BP (NYSE:BP) Price Target Lowered to $30.00 at Scotiabank

BP (NYSE:BP) had its target price reduced by investment analysts at Scotiabank from $34.00 to $30.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “sector perform” rating on the oil and gas exploration company’s stock. Scotiabank’s price objective suggests a potential upside of 13.00% from the company’s current price.

BP has been the subject of a number of other research reports. TD Securities reissued a “hold” rating and issued a $36.00 target price (down previously from $40.00) on shares of BP in a research note on Wednesday, March 19th. DZ Bank lowered BP from a “hold” rating to a “sell” rating in a research note on Tuesday, February 11th. Morgan Stanley decreased their target price on shares of BP from $34.70 to $31.80 and set an “equal weight” rating on the stock in a research note on Tuesday, January 7th. Royal Bank of Canada reissued a “sector perform” rating on shares of BP in a report on Tuesday, January 14th. Finally, Wells Fargo & Company upped their price objective on shares of BP from $30.00 to $37.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 12th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, two have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $36.73.

BP Stock Performance

NYSE BP opened at $26.55 on Friday. BP has a 52-week low of $25.22 and a 52-week high of $40.40. The company has a fifty day moving average of $32.43 and a 200-day moving average of $31.08. The company has a market capitalization of $72.07 billion, a P/E ratio of 331.89, a P/E/G ratio of 1.12 and a beta of 0.41. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.97 and a current ratio of 1.25.

BP (NYSE:BP) last posted its quarterly earnings data on Tuesday, February 11th. The oil and gas exploration company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.12). BP had a return on equity of 10.96% and a net margin of 0.20%. As a group, equities research analysts predict that BP will post 3.53 EPS for the current fiscal year.

Institutional Investors Weigh In On BP

A number of institutional investors have recently made changes to their positions in BP. Mascagni Wealth Management Inc. purchased a new position in BP in the 4th quarter worth about $33,000. Asset Planning Inc bought a new stake in BP during the fourth quarter valued at about $40,000. Bank & Trust Co increased its holdings in BP by 404.8% in the 4th quarter. Bank & Trust Co now owns 2,120 shares of the oil and gas exploration company’s stock worth $63,000 after acquiring an additional 1,700 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of BP by 41.0% in the fourth quarter. Versant Capital Management Inc now owns 2,221 shares of the oil and gas exploration company’s stock worth $66,000 after purchasing an additional 646 shares during the period. Finally, Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of BP by 580.8% in the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,158 shares of the oil and gas exploration company’s stock worth $73,000 after purchasing an additional 1,841 shares in the last quarter. Hedge funds and other institutional investors own 11.01% of the company’s stock.

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.