BP (NYSE:BP) Stock Rating Upgraded by Berenberg Bank

Key Points

• BP has been upgraded from a "hold" to a "buy" rating by Berenberg Bank, reflecting a positive outlook on the stock's performance.
• Several analysts have raised their target prices for BP, with TD Cowen updating its target from $34.00 to $37.00, demonstrating growing investor confidence.
• The company's recent quarterly earnings report showed an EPS of $0.90, surpassing analysts' expectations, and indicated a revenue of $46.63 billion, up from estimates of $42.88 billion.

BP (NYSE:BP - Get Free Report) was upgraded by Berenberg Bank from a "hold" rating to a "strong-buy" rating in a research note issued on Thursday, MarketBeat reports.

Other analysts have also recently issued reports about the company. UBS Group cut BP from a "buy" rating to a "neutral" rating in a report on Thursday, April 10th. Piper Sandler upped their target price on BP from $32.00 to $35.00 and gave the company a "neutral" rating in a report on Tuesday, July 15th. Scotiabank reiterated a "sector perform" rating and issued a $34.00 target price (up from $30.00) on shares of BP in a report on Friday, July 11th. TD Cowen upped their target price on BP from $34.00 to $37.00 and gave the company a "hold" rating in a report on Wednesday. Finally, Morgan Stanley cut BP from an "equal weight" rating to an "underweight" rating and set a $26.50 target price on the stock. in a report on Monday, May 12th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, BP presently has an average rating of "Hold" and an average target price of $35.17.

BP Stock Performance

BP stock opened at $34.20 on Thursday. BP has a 12-month low of $25.22 and a 12-month high of $35.54. The company has a quick ratio of 0.92, a current ratio of 1.21 and a debt-to-equity ratio of 0.68. The business's 50-day moving average price is $31.28 and its two-hundred day moving average price is $31.10. The stock has a market cap of $90.69 billion, a PE ratio of 162.84, a P/E/G ratio of 1.95 and a beta of 0.57.

BP (NYSE:BP - Get Free Report) last released its earnings results on Tuesday, August 5th. The oil and gas exploration company reported $0.90 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $42.88 billion. During the same quarter in the previous year, the business posted $1.00 earnings per share. The business's revenue for the quarter was down 1.4% on a year-over-year basis. As a group, analysts expect that BP will post 3.53 earnings per share for the current fiscal year.

Institutional Trading of BP

Several large investors have recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of BP by 5,751.4% during the first quarter. GAMMA Investing LLC now owns 207,606 shares of the oil and gas exploration company's stock worth $7,015,000 after purchasing an additional 204,058 shares during the period. Kingswood Wealth Advisors LLC raised its position in shares of BP by 333.1% during the first quarter. Kingswood Wealth Advisors LLC now owns 68,980 shares of the oil and gas exploration company's stock worth $2,332,000 after purchasing an additional 53,054 shares during the period. Bank of New York Mellon Corp raised its position in shares of BP by 486.9% during the first quarter. Bank of New York Mellon Corp now owns 2,787,644 shares of the oil and gas exploration company's stock worth $94,195,000 after purchasing an additional 2,312,687 shares during the period. Meritage Portfolio Management raised its position in shares of BP by 54.7% during the first quarter. Meritage Portfolio Management now owns 163,147 shares of the oil and gas exploration company's stock worth $5,513,000 after purchasing an additional 57,719 shares during the period. Finally, Ameriprise Financial Inc. raised its position in shares of BP by 4.3% during the fourth quarter. Ameriprise Financial Inc. now owns 940,786 shares of the oil and gas exploration company's stock worth $27,810,000 after purchasing an additional 38,759 shares during the period. 11.01% of the stock is currently owned by institutional investors and hedge funds.

About BP

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.