BP (NYSE:BP) Raised to "Outperform" at BNP Paribas

Key Points

• BP's rating was upgraded from "neutral" to "outperform" by BNP Paribas in a recent report, reflecting growing confidence in the company's stock.
• Other analysts, including Scotiabank and Melius Research, have also raised their ratings on BP, with Melius giving it a "buy" rating and a price target of $66.00.
• BP reported a quarterly EPS of $0.90, surpassing estimates, with revenues of $46.63 billion, even as year-over-year revenue declined by 1.4%.

BP (NYSE:BP - Get Free Report) was upgraded by equities research analysts at BNP Paribas from a "neutral" rating to an "outperform" rating in a research note issued to investors on Monday, MarketBeat Ratings reports.

Other equities analysts also recently issued reports about the company. Berenberg Bank upgraded BP from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Wells Fargo & Company lifted their target price on BP from $27.00 to $32.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. Melius assumed coverage on BP in a research report on Wednesday, August 20th. They issued a "buy" rating and a $66.00 price target for the company. DZ Bank upgraded BP from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 6th. Finally, Jefferies Financial Group set a $29.00 price target on BP and gave the company a "hold" rating in a report on Monday, May 19th. Three analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $41.77.

BP Trading Down 1.4%

BP stock traded down $0.50 during trading on Monday, hitting $34.07. 4,920,348 shares of the company traded hands, compared to its average volume of 10,597,478. The company has a 50-day moving average of $33.66 and a 200-day moving average of $31.44. The firm has a market capitalization of $89.85 billion, a PE ratio of 162.36, a P/E/G ratio of 1.77 and a beta of 0.61. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.92 and a current ratio of 1.21. BP has a 1 year low of $25.22 and a 1 year high of $35.54.

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

Institutional Trading of BP

Several institutional investors have recently made changes to their positions in BP. Anchor Investment Management LLC lifted its stake in shares of BP by 60.7% in the second quarter. Anchor Investment Management LLC now owns 8,134 shares of the oil and gas exploration company's stock worth $243,000 after buying an additional 3,072 shares during the last quarter. Rexford Capital Inc. bought a new position in BP during the 2nd quarter worth approximately $209,000. WFA of San Diego LLC acquired a new stake in shares of BP in the second quarter valued at approximately $46,000. IHT Wealth Management LLC grew its stake in shares of BP by 3.3% in the second quarter. IHT Wealth Management LLC now owns 12,513 shares of the oil and gas exploration company's stock valued at $375,000 after buying an additional 398 shares in the last quarter. Finally, Bollard Group LLC boosted its position in BP by 12.7% during the second quarter. Bollard Group LLC now owns 337,724 shares of the oil and gas exploration company's stock worth $10,108,000 after purchasing an additional 37,974 shares during the period. 11.01% of the stock is currently owned by institutional investors and hedge funds.

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.