BP (NYSE:BP) Downgraded by Zacks Research to “Hold”

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.

Several other brokerages also recently commented on BP. Piper Sandler lifted their target price on shares of BP from $44.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Scotiabank upped their price target on BP from $41.00 to $58.00 and gave the stock a “sector outperform” rating in a report on Wednesday, April 22nd. Melius Research downgraded shares of BP from a “buy” rating to a “sell” rating and set a $31.00 price objective on the stock. in a research note on Wednesday, February 11th. Morgan Stanley raised shares of BP from an “equal weight” rating to an “overweight” rating and set a $49.40 target price on the stock in a research report on Tuesday, March 24th. Finally, Freedom Capital downgraded shares of BP from a “hold” rating to a “strong sell” rating in a report on Thursday, February 12th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.14.

BP Stock Down 3.9%

NYSE:BP opened at $42.65 on Monday. BP has a 1-year low of $28.83 and a 1-year high of $48.27. The firm has a market capitalization of $111.70 billion, a price-to-earnings ratio of 35.54, a PEG ratio of 0.57 and a beta of 0.18. The company has a current ratio of 1.22, a quick ratio of 0.87 and a debt-to-equity ratio of 0.68. The business’s fifty day moving average price is $45.53 and its 200 day moving average price is $39.83.

BP (NYSE:BP) last posted 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 business had revenue of $52.26 billion for the quarter, compared to the consensus estimate of $48.50 billion. During the same period in the prior year, the business posted $0.53 earnings per share. BP’s revenue for the quarter was up 11.4% compared to the same quarter last year. On average, sell-side analysts forecast that BP will post 5.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Sound Shore Management Inc. CT acquired a new stake in BP in the 4th quarter valued at about $67,890,000. Public Employees Retirement System of Ohio acquired a new position in BP during the 1st quarter worth $28,136,000. New York State Common Retirement Fund acquired a new stake in shares of BP in the 4th quarter valued at $17,768,000. Sagefield Capital LP raised its position in shares of BP by 125.2% during the fourth quarter. Sagefield Capital LP now owns 493,556 shares of the oil and gas exploration company’s stock worth $17,141,000 after acquiring an additional 274,381 shares during the last quarter. Finally, Milford Funds Ltd. acquired a new position in shares of BP during the fourth quarter valued at $8,335,000. 11.01% of the stock is owned by institutional investors.

BP News Roundup

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

About BP

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.