BP p.l.c. $BP Shares Acquired by Kornitzer Capital Management Inc. KS

Key Points

• Kornitzer Capital Management Inc. increased its stake in BP p.l.c. by 1.6%, owning a total of 485,409 shares worth approximately $14.5 million.
• BP recently raised its quarterly dividend to $0.4942 per share, resulting in an annualized yield of 5.7%.
• Despite reporting a quarterly EPS of $0.90, which exceeded expectations, BP's revenue declined by 1.4% year-over-year.

Kornitzer Capital Management Inc. KS grew its stake in BP p.l.c. (NYSE:BP - Free Report) by 1.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 485,409 shares of the oil and gas exploration company's stock after purchasing an additional 7,645 shares during the period. Kornitzer Capital Management Inc. KS's holdings in BP were worth $14,528,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Cary Street Partners Investment Advisory LLC grew its holdings in BP by 2,250.0% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 940 shares of the oil and gas exploration company's stock worth $32,000 after acquiring an additional 900 shares during the period. GW&K Investment Management LLC grew its holdings in BP by 178.0% during the first quarter. GW&K Investment Management LLC now owns 1,034 shares of the oil and gas exploration company's stock worth $35,000 after acquiring an additional 662 shares during the period. Acima Private Wealth LLC acquired a new position in BP during the second quarter worth $32,000. ORG Partners LLC grew its holdings in BP by 743.3% during the second quarter. ORG Partners LLC now owns 1,754 shares of the oil and gas exploration company's stock worth $53,000 after acquiring an additional 1,546 shares during the period. Finally, MorganRosel Wealth Management LLC acquired a new position in BP during the first quarter worth $81,000. Institutional investors and hedge funds own 11.01% of the company's stock.

BP Stock Down 1.3%

Shares of BP stock traded down $0.45 during trading hours on Friday, reaching $34.56. The company had a trading volume of 6,005,362 shares, compared to its average volume of 6,029,868. 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 p.l.c. has a twelve month low of $25.22 and a twelve month high of $35.88. The company has a market capitalization of $90.88 billion, a P/E ratio of 164.56, a price-to-earnings-growth ratio of 1.97 and a beta of 0.54. The stock's fifty day simple moving average is $34.34 and its 200 day simple moving average is $31.73.

BP (NYSE:BP - Get Free Report) last posted 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 business had revenue of $46.63 billion during the quarter, compared to analyst estimates of $42.88 billion. During the same quarter last year, the firm earned $1.00 earnings per share. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, sell-side analysts expect that BP p.l.c. will post 3.53 earnings per share for the current fiscal year.

BP Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, August 15th were paid a dividend of $0.4942 per share. This is a boost from BP's previous quarterly dividend of $0.48. The ex-dividend date was Friday, August 15th. This represents a $1.98 dividend on an annualized basis and a yield of 5.7%. BP's payout ratio is 942.86%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on BP shares. Weiss Ratings reiterated a "hold (c-)" rating on shares of BP in a research report on Friday. Berenberg Bank upgraded BP from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. Jefferies Financial Group restated a "hold" rating on shares of BP in a research report on Thursday, October 16th. DZ Bank upgraded BP from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 6th. Finally, Melius Research started coverage on BP in a research report on Wednesday, August 20th. They set a "buy" rating and a $66.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $42.41.

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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