BP (NYSE:BP) Downgraded by Zacks Investment Research

BP (NYSE:BP) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks.com reports. They presently have a $26.00 price target on the oil and gas exploration company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 2.60% from the stock’s previous close.

According to Zacks, “BP has a strong portfolio of upstream projects, which has been backing impressive production growth. Since 2016, it has placed several key upstream projects online that will help the integrated energy player generate 900 thousand barrels of oil equivalent production per day of new production by this year. BP has set an aggressive energy transition plan to capitalize on the mounting clean energy demand. The company has set a goal of developing 50 gigawatts of net renewable energy generating capacity in a decade, representing a massive improvement from the 2.5 gigawatts capacity the company has developed so far. However, BP’s balance sheet is still more levered than other integrated majors. Moreover, soft refining business, since more infectious coronavirus variants are spreading rapidly, is hurting the British energy giant.”

BP has been the topic of a number of other reports. restated a “neutral” rating and issued a $70.00 target price on shares of BP in a report on Wednesday, June 30th. Morgan Stanley upgraded shares of BP from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $14.74 to $28.49 in a report on Friday, August 6th. Piper Sandler upped their target price on shares of BP from $32.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, July 23rd. They noted that the move was a valuation call. Royal Bank of Canada restated a “sector perform” rating on shares of BP in a report on Wednesday, August 4th. Finally, Wells Fargo & Company upped their target price on shares of BP from $31.00 to $32.00 and gave the company an “overweight” rating in a report on Wednesday, June 30th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $37.11.

NYSE BP traded up $0.51 during trading hours on Tuesday, reaching $25.34. The company’s stock had a trading volume of 540,081 shares, compared to its average volume of 13,806,254. The stock has a market cap of $85.41 billion, a PE ratio of 9.91, a PEG ratio of 0.47 and a beta of 0.93. BP has a fifty-two week low of $14.74 and a fifty-two week high of $28.49. The company’s 50-day moving average is $24.66 and its two-hundred day moving average is $25.59. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.91 and a current ratio of 1.23.

BP (NYSE:BP) last issued its quarterly earnings data on Monday, August 2nd. The oil and gas exploration company reported $0.83 EPS for the quarter, beating the Zacks’ consensus estimate of $0.61 by $0.22. The firm had revenue of $36.47 billion for the quarter, compared to analysts’ expectations of $40.70 billion. BP had a net margin of 5.21% and a return on equity of 6.40%. The firm’s revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the company earned ($1.98) EPS. Equities analysts expect that BP will post 3.27 earnings per share for the current fiscal year.

Several hedge funds have recently added to or reduced their stakes in BP. Certified Advisory Corp acquired a new stake in shares of BP during the first quarter worth approximately $30,000. Column Capital Advisors LLC boosted its holdings in BP by 269.7% in the first quarter. Column Capital Advisors LLC now owns 1,368 shares of the oil and gas exploration company’s stock worth $33,000 after purchasing an additional 998 shares during the period. Assetmark Inc. boosted its holdings in BP by 48.8% in the second quarter. Assetmark Inc. now owns 1,485 shares of the oil and gas exploration company’s stock worth $39,000 after purchasing an additional 487 shares during the period. RPg Family Wealth Advisory LLC acquired a new position in BP in the second quarter worth $42,000. Finally, Eagle Bay Advisors LLC acquired a new position in BP in the second quarter worth $67,000. 8.37% of the stock is owned by institutional investors and hedge funds.

BP Company Profile

BP Plc operates as an integrated oil and gas company. It operates through the following segments: Upstream, Downstream and Rosneft. The Upstream segment engages in the oil and natural gas exploration, field development and production, midstream transportation, storage and processing and marketing and trade of natural gas, including liquefied natural gas and power and natural gas liquids.

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