Envestnet Asset Management Inc. Reduces Holdings in BP p.l.c. $BP

Key Points

• Envestnet Asset Management cut its BP stake by 31% in the second quarter, selling 317,082 shares and retaining 704,521 shares valued at approximately $26.0 million. Institutional investors and hedge funds collectively own 11.01% of BP.
• BP reported quarterly EPS of $2.22, beating estimates of $1.87, while revenue reached $69.11 billion, up 106.1% year over year and above analyst expectations.
• BP raised its quarterly dividend to $0.5196, equivalent to an annualized $2.08 payout and a 4.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $47.52.

Envestnet Asset Management Inc. reduced its holdings in shares of BP p.l.c. (NYSE:BP - Free Report) by 31.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 704,521 shares of the oil and gas exploration company's stock after selling 317,082 shares during the quarter. Envestnet Asset Management Inc.'s holdings in BP were worth $26,031,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BP. HBK Sorce Advisory LLC increased its stake in BP by 2.9% in the second quarter. HBK Sorce Advisory LLC now owns 11,424 shares of the oil and gas exploration company's stock valued at $422,000 after acquiring an additional 317 shares during the last quarter. Versant Capital Management Inc boosted its holdings in shares of BP by 4.8% in the 2nd quarter. Versant Capital Management Inc now owns 7,953 shares of the oil and gas exploration company's stock valued at $294,000 after purchasing an additional 366 shares in the last quarter. Atlas Brown Inc. increased its stake in shares of BP by 1.0% in the 2nd quarter. Atlas Brown Inc. now owns 36,925 shares of the oil and gas exploration company's stock valued at $1,364,000 after purchasing an additional 370 shares during the last quarter. Denali Advisors LLC raised its holdings in shares of BP by 2.0% during the 2nd quarter. Denali Advisors LLC now owns 19,709 shares of the oil and gas exploration company's stock worth $728,000 after buying an additional 384 shares in the last quarter. Finally, Sterling Investment Advisors Ltd. lifted its holdings in shares of BP by 7.8% in the first quarter. Sterling Investment Advisors Ltd. now owns 6,376 shares of the oil and gas exploration company's stock worth $300,000 after acquiring an additional 464 shares during the last quarter. 11.01% of the stock is owned by institutional investors and hedge funds.

BP Trading Up 0.5%

Shares of BP stock opened at $44.38 on Tuesday. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.95 and a current ratio of 1.27. The company has a market capitalization of $116.26 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 0.50 and a beta of 0.15. BP p.l.c. has a 52-week low of $32.72 and a 52-week high of $48.27. The company has a 50-day simple moving average of $43.76 and a two-hundred day simple moving average of $43.43.

BP (NYSE:BP - Get Free Report) last posted its earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 EPS for the quarter, topping the consensus estimate of $1.87 by $0.35. The firm had revenue of $69.11 billion for the quarter, compared to analysts' expectations of $57.89 billion. BP had a net margin of 2.49% and a return on equity of 16.63%. The company's quarterly revenue was up 106.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.90 EPS. Research analysts anticipate that BP p.l.c. will post 6.74 EPS for the current fiscal year.

BP Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, August 14th were issued a $0.5196 dividend. This is a boost from BP's previous quarterly dividend of $0.4992. The ex-dividend date of this dividend was Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 4.7%. BP's payout ratio is 100.49%.

Wall Street Analysts Forecast Growth

BP has been the subject of several research reports. HSBC upgraded BP from a "hold" rating to a "buy" rating and increased their target price for the company from $46.00 to $51.30 in a research report on Friday. Morgan Stanley reissued an "overweight" rating on shares of BP in a research note on Friday, September 4th. TD Cowen reaffirmed a "buy" rating on shares of BP in a research report on Monday. Mizuho set a $53.00 price target on BP in a report on Wednesday, August 5th. Finally, Wells Fargo & Company dropped their price objective on BP from $54.00 to $48.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 5th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, seven have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $47.52.

BP Company Profile

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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