State Street Corp Decreases Stock Holdings in BP p.l.c. $BP

Key Points

• State Street reduced its BP position by 7.3% in the second quarter, selling 1.18 million shares. It still held 15.04 million shares worth approximately $555.7 million, while institutional investors collectively owned 11.01% of BP.
• BP reported quarterly earnings of $2.22 per share, exceeding the $1.87 consensus estimate, as revenue rose 106.1% year over year to $69.11 billion.
• BP increased its quarterly dividend to $0.5196 per share, representing an annualized yield of about 4.7%. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $46.59.

State Street Corp trimmed its position in shares of BP p.l.c. (NYSE:BP - Free Report) by 7.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 15,040,506 shares of the oil and gas exploration company's stock after selling 1,182,882 shares during the quarter. State Street Corp owned about 0.57% of BP worth $555,747,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Security National Bank of Sioux City Iowa IA acquired a new stake in shares of BP in the 2nd quarter worth $36,000. Anchor Investment Management LLC raised its stake in BP by 8.9% in the second quarter. Anchor Investment Management LLC now owns 6,189 shares of the oil and gas exploration company's stock valued at $229,000 after buying an additional 506 shares during the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of BP by 1.4% during the second quarter. Sequoia Financial Advisors LLC now owns 51,289 shares of the oil and gas exploration company's stock worth $1,895,000 after acquiring an additional 717 shares during the last quarter. Community Bank N.A. increased its holdings in shares of BP by 237.0% during the second quarter. Community Bank N.A. now owns 1,685 shares of the oil and gas exploration company's stock valued at $62,000 after acquiring an additional 1,185 shares in the last quarter. Finally, Baird Financial Group Inc. raised its position in shares of BP by 1.1% in the 2nd quarter. Baird Financial Group Inc. now owns 240,273 shares of the oil and gas exploration company's stock valued at $8,878,000 after purchasing an additional 2,547 shares during the last quarter. Hedge funds and other institutional investors own 11.01% of the company's stock.

BP Trading Up 3.2%

Shares of BP stock opened at $44.48 on Thursday. The stock has a market cap of $116.51 billion, a PE ratio of 21.70, a price-to-earnings-growth ratio of 0.50 and a beta of 0.15. The firm has a fifty day moving average price of $43.60 and a 200 day moving average price of $43.35. BP p.l.c. has a 1 year low of $32.72 and a 1 year high of $48.27. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.27 and a quick ratio of 0.95.

BP (NYSE:BP - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 earnings per share for the quarter, topping the consensus estimate of $1.87 by $0.35. BP had a return on equity of 16.63% and a net margin of 2.49%.The company had revenue of $69.11 billion for the quarter, compared to the consensus estimate of $57.89 billion. During the same period last year, the firm earned $0.90 EPS. The firm's revenue for the quarter was up 106.1% compared to the same quarter last year. Equities research analysts predict that BP p.l.c. will post 6.61 earnings per share for the current year.

BP Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, August 14th were issued a dividend of $0.5196 per share. This represents a $2.08 dividend on an annualized basis and a yield of 4.7%. This is a boost from BP's previous quarterly dividend of $0.50. The ex-dividend date of this dividend was Friday, August 14th. BP's payout ratio is currently 100.49%.

Analyst Ratings Changes

BP has been the topic of several research analyst reports. Freedom Capital raised shares of BP from a "strong sell" rating to a "hold" rating in a research report on Thursday, August 6th. Zacks Research raised shares of BP from a "hold" rating to a "strong-buy" rating in a report on Tuesday, September 8th. Wall Street Zen raised BP from a "buy" rating to a "strong-buy" rating in a research report on Saturday, July 18th. Mizuho set a $53.00 price target on BP in a research report on Wednesday, August 5th. Finally, TD Cowen boosted their price target on BP from $40.00 to $41.00 and gave the company a "hold" rating in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $46.59.

BP News Roundup

Here are the key news stories impacting BP this week:

• Positive Sentiment: JPMorgan upgraded BP to “overweight” from “neutral” and raised its price target by 20% to 675 pence, implying approximately 25% upside. The call reflects expectations that BP can improve after underperforming major oil rivals for several years. JP Morgan upgrades BP, sees 25% upside on road to redemption
• Positive Sentiment: Higher crude prices are supporting BP and other integrated oil companies. Industry commentary points to solid oil prices, steady midstream demand and diversified operations—including renewables—as factors that could improve earnings resilience. Zacks Industry Outlook Highlights ExxonMobil, Chevron, BP and Eni SpA
• Positive Sentiment: BP is working to develop a major Brazil discovery into a significant production hub, with experience from its U.S. Gulf operations potentially helping execution. Successful development could strengthen BP’s long-term growth profile. BP leans on US Gulf work to turn major Brazil discovery into top hub
• Neutral Sentiment: Negotiations between BP’s Whiting refinery and its union are progressing. A resolution would reduce operational uncertainty, but the report does not indicate a final agreement. bp Whiting refinery meets with union, negotiations progressing
• Negative Sentiment: BP has recently shown volatility, including a prior session of weakness despite broader market gains. That performance highlights continuing investor concerns about BP’s execution and relative performance before the JPMorgan upgrade. BP Stock Slides as Market Rises

BP Profile

BP p.l.c. is a global integrated energy company headquartered in London, England. Its operations span the energy value chain, including exploration and production of oil and natural gas, refining, fuel marketing, energy trading and transportation. BP also produces and markets lubricants through its Castrol brand and supplies fuels through retail networks operating under brands such as BP, Aral and ampm.

The company has operations and business relationships across multiple regions, including the Americas, Europe, the Middle East, Africa and Asia-Pacific.

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