "hold" rating in a research note issued to investors on Thursday,Zacks.com reports.

BP has been the subject of several other reports. Melius started coverage on BP in a research note on Wednesday, August 20th. They issued a "buy" rating and a $66.00 price objective for the company. DZ Bank raised shares of BP from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 6th. Jefferies Financial Group reaffirmed a "hold" rating on shares of BP in a report on Thursday. BNP Paribas raised shares of BP from a "neutral" rating to an "outperform" rating in a report on Monday, September 15th. Finally, TD Cowen upped their target price on shares of BP from $34.00 to $37.00 and gave the stock a "hold" rating in a report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $42.41.

BP Trading Up 1.0%

NYSE:BP opened at $33.12 on Thursday. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.21 and a quick ratio of 0.92. The firm has a market capitalization of $87.12 billion, a price-to-earnings ratio of 157.74, a price-to-earnings-growth ratio of 1.85 and a beta of 0.54. BP has a one year low of $25.22 and a one year high of $35.88. The business has a fifty day moving average price of $34.36 and a 200-day moving average price of $31.57.

BP (NYSE:BP - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The oil and gas exploration company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.68 by $0.22. The firm had revenue of $46.63 billion during the quarter, compared to analyst estimates of $42.88 billion. BP had a return on equity of 9.08% and a net margin of 0.29%.BP's revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the business posted $1.00 EPS. Sell-side analysts forecast that BP will post 3.53 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Heartwood Wealth Advisors LLC bought a new position in shares of BP in the 3rd quarter valued at about $26,000. Twin Peaks Wealth Advisors LLC bought a new position in shares of BP in the 2nd quarter valued at about $27,000. Cary Street Partners Investment Advisory LLC lifted its holdings in shares of BP by 2,250.0% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 940 shares of the oil and gas exploration company's stock valued at $32,000 after acquiring an additional 900 shares during the last quarter. Acima Private Wealth LLC bought a new position in shares of BP in the 2nd quarter valued at about $32,000. Finally, GW&K Investment Management LLC lifted its holdings in shares of BP by 178.0% in the 1st quarter. GW&K Investment Management LLC now owns 1,034 shares of the oil and gas exploration company's stock valued at $35,000 after acquiring an additional 662 shares during the last quarter. Institutional investors own 11.01% of the company's stock.

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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