Janney Montgomery Scott LLC Grows Position in BP p.l.c. $BP

Key Points

• Janney Montgomery Scott increased its BP stake by 19.4% during the second quarter, bringing its holdings to 257,924 shares valued at approximately $9.53 million. Institutional investors and hedge funds collectively own 11.01% of BP.
• Analyst sentiment remains mixed: BP has a consensus “Hold” rating and an average price target of $46.36, although some firms recently raised targets or upgraded the stock to “Buy” or “Strong Buy.”
• BP beat quarterly earnings and revenue estimates, reporting $2.22 in earnings per share on $69.11 billion in revenue. The company also raised its quarterly dividend to $0.5196 per share, representing a 4.9% annualized yield.

Janney Montgomery Scott LLC raised its stake in shares of BP p.l.c. (NYSE:BP - Free Report) by 19.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 257,924 shares of the oil and gas exploration company's stock after purchasing an additional 41,865 shares during the period. Janney Montgomery Scott LLC's holdings in BP were worth $9,530,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Financial Life Planners acquired a new stake in shares of BP during the 1st quarter worth $39,000. Triumph Capital Management acquired a new position in BP in the third quarter valued at $43,000. LRI Investments LLC grew its position in BP by 76.2% during the fourth quarter. LRI Investments LLC now owns 1,276 shares of the oil and gas exploration company's stock valued at $44,000 after acquiring an additional 552 shares during the period. WFA of San Diego LLC acquired a new stake in BP during the second quarter worth about $46,000. Finally, Ameriflex Group Inc. raised its holdings in shares of BP by 39.1% in the 4th quarter. Ameriflex Group Inc. now owns 1,808 shares of the oil and gas exploration company's stock worth $63,000 after purchasing an additional 508 shares during the period. Institutional investors and hedge funds own 11.01% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on BP. Zacks Research lowered BP from a "strong-buy" rating to a "hold" rating in a research note on Monday, May 25th. Scotiabank raised their price target on shares of BP from $41.00 to $58.00 and gave the company a "sector outperform" rating in a report on Wednesday, April 22nd. TD Cowen lifted their price target on shares of BP from $40.00 to $41.00 and gave the company a "hold" rating in a research report on Thursday, July 16th. Argus upgraded shares of BP from a "hold" rating to a "buy" rating and set a $50.00 price objective for the company in a research note on Monday, May 11th. Finally, Wall Street Zen raised shares of BP from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Twelve investment analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $46.36.

BP Trading Down 0.6%

BP opened at $42.56 on Friday. The firm's 50 day moving average is $41.02 and its 200-day moving average is $42.15. BP p.l.c. has a 52-week low of $32.72 and a 52-week high of $48.27. The company has a quick ratio of 0.95, a current ratio of 1.27 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $111.48 billion, a P/E ratio of 20.76, a P/E/G ratio of 0.58 and a beta of 0.16.

BP (NYSE:BP - Get Free Report) last announced its earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $57.89 billion. During the same period in the prior year, the firm earned $0.90 earnings per share. The business's quarterly revenue was up 106.1% compared to the same quarter last year. Analysts expect that BP p.l.c. will post 6.04 EPS for the current fiscal year.

BP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.5196 per share. This is a boost from BP's previous quarterly dividend of $0.50. This represents a $2.08 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Friday, August 14th. BP's payout ratio is 96.59%.

Trending Headlines about BP

Here are the key news stories impacting BP this week:

• Positive Sentiment: Venezuela gas expansion: BP secured a licence to explore and develop the second phase of the offshore Loran gas field with ADNOC-backed XRG and Qatar-linked UCC Oil and Gas Holding. The field is estimated to contain approximately 4 trillion cubic feet of recoverable gas, giving BP exposure to a potentially valuable long-term production opportunity as Venezuela reopens its energy sector to international companies. BP granted license for Venezuela's Loran gas field in partnership with XRG, UCC
• Positive Sentiment: International partnerships reduce execution burden: BP’s partnership with Gulf-backed companies could provide capital, regional expertise and political support for the Venezuelan project. The deal also positions BP among the first major international energy companies returning to the country after years of isolation. BP returns to Venezuela with Gulf partners
• Positive Sentiment: Shah Deniz project advances: Emerson won a multimillion-dollar contract to provide automation technology for BP’s $2.9 billion Shah Deniz Compression project in Azerbaijan. The project is designed to access lower-pressure gas reserves and support production, although the contract is more significant operationally than financially for BP in the near term. Emerson wins contract for BP’s Shah Deniz Compression project
• Neutral Sentiment: Investor positioning: Unusually heavy options activity included purchases of 128,060 call options, more than five times average daily volume. This may indicate increased bullish speculation, but it does not represent a change in BP’s fundamentals.
• Negative Sentiment: Strategic and geopolitical concerns: The Venezuela announcement came shortly after BP outlined plans to leave the North Sea, raising questions about its geographic priorities and exposure to a politically sensitive market. The Loran licence remains subject to regulatory approvals, and sanctions, infrastructure challenges and political uncertainty could delay development or increase costs. BP to develop offshore gasfield in Venezuela

About BP

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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