BP p.l.c. $BP Stock Position Lifted by Evergreen Capital Management LLC

Key Points

• Evergreen Capital Management increased its BP stake by 33.3% in the third quarter to 104,352 shares valued at approximately $4.59 million. Other institutional investors also added to or initiated positions, with institutions collectively owning 11.01% of BP.
• BP reported quarterly earnings of $2.22 per share, beating consensus estimates of $1.87, while revenue rose 106.1% year over year to $69.11 billion. The company also raised its quarterly dividend to $0.5196 per share, representing a 4.1% annualized yield.
• Analyst sentiment is generally positive, with a consensus “Moderate Buy” rating and an average price target of $49.44. BP’s outlook includes progress in deepwater projects and renewables, while its North Sea retreat and upcoming earnings remain key areas of investor focus.

Evergreen Capital Management LLC raised its holdings in BP p.l.c. (NYSE:BP - Free Report) by 33.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 104,352 shares of the oil and gas exploration company's stock after buying an additional 26,062 shares during the period. Evergreen Capital Management LLC's holdings in BP were worth $4,590,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of BP. Gibbs Wealth Management grew its stake in BP by 46.2% during the 3rd quarter. Gibbs Wealth Management now owns 29,073 shares of the oil and gas exploration company's stock worth $1,279,000 after purchasing an additional 9,184 shares in the last quarter. Compass Wealth Management LLC acquired a new stake in BP in the 3rd quarter valued at about $67,000. Curry Webb Wealth Management LLC acquired a new stake in BP in the 3rd quarter valued at about $33,000. Root Financial Partners LLC purchased a new position in shares of BP in the 3rd quarter valued at about $107,000. Finally, Cantor Fitzgerald Investment Advisors L.P. purchased a new position in shares of BP in the 3rd quarter valued at about $2,536,000. Institutional investors and hedge funds own 11.01% of the company's stock.

BP Stock Performance

Shares of BP stock opened at $51.31 on Monday. The firm's fifty day simple moving average is $45.34 and its 200-day simple moving average is $43.71. The stock has a market capitalization of $134.41 billion, a price-to-earnings ratio of 25.03, a PEG ratio of 0.47 and a beta of 0.20. BP p.l.c. has a 12 month low of $33.22 and a 12 month high of $51.49. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.27 and a quick ratio of 0.95.

BP (NYSE:BP - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.87 by $0.35. The firm had revenue of $69.11 billion for the quarter, compared to analyst estimates of $57.89 billion. BP had a return on equity of 16.63% and a net margin of 2.49%. The business's revenue was up 106.1% on a year-over-year basis. During the same quarter last year, the company posted $0.90 earnings per share. As a group, equities analysts forecast that BP p.l.c. will post 8.08 earnings per share for the current year.

BP Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, August 14th were issued a dividend of $0.5196 per share. This is a boost from BP's previous quarterly dividend of $0.4992. This represents a $2.08 annualized dividend and a yield of 4.1%. The ex-dividend date of this dividend was Friday, August 14th. BP's payout ratio is presently 100.49%.

Wall Street Analyst Weigh In

A number of brokerages have commented on BP. JPMorgan Chase & Co. raised shares of BP from a "neutral" rating to an "overweight" rating in a research report on Wednesday, September 23rd. Zacks Research raised shares of BP from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, September 8th. DA Davidson set a $49.00 target price on shares of BP in a research note on Tuesday, October 20th. Needham & Company LLC started coverage on BP in a report on Thursday, October 1st. They issued a "hold" rating on the stock. Finally, TD Cowen increased their target price on BP from $47.00 to $49.00 and gave the company a "hold" rating in a report on Tuesday, October 20th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $49.44.

BP News Roundup

Here are the key news stories impacting BP this week:

• Positive Sentiment: Deepwater Horizon disputes nearing resolution: BP and the State of Louisiana agreed to resolve long-standing matters related to the 2010 disaster. The agreement should reduce legal and regulatory uncertainty, although financial terms were not detailed in the announcement. BP and the State of Louisiana agree to resolve long-standing matters and open a new chapter
• Positive Sentiment: Valuation support ahead of earnings: Citi reiterated its “buy” rating and £6.80 price target, arguing that BP trades at a substantial discount to major oil peers. This could attract investors ahead of the company’s third-quarter results. BP valuation discount offers opportunity ahead of results, says Citi
• Positive Sentiment: Deepwater growth partnership: TechnipFMC signed a memorandum of understanding to support BP’s high-pressure subsea projects in the U.S. Gulf, including Kaskida and Tiber. The agreement supports BP’s longer-term production pipeline, though it also implies future capital spending. TechnipFMC Signs MoU With BP to Support Deepwater Oil Projects
• Positive Sentiment: Renewables expansion: Lightsource bp received a land-use permit for a 322-megawatt solar park in Colorado, advancing BP’s renewable-energy pipeline and diversification beyond oil and gas. Lightsource bp wins land use permit for 322-MW solar park in Colorado
• Neutral Sentiment: Options activity is elevated: Reports highlight unusual movements in BP’s options market, but do not establish whether traders are positioning for a rise or decline. Investors should avoid treating the activity alone as a definitive signal. Do Options Traders Know Something About BP Stock We Don't?
• Neutral Sentiment: Earnings are the next major catalyst: BP is expected to report quarterly results on Friday, making oil prices, production and cash flow key near-term drivers. BP Expected to Announce Quarterly Earnings on Friday
• Negative Sentiment: North Sea retreat highlights portfolio concerns: BP’s exit from parts of the UK North Sea reflects declining production and high taxation, potentially reducing regional output even as the company reallocates capital to other projects. As BP Leaves the North Sea, These Independents Are Buying In

About BP

BP p.l.c. is a global integrated energy company headquartered in London, United Kingdom. Its operations span the exploration, development and production of oil and natural gas, as well as the processing, refining, transportation and marketing of energy products.

Through its businesses, BP supplies fuels for road transportation, aviation and marine use, along with lubricants marketed under the Castrol brand. The company also operates retail fuel and convenience locations and provides energy products and services to commercial and industrial customers.

BP has expanded its activities beyond traditional hydrocarbons to include lower-carbon businesses such as renewable power, bioenergy, electric-vehicle charging and hydrogen.

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