BP (BP) Upgraded by Zacks Investment Research to Buy
BP (NYSE:BP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm presently has a $44.00 price objective on the oil and gas exploration company’s stock. Zacks Investment Research‘s price target points to a potential upside of 11.25% from the stock’s current price.
According to Zacks, “BP rallied 16.4% over the past year, outperforming the industry’s 8.6% gain. Through 2017, the firm brought online seven key projects — Khazzan Phase 1, Zohr, Juniper, Persephone, Quad 204, Trinidad Onshore Compression and West Nile Delta – Taurus / Libra — which helped the firm produce record volumes of oil and gas during the October-to-December quarter. In fact, fourth-quarter 2017 production touched the highest mark since the January-to-March quarter of 2011. BP is also expected to bring online five more upstream developments in 2018. All these projects along with the developments placed online during 2016 will likely help the energy giant add 800,000 barrels of oil equivalent per day to net production capacity by 2020. BP has also been paying stable dividends to American Depositary Share (ADS) holders for 13 quarters in a row despite volatile crude prices.”
Other research analysts have also recently issued reports about the company. ValuEngine raised BP from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Vetr raised BP from a “hold” rating to a “buy” rating and set a $41.28 target price for the company in a research note on Wednesday, December 6th. Societe Generale raised BP from a “hold” rating to a “buy” rating in a research note on Monday, February 12th. Piper Jaffray Companies reissued a “buy” rating and set a $51.00 target price on shares of BP in a research note on Wednesday, January 24th. Finally, TheStreet cut BP from a “b” rating to a “c+” rating in a research note on Tuesday, February 13th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $40.26.
BP (NYSE:BP) last released its earnings results on Tuesday, February 6th. The oil and gas exploration company reported $0.64 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.02). BP had a return on equity of 6.19% and a net margin of 1.39%. The company had revenue of $67.82 billion for the quarter, compared to analyst estimates of $56.85 billion. During the same period in the previous year, the firm earned $0.13 earnings per share. The company’s revenue for the quarter was up 33.0% compared to the same quarter last year. analysts anticipate that BP will post 2.7 earnings per share for the current fiscal year.
Several large investors have recently added to or reduced their stakes in the company. Sterling Capital Management LLC lifted its holdings in shares of BP by 22.2% in the 3rd quarter. Sterling Capital Management LLC now owns 17,434 shares of the oil and gas exploration company’s stock valued at $670,000 after purchasing an additional 3,164 shares during the last quarter. Cornerstone Investment Partners LLC lifted its holdings in shares of BP by 101.6% in the 4th quarter. Cornerstone Investment Partners LLC now owns 59,430 shares of the oil and gas exploration company’s stock valued at $2,498,000 after purchasing an additional 29,950 shares during the last quarter. Harvey Investment Co. LLC purchased a new stake in shares of BP in the 4th quarter valued at about $205,000. Zions Bancorporation lifted its holdings in shares of BP by 607.3% in the 3rd quarter. Zions Bancorporation now owns 31,056 shares of the oil and gas exploration company’s stock valued at $1,193,000 after purchasing an additional 26,665 shares during the last quarter. Finally, Assetmark Inc. lifted its holdings in shares of BP by 6.7% in the 3rd quarter. Assetmark Inc. now owns 93,251 shares of the oil and gas exploration company’s stock valued at $3,584,000 after purchasing an additional 5,839 shares during the last quarter. 10.19% of the stock is owned by institutional investors and hedge funds.
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BP p.l.c. is an integrated oil and gas company. The Company owns an interest in OJSC Oil Company Rosneft (Rosneft), an oil and gas company. The Company’s segments include Upstream, Downstream, Rosneft, and Other businesses and corporate. The Upstream segment is engaged in oil and natural gas exploration, field development and production, as well as midstream transportation, storage and processing.
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