Citigroup Forecasts Strong Price Appreciation for BP (LON:BP) Stock

Key Points

• Citigroup has increased BP's price target from GBX 475 to GBX 525, indicating a potential upside of 18.70% from its current price.
• Other analysts, including Berenberg Bank and Jefferies Financial Group, have also raised their ratings and price targets for BP, contributing to a consensus rating of "Hold".
• BP shares traded down to GBX 442.30 during mid-day trading, with trading volume significantly above its average.

BP (LON:BP - Get Free Report) had its price target lifted by Citigroup from GBX 475 to GBX 525 in a note issued to investors on Monday,Digital Look reports. The firm currently has a "buy" rating on the oil and gas exploration company's stock. Citigroup's price target would indicate a potential upside of 18.70% from the stock's current price.

BP has been the subject of a number of other reports. Berenberg Bank raised shares of BP from a "hold" rating to a "buy" rating and increased their price target for the company from GBX 385 to GBX 500 in a report on Wednesday, August 6th. Jefferies Financial Group increased their target price on shares of BP from GBX 400 to GBX 420 and gave the company a "hold" rating in a research note on Friday, October 17th. Royal Bank Of Canada reissued a "sector perform" rating and set a GBX 470 target price on shares of BP in a research report on Wednesday, October 15th. Finally, JPMorgan Chase & Co. boosted their price target on BP from GBX 420 to GBX 440 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of GBX 471.

BP Stock Performance

Shares of BP traded down GBX 5.55 during mid-day trading on Monday, hitting GBX 442.30. The company's stock had a trading volume of 22,344,278 shares, compared to its average volume of 8,560,774. The stock's 50-day moving average is GBX 426.64 and its two-hundred day moving average is GBX 397.30. The firm has a market capitalization of £86.08 billion, a PE ratio of 33.04, a price-to-earnings-growth 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. BP has a one year low of GBX 379.70 and a one year high of GBX 562.30.

Insider Buying and Selling at BP

In other BP news, insider Amanda Blanc bought 23,600 shares of the firm's stock in a transaction dated Friday, September 19th. The shares were acquired at an average cost of GBX 426 per share, for a total transaction of £100,536. In the last quarter, insiders have bought 23,617 shares of company stock worth $10,060,861. 0.26% of the stock is currently owned by insiders.

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.

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