TD Cowen Increases BP (NYSE:BP) Price Target to $37.00

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 target price upped by TD Cowen from $34.00 to $37.00 in a report released on Wednesday morning, Marketbeat Ratings reports. TD Cowen currently has a hold rating on the oil and gas exploration company's stock.

A number of other research firms also recently weighed in on BP. Scotiabank restated a "sector perform" rating and issued a $34.00 target price (up from $30.00) on shares of BP in a report on Friday, July 11th. Piper Sandler raised their price objective on BP from $32.00 to $35.00 and gave the stock a "neutral" rating in a report on Tuesday, July 15th. Morgan Stanley downgraded shares of BP from an "equal weight" rating to an "underweight" rating and set a $26.50 price objective on the stock. in a research note on Monday, May 12th. 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. Finally, Jefferies Financial Group set a $29.00 target price on BP and gave the company a "hold" rating in a research report on Monday, May 19th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $35.17.

BP Price Performance

BP stock traded down $0.11 during trading on Wednesday, reaching $34.08. The company's stock had a trading volume of 869,726 shares, compared to its average volume of 11,311,674. The company's fifty day moving average is $31.28 and its 200-day moving average is $31.10. BP has a 1 year low of $25.22 and a 1 year high of $35.54. The company has a market capitalization of $90.40 billion, a P/E ratio of 162.36, a price-to-earnings-growth ratio of 1.95 and a beta of 0.57. 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 posted its quarterly earnings results on Tuesday, August 5th. The oil and gas exploration company reported $0.90 EPS for the quarter, topping analysts' consensus estimates of $0.68 by $0.22. The company had revenue of $46.63 billion for the quarter, compared to analysts' expectations of $42.88 billion. BP had a return on equity of 9.08% and a net margin of 0.29%. The firm's revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.00 EPS. On average, research analysts expect that BP will post 3.53 earnings per share for the current fiscal year.

BP Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, August 15th will be given a $0.4942 dividend. This represents a $1.98 dividend on an annualized basis and a dividend yield of 5.8%. This is a boost 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 Inflows and Outflows

Several large investors have recently made changes to their positions in the business. GAMMA Investing LLC boosted its position in shares of BP by 5,751.4% during the 1st quarter. GAMMA Investing LLC now owns 207,606 shares of the oil and gas exploration company's stock valued at $7,015,000 after acquiring an additional 204,058 shares during the last quarter. Kingswood Wealth Advisors LLC grew its stake in shares of BP by 333.1% in the first quarter. Kingswood Wealth Advisors LLC now owns 68,980 shares of the oil and gas exploration company's stock valued at $2,332,000 after buying an additional 53,054 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in BP by 486.9% during the 1st quarter. Bank of New York Mellon Corp now owns 2,787,644 shares of the oil and gas exploration company's stock worth $94,195,000 after acquiring an additional 2,312,687 shares in the last quarter. Meritage Portfolio Management boosted its stake in shares of BP by 54.7% in the first 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 period. Finally, Ameriprise Financial Inc. grew its holdings in shares of BP by 4.3% in the fourth quarter. Ameriprise Financial Inc. now owns 940,786 shares of the oil and gas exploration company's stock valued at $27,810,000 after purchasing an additional 38,759 shares in the last quarter. 11.01% of the stock is owned by institutional investors and hedge funds.

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.