Alyeska Investment Group L.P. Acquires 928,617 Shares of BP p.l.c. $BP

Key Points

• Alyeska Investment Group increased its BP stake by 48.8% in the second quarter, purchasing 928,617 additional shares and bringing its holdings to 2.83 million shares valued at approximately $104.6 million.
• BP reported strong quarterly results, with earnings of $2.22 per share and revenue of $69.11 billion, beating analyst estimates and more than doubling revenue year over year.
• BP raised its quarterly dividend to $0.5196 per share, equivalent to an annualized $2.08 dividend and a 4.9% yield. Analysts maintain a consensus “Hold” rating with an average price target of $46.36.

Alyeska Investment Group L.P. increased its holdings in shares of BP p.l.c. (NYSE:BP - Free Report) by 48.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,830,923 shares of the oil and gas exploration company's stock after purchasing an additional 928,617 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.11% of BP worth $104,603,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Sound Shore Management Inc. CT purchased a new stake in BP in the 4th quarter worth $67,890,000. Van ECK Associates Corp lifted its position in shares of BP by 290.2% in the second quarter. Van ECK Associates Corp now owns 2,049,151 shares of the oil and gas exploration company's stock worth $75,716,000 after buying an additional 1,524,048 shares in the last quarter. Kahn Brothers Group Inc. bought a new position in BP during the second quarter valued at approximately $23,094,000. Public Employees Retirement System of Ohio purchased a new position in BP during the 1st quarter valued at approximately $28,136,000. Finally, New York State Common Retirement Fund bought a new stake in BP in the 4th quarter worth approximately $17,768,000. 11.01% of the stock is owned by hedge funds and other institutional investors.

BP Stock Performance

Shares of BP stock opened at $42.13 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.27 and a debt-to-equity ratio of 0.69. The stock's fifty day moving average is $41.38 and its two-hundred day moving average is $42.52. BP p.l.c. has a 52 week low of $32.72 and a 52 week high of $48.27. The company has a market capitalization of $110.36 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 0.57 and a beta of 0.16.

BP (NYSE:BP - Get Free Report) last released its earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.35. BP had a return on equity of 16.63% and a net margin of 2.49%.The business had revenue of $69.11 billion during the quarter, compared to the consensus estimate of $57.89 billion. During the same period last year, the company earned $0.90 earnings per share. The business's revenue for the quarter was up 106.1% compared to the same quarter last year. As a group, analysts expect that BP p.l.c. will post 6.08 earnings per share for the current year.

BP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, August 14th will be paid a $0.5196 dividend. The ex-dividend date is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 4.9%. This is an increase from BP's previous quarterly dividend of $0.50. BP's payout ratio is currently 100.49%.

Analyst Upgrades and Downgrades

BP has been the topic of several research reports. TD Cowen boosted their price target on shares of BP from $40.00 to $41.00 and gave the stock a "hold" rating in a research report on Thursday, July 16th. Piper Sandler increased their price target on shares of BP from $42.00 to $43.00 and gave the company a "neutral" rating in a report on Friday, August 7th. Argus raised BP from a "hold" rating to a "buy" rating and set a $50.00 price objective on the stock in a research note on Monday, May 11th. Freedom Capital upgraded BP from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 6th. Finally, Zacks Research cut BP from a "strong-buy" rating to a "hold" rating in a report on Monday, May 25th. Twelve equities research analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $46.36.

About BP

BP plc is a British multinational integrated energy company headquartered in London. Originating in the early 20th century as the Anglo-Persian Oil Company, BP has grown into one of the world's largest oil and gas companies, operating across exploration and production, refining and marketing, trading, and a range of low-carbon businesses.

The company's core activities include upstream exploration and production of crude oil and natural gas, midstream and trading operations, and downstream refining, marketing and supply of fuels, lubricants and petrochemicals.

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