Mondrian Investment Partners LTD Sells 105,535 Shares of BP p.l.c. $BP

Key Points

• Mondrian Investment Partners reduced its BP stake by 2.6%, selling 105,535 shares and retaining 3.98 million shares valued at approximately $174.9 million.
• BP shares opened at $51.31, near their 52-week high, while the company reported quarterly EPS of $2.22—beating estimates—and revenue growth of 106.1% year over year.
• BP increased its quarterly dividend to $0.5196 per share, representing an annualized yield of about 4.1%; analysts maintain a consensus “Moderate Buy” rating with an average price target of $49.44.

Mondrian Investment Partners LTD lowered its stake in BP p.l.c. (NYSE:BP - Free Report) by 2.6% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 3,976,233 shares of the oil and gas exploration company's stock after selling 105,535 shares during the period. BP accounts for approximately 3.8% of Mondrian Investment Partners LTD's holdings, making the stock its 9th biggest holding. Mondrian Investment Partners LTD owned 0.15% of BP worth $174,914,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Alyeska Investment Group L.P. increased its stake in BP by 48.8% during the second quarter. Alyeska Investment Group L.P. now owns 2,830,923 shares of the oil and gas exploration company's stock valued at $104,603,000 after purchasing an additional 928,617 shares during the last quarter. Van ECK Associates Corp boosted its position in BP by 290.2% during the 2nd quarter. Van ECK Associates Corp now owns 2,049,151 shares of the oil and gas exploration company's stock valued at $75,716,000 after purchasing an additional 1,524,048 shares during the period. Russell Investments Group Ltd. grew its stake in BP by 15.8% during the 2nd quarter. Russell Investments Group Ltd. now owns 1,410,714 shares of the oil and gas exploration company's stock worth $52,307,000 after buying an additional 192,211 shares during the last quarter. Public Employees Retirement System of Ohio bought a new position in BP during the 1st quarter worth $28,136,000. Finally, Kahn Brothers Group Inc. acquired a new stake in BP in the second quarter worth $23,094,000. 11.01% of the stock is owned by institutional investors and hedge funds.

BP Stock Up 2.5%

BP stock opened at $51.31 on Friday. The firm's 50-day moving average is $45.34 and its two-hundred day moving average is $43.73. The company has a market capitalization of $134.41 billion, a price-to-earnings ratio of 25.03, a price-to-earnings-growth ratio of 0.47 and a beta of 0.20. BP p.l.c. has a 52 week low of $33.22 and a 52 week high of $51.49. The company has a current ratio of 1.27, a quick ratio of 0.95 and a debt-to-equity ratio of 0.69.

BP (NYSE:BP - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share (EPS) 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 analysts' expectations of $57.89 billion. During the same period last year, the firm posted $0.90 earnings per share. The business's revenue was up 106.1% on a year-over-year basis. On average, analysts forecast that BP p.l.c. will post 8.08 earnings per share for the current fiscal year.

BP Increases Dividend

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

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. UBS Group lowered shares of BP from a "buy" rating to a "hold" rating in a research report on Thursday, October 1st. JPMorgan Chase & Co. raised shares of BP from a "neutral" rating to an "overweight" rating in a research note on Wednesday, September 23rd. Piper Sandler raised their price target on shares of BP from $43.00 to $46.00 and gave the company a "neutral" rating in a research note on Thursday, September 3rd. Citigroup assumed coverage on BP in a report on Thursday, October 1st. They set a "buy" rating on the stock. Finally, Freedom Capital upgraded BP from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $49.44.

BP News Summary

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

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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