Scotiabank Boosts BP (NYSE:BP) Price Target to $43.00

Key Points

• Scotiabank has raised BP's price target from $42.00 to $43.00, indicating a potential upside of 24.59% from the current stock price.
• Analysts have varying ratings on BP's stock, with three giving it a Strong Buy, five a Buy, nine a Hold, and one a Sell, indicating mixed opinions among financial professionals.
• BP reported earnings that exceeded expectations, with $0.90 EPS compared to the consensus estimate of $0.68, and a revenue of $46.63 billion against an estimated $42.88 billion.

BP (NYSE:BP - Get Free Report) had its price objective boosted by equities research analysts at Scotiabank from $42.00 to $43.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the oil and gas exploration company's stock. Scotiabank's price target points to a potential upside of 24.59% from the company's previous close.

BP has been the subject of a number of other reports. Berenberg Bank upgraded shares of BP from a "hold" rating to a "strong-buy" rating in a research report on Thursday, August 7th. TD Cowen upped their price objective on shares of BP from $34.00 to $37.00 and gave the stock a "hold" rating in a research report on Wednesday, August 6th. Raymond James Financial upped their price objective on shares of BP from $36.00 to $40.00 and gave the stock an "outperform" rating in a research report on Thursday, September 25th. DZ Bank upgraded shares of BP from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 6th. Finally, Wells Fargo & Company boosted their target price on shares of BP from $27.00 to $32.00 and gave the stock an "equal weight" rating in a report on Thursday, June 26th. Three research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, nine have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $42.14.

BP Price Performance

Shares of NYSE:BP traded down $0.01 during midday trading on Thursday, hitting $34.51. The stock had a trading volume of 1,263,691 shares, compared to its average volume of 10,253,356. The company's 50-day moving average price is $34.33 and its 200-day moving average price is $31.60. The company has a market capitalization of $90.89 billion, a P/E ratio of 164.23, a price-to-earnings-growth ratio of 2.07 and a beta of 0.54. BP has a fifty-two week low of $25.22 and a fifty-two week high of $35.88. The company has a quick ratio of 0.92, a current ratio of 1.21 and a debt-to-equity ratio of 0.68.

BP (NYSE:BP - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The oil and gas exploration company reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.68 by $0.22. The business had revenue of $46.63 billion during the quarter, compared to analysts' expectations of $42.88 billion. BP had a net margin of 0.29% and a return on equity of 9.08%. The firm's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.00 EPS. As a group, equities research analysts predict that BP will post 3.53 EPS for the current fiscal year.

Institutional Investors Weigh In On BP

A number of institutional investors have recently modified their holdings of BP. Bank of New York Mellon Corp boosted its stake in shares of BP by 486.9% in the 1st quarter. Bank of New York Mellon Corp now owns 2,787,644 shares of the oil and gas exploration company's stock valued at $94,195,000 after purchasing an additional 2,312,687 shares during the last quarter. Baird Financial Group Inc. boosted its stake in shares of BP by 206.0% in the 2nd quarter. Baird Financial Group Inc. now owns 252,849 shares of the oil and gas exploration company's stock valued at $7,568,000 after purchasing an additional 170,221 shares during the last quarter. Teachers Retirement System of The State of Kentucky boosted its stake in shares of BP by 30.2% in the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 444,530 shares of the oil and gas exploration company's stock valued at $15,020,000 after purchasing an additional 103,100 shares during the last quarter. Meritage Portfolio Management boosted its stake in shares of BP by 54.7% in the 1st quarter. Meritage Portfolio Management now owns 163,147 shares of the oil and gas exploration company's stock valued at $5,513,000 after purchasing an additional 57,719 shares during the last quarter. Finally, Vestor Capital LLC boosted its stake in shares of BP by 2,705.2% in the 2nd 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 last quarter. 11.01% of the stock is owned by institutional investors.

BP Company Profile

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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