Beaumont Financial Advisors LLC Reduces Stock Position in BP p.l.c. $BP

Key Points

• Beaumont Financial Advisors LLC reduced its stake in BP p.l.c. by 5.1%, now holding 267,618 shares worth approximately $8 million after selling 14,510 shares in the second quarter.
• Institutional investors collectively own 11.01% of BP's stock, with notable increases in holdings from firms like Bank of New York Mellon Corp and GAMMA Investing LLC during the first quarter.
• BP recently increased its quarterly dividend to $0.4942 per share, representing a 5.6% yield, with a payout ratio of 942.86%.

Beaumont Financial Advisors LLC lowered its position in shares of BP p.l.c. (NYSE:BP - Free Report) by 5.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 267,618 shares of the oil and gas exploration company's stock after selling 14,510 shares during the period. Beaumont Financial Advisors LLC's holdings in BP were worth $8,010,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Corient IA LLC bought a new position in BP in the 1st quarter worth $338,000. GAMMA Investing LLC raised its holdings in BP by 5,751.4% in the 1st 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 in the last quarter. Kingswood Wealth Advisors LLC raised its holdings in BP by 333.1% in the 1st 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 in the last quarter. Bank of New York Mellon Corp raised its holdings in BP by 486.9% in the 1st 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 in the last quarter. Finally, Gabelli Funds LLC raised its holdings in BP by 2.5% in the 1st quarter. Gabelli Funds LLC now owns 358,800 shares of the oil and gas exploration company's stock worth $12,124,000 after purchasing an additional 8,700 shares in the last quarter. 11.01% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BP shares. Scotiabank upgraded shares of BP from a "sector perform" rating to a "sector outperform" rating and set a $42.00 price objective for the company in a report on Thursday, August 14th. TD Cowen increased their price target on shares of BP from $34.00 to $37.00 and gave the stock a "hold" rating in a research note on Wednesday, August 6th. Piper Sandler increased their price target on shares of BP from $35.00 to $38.00 and gave the stock a "neutral" rating in a research note on Monday, August 18th. Berenberg Bank upgraded shares of BP from a "hold" rating to a "strong-buy" rating in a research note on Thursday, August 7th. Finally, Wells Fargo & Company increased their price target on shares of BP from $27.00 to $32.00 and gave the stock an "equal weight" rating in a research note on Thursday, June 26th. Three analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.05.

BP Stock Performance

Shares of BP stock opened at $35.27 on Friday. BP p.l.c. has a one year low of $25.22 and a one year high of $35.54. The company's 50-day moving average is $33.92 and its 200 day moving average is $31.54. The company has a market capitalization of $92.90 billion, a price-to-earnings ratio of 167.98, a price-to-earnings-growth ratio of 1.82 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 (NYSE:BP - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The oil and gas exploration company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.68 by $0.22. BP had a net margin of 0.29% and a return on equity of 9.08%. The company had revenue of $46.63 billion for the quarter, compared to the consensus estimate of $42.88 billion. During the same period in the prior year, the firm posted $1.00 EPS. BP's revenue for the quarter was down 1.4% on a year-over-year basis. Sell-side analysts expect that BP p.l.c. will post 3.53 EPS for the current fiscal year.

BP Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, August 15th were given a dividend of $0.4942 per share. This is a positive change from BP's previous quarterly dividend of $0.48. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.98 annualized dividend and a yield of 5.6%. BP's payout ratio is currently 942.86%.

BP 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.