BP p.l.c. $BP Shares Sold by Engineers Gate Manager LP

Engineers Gate Manager LP decreased its holdings in shares of BP p.l.c. (NYSE:BP - Free Report) by 23.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 813,923 shares of the oil and gas exploration company's stock after selling 250,708 shares during the period. Engineers Gate Manager LP's holdings in BP were worth $30,074,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Sound Shore Management Inc. CT acquired a new position in BP during the fourth quarter worth $67,890,000. Van ECK Associates Corp boosted its position in shares of BP by 290.2% during the 2nd 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 purchasing an additional 1,524,048 shares in the last quarter. Alyeska Investment Group L.P. grew its stake in shares of BP by 48.8% during the 2nd quarter. Alyeska Investment Group L.P. now owns 2,830,923 shares of the oil and gas exploration company's stock worth $104,603,000 after purchasing an additional 928,617 shares during the period. Kahn Brothers Group Inc. purchased a new position in shares of BP in the 2nd quarter valued at about $23,094,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of BP in the first quarter valued at about $28,136,000. 11.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on BP shares. Wall Street Zen upgraded shares of BP from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Zacks Research downgraded shares of BP from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Mizuho set a $53.00 price target on BP in a research note on Wednesday, August 5th. Freedom Capital raised BP from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 6th. Finally, Piper Sandler lifted their price objective on BP from $43.00 to $46.00 and gave the stock a "neutral" rating in a report on Thursday, September 3rd. Twelve investment analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, BP presently has a consensus rating of "Hold" and a consensus target price of $46.59.

BP Stock Performance

Shares of BP opened at $45.68 on Thursday. BP p.l.c. has a 12-month low of $32.72 and a 12-month high of $48.27. The stock has a market cap of $119.65 billion, a P/E ratio of 22.28, a PEG ratio of 0.57 and a beta of 0.15. The company has a current ratio of 1.27, a quick ratio of 0.95 and a debt-to-equity ratio of 0.69. The company has a 50-day moving average of $42.40 and a two-hundred day moving average of $42.89.

BP (NYSE:BP - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share for the quarter, topping analysts' consensus estimates of $1.87 by $0.35. BP had a net margin of 2.49% and a return on equity of 16.63%. The business had revenue of $69.11 billion during the quarter, compared to analysts' expectations of $57.89 billion. During the same period last year, the company posted $0.90 EPS. The company's revenue was up 106.1% on a year-over-year basis. As a group, research analysts predict that BP p.l.c. will post 6.45 EPS for the current fiscal year.

BP Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 14th will be given a $0.5196 dividend. This is an increase from BP's previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Friday, August 14th. BP's dividend payout ratio (DPR) is currently 100.49%.

Key BP News

Here are the key news stories impacting BP this week:

• Positive Sentiment: Multiple Zacks Strong Buy designations: BP was added to Zacks’ #1 Strong Buy lists for value, growth, momentum and income investors. These rankings reflect favorable earnings estimates, estimate revisions and trading momentum, potentially attracting additional buying interest. New Strong Buy Stocks for September 9th
• Positive Sentiment: Attractive valuation and oil exposure: Analysts highlighted BP as a potentially compelling way to benefit from high oil prices without paying a premium valuation. The company’s value profile and income potential are supporting the bullish case. Why BP Is One of the Best Oil Stocks to Buy Right Now
• Positive Sentiment: Potential asset-sale interest: BP’s North Sea operations reportedly attracted interest from several potential buyers. A sale could generate cash and support portfolio streamlining, though no transaction has been confirmed. BP North Sea Operations Garner Interest From Potential Buyers
• Positive Sentiment: Exploration growth: BP and Socar received approval to advance drilling activity in Uzbekistan, providing a potential avenue for future production and resource expansion. BP and Socar get green light for Uzbekistan drilling push
• Neutral Sentiment: Shell agreed to acquire a 30% interest in BP-operated Conifer, a deepwater Gulf of Mexico prospect. The deal validates the asset’s potential and may share development risk, but commentary also suggests Shell has stronger cash flow than BP. Could Shell’s Superior Cash Flow Make It a Better Bet Than BP?
• Negative Sentiment: Whiting refinery labor dispute: A lockout at BP’s Whiting refinery is approaching six months, highlighting ongoing labor and operational risks that could weigh on refining performance and investor confidence. BP Whiting refinery lockout nears 6 months

BP Profile

BP p.l.c. is a global integrated energy company headquartered in London, England. Its operations span the energy value chain, including exploration and production of oil and natural gas, refining, fuel marketing, energy trading and transportation. BP also produces and markets lubricants through its Castrol brand and supplies fuels through retail networks operating under brands such as BP, Aral and ampm.

The company has operations and business relationships across multiple regions, including the Americas, Europe, the Middle East, Africa and Asia-Pacific.

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