Wells Fargo & Company Issues Positive Forecast for BP (NYSE:BP) Stock Price

BP (NYSE:BP) had its target price raised by research analysts at Wells Fargo & Company from $30.00 to $37.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 6.04% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Raymond James upped their target price on shares of BP from $36.00 to $37.00 and gave the company an “outperform” rating in a research report on Friday, January 17th. DZ Bank cut shares of BP from a “hold” rating to a “sell” rating in a research report on Tuesday. Piper Sandler decreased their price target on BP from $36.00 to $32.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Royal Bank of Canada reaffirmed a “sector perform” rating on shares of BP in a research note on Tuesday, January 14th. Finally, Morgan Stanley decreased their target price on BP from $34.70 to $31.80 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating, four have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $39.64.

BP Trading Up 1.0 %

BP stock traded up $0.34 during trading on Wednesday, reaching $34.89. 2,534,704 shares of the stock were exchanged, compared to its average volume of 11,834,945. The business has a 50 day moving average price of $30.57 and a 200-day moving average price of $31.33. BP has a 1 year low of $27.82 and a 1 year high of $40.40. The company has a current ratio of 1.22, a quick ratio of 0.94 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $93.42 billion, a price-to-earnings ratio of 36.65, a P/E/G ratio of 2.26 and a beta of 0.64.

BP (NYSE:BP) last issued its quarterly earnings data on Tuesday, February 11th. The oil and gas exploration company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.56 by ($0.12). BP had a return on equity of 12.91% and a net margin of 1.36%. On average, research analysts predict that BP will post 3.35 earnings per share for the current year.

Institutional Trading of BP

A number of hedge funds have recently added to or reduced their stakes in BP. Horizon Investments LLC increased its position in BP by 3.3% during the 4th quarter. Horizon Investments LLC now owns 19,753 shares of the oil and gas exploration company’s stock worth $584,000 after purchasing an additional 640 shares during the period. Cozad Asset Management Inc. boosted its position in shares of BP by 92.6% during the 4th quarter. Cozad Asset Management Inc. now owns 43,818 shares of the oil and gas exploration company’s stock worth $1,295,000 after purchasing an additional 21,064 shares in the last quarter. Creative Financial Designs Inc. ADV increased its holdings in shares of BP by 427.5% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 13,167 shares of the oil and gas exploration company’s stock valued at $389,000 after purchasing an additional 10,671 shares in the last quarter. Wellington Shields Capital Management LLC lifted its position in shares of BP by 26.9% during the 4th quarter. Wellington Shields Capital Management LLC now owns 7,550 shares of the oil and gas exploration company’s stock valued at $223,000 after acquiring an additional 1,600 shares during the period. Finally, Farther Finance Advisors LLC grew its holdings in shares of BP by 97.3% in the 4th quarter. Farther Finance Advisors LLC now owns 10,851 shares of the oil and gas exploration company’s stock worth $321,000 after acquiring an additional 5,351 shares during the period. 11.01% of the stock is owned by institutional investors and hedge funds.

BP Company Profile

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.