Optimist Retirement Group LLC Buys New Holdings in BP p.l.c. $BP

Key Points

• Optimist Retirement Group bought 79,291 BP shares in the third quarter, worth about $3.49 million; the position represents 1.4% of its portfolio.
• BP reported quarterly earnings of $3.26 per share, beating the $2.66 estimate, while revenue rose 41.8% year over year to $68.4 billion.
• BP completed the sale of a controlling stake in Castrol for $6 billion, retaining a minority interest and adding funds to support its balance sheet.

Optimist Retirement Group LLC purchased a new stake in BP p.l.c. (NYSE:BP - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 79,291 shares of the oil and gas exploration company's stock, valued at approximately $3,488,000. BP comprises about 1.4% of Optimist Retirement Group LLC's investment portfolio, making the stock its 13th biggest position.

Other institutional investors have also recently added to or reduced their stakes in the company. HBK Sorce Advisory LLC raised its stake in BP by 2.9% during the second quarter. HBK Sorce Advisory LLC now owns 11,424 shares of the oil and gas exploration company's stock worth $422,000 after purchasing an additional 317 shares during the period. Wedmont Private Capital boosted its holdings in BP by 4.5% in the 3rd quarter. Wedmont Private Capital now owns 7,478 shares of the oil and gas exploration company's stock valued at $347,000 after purchasing an additional 320 shares during the last quarter. Apollon Wealth Management LLC boosted its holdings in BP by 0.9% in the 3rd quarter. Apollon Wealth Management LLC now owns 35,471 shares of the oil and gas exploration company's stock valued at $1,560,000 after purchasing an additional 327 shares during the last quarter. Venture Visionary Partners LLC grew its stake in shares of BP by 1.3% in the 3rd quarter. Venture Visionary Partners LLC now owns 26,991 shares of the oil and gas exploration company's stock valued at $1,187,000 after buying an additional 349 shares during the period. Finally, Versant Capital Management Inc grew its stake in shares of BP by 4.5% in the 3rd quarter. Versant Capital Management Inc now owns 8,310 shares of the oil and gas exploration company's stock valued at $366,000 after buying an additional 357 shares during the period. Hedge funds and other institutional investors own 11.01% of the company's stock.

BP News Summary

Here are the key news stories impacting BP this week:

• Positive Sentiment: BP completed the sale of a controlling stake in Castrol, bringing in $6 billion to support its balance sheet while retaining a minority interest. BP Completes $6 Billion Castrol Sale as Stonepeak Takes Control
• Positive Sentiment: BP appointed former Shell executive Emma Lewis to lead its downstream business as CEO Meg O’Neill works to strengthen refining and fuels operations. The hire may support the company’s restructuring efforts. BP hires Shell executive Emma Lewis to lead downstream unit
• Neutral Sentiment: BP Pulse made more than 850 U.S. fast chargers easier to find and use through a roaming and app integration. This could improve customer convenience, though the reports do not quantify any financial impact. bp pulse makes 850+ EV fast chargers easier to use in the US
• Negative Sentiment: Energy executives described geopolitical risks, rising costs and uncertain oil prices as complicating investment decisions, tempering optimism about a potential decade of stronger energy demand. Energy leaders weigh the investment outlook
• Negative Sentiment: A report on energy retailers, including BP, cited declining convenience-store trips and the challenges of managing retail portfolios during corporate restructuring—potential headwinds for downstream operations. How 3 energy companies are managing their c-store portfolios

Analysts Set New Price Targets

Several analysts have recently commented on BP shares. Morgan Stanley reaffirmed an "overweight" rating on shares of BP in a research report on Friday, September 4th. Mizuho increased their price objective on BP from $53.00 to $56.00 and gave the stock an "outperform" rating in a research report on Monday, October 5th. Weiss Ratings raised BP from a "hold (c)" rating to a "hold (c+)" rating in a research note on Thursday, October 22nd. Barclays reissued an "overweight" rating on shares of BP in a research note on Monday, October 5th. Finally, Evercore upgraded BP to an "outperform" rating in a research report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $49.90.

BP Stock Down 4.3%

BP stock opened at $45.56 on Thursday. The company has a market capitalization of $119.36 billion, a PE ratio of 13.40, a price-to-earnings-growth ratio of 0.37 and a beta of 0.16. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 1.29. BP p.l.c. has a fifty-two week low of $33.22 and a fifty-two week high of $51.49. The firm has a 50 day moving average price of $46.16 and a 200 day moving average price of $43.07.

BP (NYSE:BP - Get Free Report) last released its quarterly earnings results on Friday, October 30th. The oil and gas exploration company reported $3.26 EPS for the quarter, topping analysts' consensus estimates of $2.66 by $0.60. BP had a return on equity of 24.67% and a net margin of 3.74%. The company had revenue of $68.40 billion for the quarter, compared to analysts' expectations of $63.14 billion. During the same period in the prior year, the firm earned $0.85 earnings per share. The firm's revenue was up 41.8% compared to the same quarter last year. Research analysts expect that BP p.l.c. will post 8.30 earnings per share for the current year.

BP Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Friday, November 13th will be issued a $0.5196 dividend. This represents a $2.08 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Friday, November 13th. BP's payout ratio is currently 60.59%.

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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