Gabelli Funds LLC Sells 44,300 Shares of BP p.l.c. $BP

Key Points

• Gabelli Funds LLC reduced its BP stake by 11.3% in the first quarter, selling 44,300 shares and leaving it with 348,100 shares worth about $16.36 million.
• BP reported better-than-expected first-quarter earnings of $1.24 per share on revenue of $52.26 billion, beating analyst forecasts and topping results from a year earlier.
• Analysts currently have a Moderate Buy consensus on BP, with a target price of $46.59, while the company also paid a quarterly dividend of $0.4992, equal to a 4.6% yield.

Gabelli Funds LLC lessened its stake in BP p.l.c. (NYSE:BP - Free Report) by 11.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 348,100 shares of the oil and gas exploration company's stock after selling 44,300 shares during the quarter. Gabelli Funds LLC's holdings in BP were worth $16,361,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of BP. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of BP by 62.7% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 111,261 shares of the oil and gas exploration company's stock worth $5,229,000 after acquiring an additional 42,894 shares during the period. Sound Shore Management Inc. CT purchased a new stake in BP during the fourth quarter valued at about $67,890,000. Milford Funds Ltd. bought a new position in BP during the fourth quarter worth about $8,335,000. Amova Asset Management Americas Inc. increased its stake in shares of BP by 62.7% in the first quarter. Amova Asset Management Americas Inc. now owns 111,261 shares of the oil and gas exploration company's stock worth $5,231,000 after purchasing an additional 42,894 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of BP in the first quarter valued at approximately $28,136,000. 11.01% of the stock is owned by hedge funds and other institutional investors.

BP Price Performance

NYSE:BP opened at $43.85 on Friday. The firm has a market capitalization of $114.84 billion, a price-to-earnings ratio of 36.54, a P/E/G ratio of 0.75 and a beta of 0.17. BP p.l.c. has a 52-week low of $31.58 and a 52-week high of $48.27. The stock has a fifty day moving average of $41.28 and a 200 day moving average of $41.34. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.22.

BP (NYSE:BP - Get Free Report) last announced its earnings results on Tuesday, April 28th. The oil and gas exploration company reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.24. BP had a return on equity of 12.06% and a net margin of 1.62%.The business had revenue of $52.26 billion for the quarter, compared to analyst estimates of $48.50 billion. During the same period in the prior year, the company earned $0.53 EPS. The company's quarterly revenue was up 11.4% compared to the same quarter last year. On average, research analysts expect that BP p.l.c. will post 5.69 EPS for the current fiscal year.

BP Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, May 15th were given a $0.4992 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Friday, May 15th. BP's dividend payout ratio is 165.00%.

Analyst Ratings Changes

Several research firms recently commented on BP. UBS Group raised shares of BP from a "neutral" rating to a "buy" rating in a report on Wednesday, April 15th. Argus upgraded BP from a "hold" rating to a "buy" rating and set a $50.00 target price on the stock in a research report on Monday, May 11th. TD Cowen raised their price target on BP from $40.00 to $41.00 and gave the stock a "hold" rating in a report on Thursday, July 16th. Zacks Research cut BP from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 25th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of BP in a report on Thursday, June 18th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $46.59.

BP News Roundup

Here are the key news stories impacting BP this week:

• Positive Sentiment: BP is reportedly in advanced talks to sell its Lightsource solar business to a Kuwait-backed group, which could raise cash and sharpen the company’s focus on higher-return core energy assets. BP nears deal to sell solar business to Kuwait-backed consortium, FT reports
• Positive Sentiment: The sale would likely reduce BP’s exposure to a less strategic renewables segment and could support investor confidence in management’s capital-allocation discipline. BP 'finds buyer' for its last renewable power business
• Neutral Sentiment: Brokerage coverage remains constructive, with BP listed at a consensus “Moderate Buy,” which may help support the stock but is not a new operational catalyst. BP p.l.c. NYSE: BP Given Consensus Rating of "Moderate Buy" by Brokerages
• Neutral Sentiment: Several market-commentary pieces noted BP’s recent momentum and investor attention, but these are largely sentiment-driven and do not change the company’s fundamentals on their own. Here’s Why BP (BP) is a Strong Momentum Stock

BP Company Profile

BP plc is a British multinational integrated energy company headquartered in London. Originating in the early 20th century as the Anglo-Persian Oil Company, BP has grown into one of the world's largest oil and gas companies, operating across exploration and production, refining and marketing, trading, and a range of low-carbon businesses.

The company's core activities include upstream exploration and production of crude oil and natural gas, midstream and trading operations, and downstream refining, marketing and supply of fuels, lubricants and petrochemicals.

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