BP (NYSE:BP) Downgraded to Hold Rating by Zacks Research

BP (NYSE:BP) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Monday,Zacks.com reports.

Other equities research analysts also recently issued reports about the company. Morgan Stanley upgraded BP from an “equal weight” rating to an “overweight” rating and set a $49.40 target price on the stock in a report on Tuesday, March 24th. HSBC upgraded shares of BP from a “reduce” rating to a “hold” rating and lifted their price objective for the company from $35.10 to $45.30 in a research note on Friday, March 20th. Weiss Ratings upgraded shares of BP from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, March 24th. Royal Bank Of Canada raised shares of BP from a “sector perform” rating to an “outperform” rating in a research note on Monday, May 11th. Finally, Melius Research lowered shares of BP from a “buy” rating to a “sell” rating and set a $31.00 price objective on the stock. in a report on Wednesday, February 11th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, BP presently has a consensus rating of “Moderate Buy” and an average target price of $46.14.

BP Price Performance

BP opened at $42.65 on Monday. The company has a 50 day moving average of $45.53 and a two-hundred day moving average of $39.83. BP has a 52-week low of $28.83 and a 52-week high of $48.27. The company has a quick ratio of 0.87, a current ratio of 1.22 and a debt-to-equity ratio of 0.68. The company has a market cap of $111.70 billion, a P/E ratio of 35.54, a P/E/G ratio of 0.57 and a beta of 0.18.

BP (NYSE:BP) last announced its quarterly earnings results on Tuesday, April 28th. The oil and gas exploration company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.24. BP had a net margin of 1.62% and a return on equity of 12.06%. The firm had revenue of $52.26 billion during the quarter, compared to analysts’ expectations of $48.50 billion. During the same period in the prior year, the company earned $0.53 EPS. The firm’s revenue was up 11.4% on a year-over-year basis. On average, analysts expect that BP will post 5.08 earnings per share for the current year.

Institutional Trading of BP

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Strategic Advocates LLC acquired a new position in BP in the third quarter worth approximately $25,000. YANKCOM Partnership raised its position in shares of BP by 1,068.3% during the fourth quarter. YANKCOM Partnership now owns 958 shares of the oil and gas exploration company’s stock worth $33,000 after purchasing an additional 876 shares during the period. Financial Life Planners acquired a new position in shares of BP in the 1st quarter valued at $39,000. Triumph Capital Management purchased a new position in BP in the 3rd quarter worth about $43,000. Finally, LRI Investments LLC raised its holdings in BP by 76.2% during the 4th quarter. LRI Investments LLC now owns 1,276 shares of the oil and gas exploration company’s stock worth $44,000 after buying an additional 552 shares during the period. 11.01% of the stock is owned by institutional investors and hedge funds.

Key Headlines Impacting BP

Here are the key news stories impacting BP this week:

• Negative Sentiment: BP’s board ousted Albert Manifold over governance and conduct concerns, a surprise leadership shake-up that reinforces concerns about instability and could slow the company’s turnaround efforts. BP’s ousted chairman Albert Manifold disputes accusations over his conduct
• Negative Sentiment: Manifold publicly disputed BP’s account, saying he was removed “without warning and without explanation,” which could prolong the controversy and keep boardroom drama in the headlines. BP Crisis Deepens as Ousted Chairman Comes Out Fighting
• Negative Sentiment: Multiple reports also link the removal to alleged bullying or aggressive behavior toward colleagues, creating reputational risk and adding to the perception of recurring governance problems at BP. Oil giant BP ousts new chairman over ‘conduct’ and shares slide

BP Company Profile

BP plc is a British multinational integrated energy company headquartered in London. Originating in the early 20th century as the Anglo-Persian Oil Company, BP has grown into one of the world’s largest oil and gas companies, operating across exploration and production, refining and marketing, trading, and a range of low-carbon businesses.

The company’s core activities include upstream exploration and production of crude oil and natural gas, midstream and trading operations, and downstream refining, marketing and supply of fuels, lubricants and petrochemicals.