BP (NYSE:BP) Cut to “Neutral” at Redburn Atlantic

Redburn Atlantic downgraded shares of BP (NYSE:BP) from a buy rating to a neutral rating in a report released on Tuesday morning, MarketBeat Ratings reports.

Other equities research analysts also recently issued reports about the stock. Hsbc Global Res raised shares of BP to a hold rating in a report on Thursday, August 8th. Scotiabank lowered their target price on shares of BP from $47.00 to $42.00 and set a sector outperform rating on the stock in a research note on Friday, July 12th. Wolfe Research started coverage on shares of BP in a research report on Thursday, July 18th. They set an outperform rating and a $57.00 price target for the company. Barclays raised BP to a strong-buy rating in a research note on Wednesday, July 31st. Finally, Evercore ISI upgraded BP to a strong-buy rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $44.23.

BP Stock Performance

NYSE BP opened at $30.78 on Tuesday. The company’s 50 day moving average is $33.53 and its 200-day moving average is $35.94. The firm has a market cap of $8.47 billion, a P/E ratio of 9.71, a price-to-earnings-growth ratio of 4.27 and a beta of 0.64. BP has a 12-month low of $30.52 and a 12-month high of $40.84. The company has a quick ratio of 0.95, a current ratio of 1.24 and a debt-to-equity ratio of 0.62.

BP (NYSE:BP) last posted its quarterly earnings results on Tuesday, July 30th. The oil and gas exploration company reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.92 by $0.08. BP had a return on equity of 13.83% and a net margin of 3.60%. The firm had revenue of $47.30 billion during the quarter, compared to analyst estimates of $55.82 billion. During the same period last year, the company earned $0.89 earnings per share. The business’s revenue for the quarter was down 2.6% on a year-over-year basis. Sell-side analysts predict that BP will post 3.85 earnings per share for the current year.

BP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 9th were paid a $0.48 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.92 annualized dividend and a yield of 6.24%. This is a positive change from BP’s previous quarterly dividend of $0.44. BP’s dividend payout ratio is currently 59.56%.

Institutional Investors Weigh In On BP

Hedge funds have recently made changes to their positions in the business. Strategic Blueprint LLC boosted its holdings in BP by 2.6% during the 2nd quarter. Strategic Blueprint LLC now owns 13,200 shares of the oil and gas exploration company’s stock valued at $477,000 after acquiring an additional 330 shares during the period. GAMMA Investing LLC grew its holdings in shares of BP by 12.4% in the second quarter. GAMMA Investing LLC now owns 3,097 shares of the oil and gas exploration company’s stock worth $112,000 after purchasing an additional 342 shares during the last quarter. SouthState Corp increased its stake in shares of BP by 0.3% in the second quarter. SouthState Corp now owns 128,246 shares of the oil and gas exploration company’s stock worth $4,630,000 after buying an additional 393 shares during the period. Kingswood Wealth Advisors LLC raised its holdings in BP by 5.4% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 8,001 shares of the oil and gas exploration company’s stock valued at $289,000 after buying an additional 408 shares during the last quarter. Finally, Hexagon Capital Partners LLC grew its holdings in BP by 4.1% in the 2nd quarter. Hexagon Capital Partners LLC now owns 10,767 shares of the oil and gas exploration company’s stock worth $389,000 after acquiring an additional 422 shares during the last quarter. 11.01% of the stock is currently owned by institutional investors.

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.