TD Cowen Issues Positive Forecast for BP (NYSE:BP) Stock Price

Key Points

• TD Cowen has raised its price target for BP (NYSE:BP) stock from $34.00 to $37.00, indicating a potential upside of 10.28% from the current price, while maintaining a "hold" rating.
• BP reported a quarterly earnings per share of $0.90, which exceeded the consensus estimate by $0.22, with revenue of $46.63 billion surpassing expectations.
• Overall, BP stock has received mixed ratings from analysts, with two sell ratings, fourteen hold ratings, one buy, and one strong buy, leading to an average rating of "Hold" with a consensus target price of $35.17.

BP (NYSE:BP - Free Report) had its price objective raised by TD Cowen from $34.00 to $37.00 in a report published on Wednesday morning, Marketbeat reports. TD Cowen currently has a hold rating on the oil and gas exploration company's stock.

A number of other research analysts also recently commented on BP. Morgan Stanley downgraded BP from an "equal weight" rating to an "underweight" rating and set a $26.50 price target for the company. in a research note on Monday, May 12th. Jefferies Financial Group set a $29.00 price target on BP and gave the company a "hold" rating in a research note on Monday, May 19th. UBS Group downgraded BP from a "buy" rating to a "neutral" rating in a research note on Thursday, April 10th. Scotiabank reaffirmed a "sector perform" rating and issued a $34.00 price target (up previously from $30.00) on shares of BP in a research note on Friday, July 11th. Finally, Piper Sandler boosted their price target on BP from $32.00 to $35.00 and gave the company a "neutral" rating in a research note on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating, one has issued a buy rating and three have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $35.17.

BP Stock Performance

Shares of BP traded down $0.03 during midday trading on Wednesday, reaching $34.16. 6,304,046 shares of the stock were exchanged, compared to its average volume of 8,378,844. BP has a twelve month low of $25.22 and a twelve month high of $35.54. The company has a quick ratio of 0.92, a current ratio of 1.21 and a debt-to-equity ratio of 0.68. The company has a market cap of $90.60 billion, a P/E ratio of 162.67, a PEG ratio of 1.83 and a beta of 0.57. The stock's 50 day simple moving average is $31.38 and its 200 day simple moving average is $31.12.

BP (NYSE:BP - Get Free Report) last posted its earnings results on Tuesday, August 5th. The oil and gas exploration company reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.68 by $0.22. BP had a return on equity of 9.08% and a net margin of 0.29%. The company had revenue of $46.63 billion during the quarter, compared to the consensus estimate of $42.88 billion. During the same quarter last year, the firm earned $1.00 earnings per share. The company's revenue was down 1.4% on a year-over-year basis. On average, sell-side analysts expect that BP will post 3.53 earnings per share for the current year.

BP Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.4942 per share. This represents a $1.98 annualized dividend and a dividend yield of 5.8%. This is an increase from BP's previous quarterly dividend of $0.48. The ex-dividend date is Friday, August 15th. BP's dividend payout ratio (DPR) is presently 904.76%.

Institutional Trading of BP

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Cary Street Partners Investment Advisory LLC lifted its stake in shares of BP by 2,250.0% in the first quarter. Cary Street Partners Investment Advisory LLC now owns 940 shares of the oil and gas exploration company's stock worth $32,000 after acquiring an additional 900 shares during the period. Missouri Trust & Investment Co lifted its stake in shares of BP by 400.0% in the first quarter. Missouri Trust & Investment Co now owns 1,000 shares of the oil and gas exploration company's stock worth $34,000 after acquiring an additional 800 shares during the period. GW&K Investment Management LLC lifted its stake in shares of BP by 178.0% in the first quarter. GW&K Investment Management LLC now owns 1,034 shares of the oil and gas exploration company's stock worth $35,000 after acquiring an additional 662 shares during the period. Acima Private Wealth LLC acquired a new position in shares of BP in the second quarter worth approximately $32,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of BP in the fourth quarter worth approximately $33,000. 11.01% of the stock is currently 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.