Short Interest in BP plc (NYSE:BP) Expands By 20.4%
BP plc (NYSE:BP) was the recipient of a significant growth in short interest in the month of November. As of November 29th, there was short interest totalling 5,660,000 shares, a growth of 20.4% from the November 14th total of 4,700,000 shares. Based on an average daily trading volume, of 7,420,000 shares, the short-interest ratio is currently 0.8 days. Approximately 0.2% of the shares of the company are sold short.
Several institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC grew its holdings in BP by 659.1% during the third quarter. Millennium Management LLC now owns 2,414,226 shares of the oil and gas exploration company’s stock worth $91,716,000 after acquiring an additional 2,096,204 shares during the period. Fisher Asset Management LLC grew its holdings in BP by 29.5% during the third quarter. Fisher Asset Management LLC now owns 9,071,080 shares of the oil and gas exploration company’s stock worth $344,610,000 after acquiring an additional 2,064,781 shares during the period. Invesco Ltd. grew its holdings in BP by 15.7% during the second quarter. Invesco Ltd. now owns 10,695,526 shares of the oil and gas exploration company’s stock worth $446,003,000 after acquiring an additional 1,452,653 shares during the period. Nuveen Asset Management LLC acquired a new position in BP during the second quarter worth about $53,354,000. Finally, Point72 Asset Management L.P. acquired a new position in BP during the second quarter worth about $50,840,000. 10.61% of the stock is currently owned by institutional investors.
Several brokerages have weighed in on BP. Grupo Santander raised BP from a “hold” rating to a “buy” rating in a research report on Wednesday, September 11th. BMO Capital Markets began coverage on BP in a research report on Tuesday, August 20th. They issued an “outperform” rating and a $53.00 target price on the stock. Argus lowered BP from a “buy” rating to a “hold” rating in a research report on Thursday, October 31st. JPMorgan Chase & Co. reissued a “buy” rating on shares of BP in a report on Friday, August 30th. Finally, ValuEngine raised BP from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. BP has an average rating of “Buy” and an average target price of $45.89.
BP (NYSE:BP) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.66 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.13. The company had revenue of $69.29 billion for the quarter, compared to analyst estimates of $78.86 billion. BP had a return on equity of 10.67% and a net margin of 1.66%. On average, equities research analysts expect that BP will post 2.9 EPS for the current year.
BP Company Profile
BP p.l.c. engages in energy business worldwide. It operates through three segments: Upstream, Downstream, and Rosneft. The Upstream segment is involved in the oil and natural gas exploration, field development, and production; midstream transportation, storage, and processing; and marketing and trading of liquefied natural gas (LNG), biogas, power and natural gas liquids (NGLs).
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