Piper Sandler Issues Positive Forecast for BP (NYSE:BP) Stock Price

Key Points

• Piper Sandler raised its price target on BP to $44 (from $41) while keeping a "neutral" rating, implying about a 20.5% upside$43.14.
• BP posted quarterly results that beat estimates—EPS of $0.85 vs. $0.72 expected and revenue of $48.42B vs. $43.76B—and analysts project roughly 3.53 EPS for the current fiscal year.

BP (NYSE:BP - Get Free Report) had its price target hoisted by research analysts at Piper Sandler from $41.00 to $44.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "neutral" rating on the oil and gas exploration company's stock. Piper Sandler's target price would suggest a potential upside of 20.47% from the company's current price.

A number of other research analysts have also issued reports on the stock. Santander upgraded shares of BP to an "outperform" rating in a research note on Monday, November 3rd. Berenberg Bank raised BP from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. TD Cowen lifted their price target on BP from $34.00 to $37.00 and gave the stock a "hold" rating in a research report on Wednesday, August 6th. Wells Fargo & Company increased their price objective on BP from $37.00 to $39.00 and gave the company an "equal weight" rating in a report on Wednesday, November 5th. Finally, Melius Research started coverage on BP in a report on Wednesday, August 20th. They set a "buy" rating and a $66.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $43.14.

BP Stock Up 2.0%

Shares of BP stock opened at $36.53 on Monday. The stock's fifty day moving average price is $34.47 and its 200 day moving average price is $32.36. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.21 and a quick ratio of 0.92. BP has a 1-year low of $25.22 and a 1-year high of $36.60. The company has a market cap of $96.06 billion, a price-to-earnings ratio of 173.94, a price-to-earnings-growth ratio of 1.98 and a beta of 0.50.

BP (NYSE:BP - Get Free Report) last issued its quarterly earnings results on Tuesday, November 4th. The oil and gas exploration company reported $0.85 earnings per share for the quarter, topping analysts' consensus estimates of $0.72 by $0.13. The business had revenue of $48.42 billion for the quarter, compared to analyst estimates of $43.76 billion. BP had a return on equity of 9.08% and a net margin of 0.29%.The company's revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.83 earnings per share. On average, research analysts expect that BP will post 3.53 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Baird Financial Group Inc. boosted its stake in shares of BP by 206.0% during the 2nd quarter. Baird Financial Group Inc. now owns 252,849 shares of the oil and gas exploration company's stock worth $7,568,000 after acquiring an additional 170,221 shares in the last quarter. Teachers Retirement System of The State of Kentucky boosted its position in BP by 30.2% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 444,530 shares of the oil and gas exploration company's stock worth $15,020,000 after purchasing an additional 103,100 shares in the last quarter. Vestor Capital LLC grew its holdings in BP by 2,705.2% in the second quarter. Vestor Capital LLC now owns 57,983 shares of the oil and gas exploration company's stock valued at $1,735,000 after purchasing an additional 55,916 shares during the period. Bollard Group LLC increased its position in shares of BP by 12.7% in the second quarter. Bollard Group LLC now owns 337,724 shares of the oil and gas exploration company's stock valued at $10,108,000 after buying an additional 37,974 shares in the last quarter. Finally, Jones Financial Companies Lllp lifted its position in shares of BP by 22.1% during the 3rd quarter. Jones Financial Companies Lllp now owns 127,792 shares of the oil and gas exploration company's stock valued at $4,553,000 after buying an additional 23,166 shares in the last quarter. Institutional investors and hedge funds own 11.01% of the company's stock.

About BP

BP p.l.c. provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, and integrated gas and power; trading of gas; operation of onshore and offshore wind power, as well as hydrogen and carbon capture and storage facilities; trading and marketing of renewable and non-renewable power; and production of crude oil.

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