Cary Street Partners Financial LLC Has $2.02 Million Stock Holdings in BP p.l.c. (NYSE:BP)

Key Points

• Cary Street Partners Financial LLC increased its stake in BP p.l.c. by 40.8%, owning 59,777 shares valued at approximately $2,020,000 following the purchase of an additional 17,322 shares in the first quarter.
• BP reported earnings of $0.90 per share, exceeding analysts' expectations, with revenue reaching $46.63 billion, although down 1.4% from the same quarter last year.
• The company announced a quarterly dividend increase to $0.4942, marking a shift from the previous $0.48 dividend, and maintaining a robust dividend yield of 5.8%.

Cary Street Partners Financial LLC boosted its stake in BP p.l.c. (NYSE:BP - Free Report) by 40.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 59,777 shares of the oil and gas exploration company's stock after acquiring an additional 17,322 shares during the period. Cary Street Partners Financial LLC's holdings in BP were worth $2,020,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in BP by 486.9% during the 1st quarter. Bank of New York Mellon Corp now owns 2,787,644 shares of the oil and gas exploration company's stock valued at $94,195,000 after buying an additional 2,312,687 shares during the period. Ameriprise Financial Inc. boosted its holdings in shares of BP by 4.3% in the fourth quarter. Ameriprise Financial Inc. now owns 940,786 shares of the oil and gas exploration company's stock worth $27,810,000 after buying an additional 38,759 shares during the period. Kornitzer Capital Management Inc. KS boosted its holdings in shares of BP by 2.7% in the first quarter. Kornitzer Capital Management Inc. KS now owns 477,764 shares of the oil and gas exploration company's stock worth $16,144,000 after buying an additional 12,522 shares during the period. Teachers Retirement System of The State of Kentucky boosted its holdings in shares of BP by 30.2% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 444,530 shares of the oil and gas exploration company's stock worth $15,020,000 after purchasing an additional 103,100 shares during the period. Finally, Altrius Capital Management Inc boosted its holdings in shares of BP by 0.8% during the first quarter. Altrius Capital Management Inc now owns 274,735 shares of the oil and gas exploration company's stock worth $9,283,000 after purchasing an additional 2,208 shares during the period. 11.01% of the stock is owned by institutional investors and hedge funds.

BP Stock Performance

Shares of BP stock traded up $0.00 during midday trading on Monday, hitting $34.14. The company had a trading volume of 1,781,199 shares, compared to its average volume of 11,284,643. The business's 50 day simple moving average is $31.38 and its two-hundred day simple moving average is $31.12. The stock has a market cap of $90.55 billion, a PE ratio of 162.59, a P/E/G ratio of 1.83 and a beta of 0.57. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.21 and a quick ratio of 0.92. BP p.l.c. has a 1-year low of $25.22 and a 1-year high of $35.54.

BP (NYSE:BP - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The oil and gas exploration company reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.22. BP had a net margin of 0.29% and a return on equity of 9.08%. The firm had revenue of $46.63 billion for the quarter, compared to the consensus estimate of $42.88 billion. During the same quarter in the previous year, the company earned $1.00 earnings per share. The business's revenue was down 1.4% compared to the same quarter last year. As a group, equities analysts predict that BP p.l.c. will post 3.53 EPS for the current fiscal year.

BP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.4942 per share. This is an increase from BP's previous quarterly dividend of $0.48. This represents a $1.98 dividend on an annualized basis and a yield of 5.8%. The ex-dividend date is Friday, August 15th. BP's dividend payout ratio is presently 938.10%.

Analysts Set New Price Targets

Several research firms recently commented on BP. Berenberg Bank upgraded shares of BP from a "hold" rating to a "strong-buy" rating in a report on Thursday. DZ Bank upgraded shares of BP from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 6th. Morgan Stanley cut shares of BP from an "equal weight" rating to an "underweight" rating and set a $26.50 price target for the company. in a report on Monday, May 12th. Scotiabank restated a "sector perform" rating and set a $34.00 price target (up from $30.00) on shares of BP in a report on Friday, July 11th. Finally, Piper Sandler raised their price objective on shares of BP from $32.00 to $35.00 and gave the company a "neutral" rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating, one has given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $35.17.

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.