Sound Shore Management Inc. CT Sells 283,102 Shares of BP p.l.c. $BP

Sound Shore Management Inc. CT trimmed its position in BP p.l.c. (NYSE:BP) by 14.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,671,683 shares of the oil and gas exploration company’s stock after selling 283,102 shares during the period. BP comprises approximately 2.6% of Sound Shore Management Inc. CT’s holdings, making the stock its 16th largest holding. Sound Shore Management Inc. CT owned about 0.06% of BP worth $78,569,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. New York State Common Retirement Fund acquired a new stake in shares of BP in the 4th quarter valued at approximately $17,768,000. Sagefield Capital LP increased its stake in BP by 125.2% in the fourth quarter. Sagefield Capital LP now owns 493,556 shares of the oil and gas exploration company’s stock valued at $17,141,000 after purchasing an additional 274,381 shares in the last quarter. Milford Funds Ltd. acquired a new stake in BP in the fourth quarter worth $8,335,000. Bank of New York Mellon Corp boosted its position in shares of BP by 20.7% during the first quarter. Bank of New York Mellon Corp now owns 432,646 shares of the oil and gas exploration company’s stock worth $20,334,000 after purchasing an additional 74,243 shares in the last quarter. Finally, Vestor Capital LLC grew its holdings in shares of BP by 3,119.8% in the 4th quarter. Vestor Capital LLC now owns 66,553 shares of the oil and gas exploration company’s stock valued at $2,311,000 after buying an additional 64,486 shares during the period. 11.01% of the stock is currently owned by institutional investors and hedge funds.

More BP News

Here are the key news stories impacting BP this week:

• Positive Sentiment: BP is expected to announce billions of dollars of new investments in Iraq alongside ConocoPhillips, a move that could expand BP’s upstream footprint and support long-term production growth. BP, ConocoPhillips to back Iraq with major investment as U.S. seeks to cut Iran’s energy hold
• Positive Sentiment: Citi says BP’s biggest turnaround opportunity is in reshaping its upstream oil and gas business, reinforcing the view that the company is moving away from its prior renewables-heavy strategy. BP’s big opportunity is in its upstream oil and gas business – analyst
• Positive Sentiment: BP and ConocoPhillips are also tied to a broader redevelopment effort in Iraq’s Kirkuk oilfields, adding another upstream catalyst for BP. ConocoPhillips to buy 42% stake in BP unit tied to Iraq’s Kirkuk oilfields
• Neutral Sentiment: BP is shutting down BP Ventures and selling most minority holdings in its venture portfolio, a portfolio-optimization and deleveraging move that may improve focus but also signals a pullback from some growth bets. Oil giant BP shutters its corporate venture arm after 20 years
• Neutral Sentiment: Erste Group trimmed its FY2027 EPS estimate for BP slightly, which is a mild headwind but not a major change versus the broader earnings outlook. BP, ConocoPhillips to back Iraq with major investments, CNBC reports
• Negative Sentiment: The lower earnings estimate adds some caution around BP’s near-term profit trajectory, even though it remains below consensus only modestly. BP, ConocoPhillips to back Iraq with major investments, CNBC reports

BP Stock Up 0.0%

NYSE:BP opened at $41.91 on Monday. The stock has a 50-day simple moving average of $41.39 and a 200 day simple moving average of $41.09. BP p.l.c. has a 52-week low of $31.58 and a 52-week high of $48.27. The company has a market cap of $109.77 billion, a PE ratio of 34.92, a PEG ratio of 0.77 and a beta of 0.17. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.87 and a current ratio of 1.22.

BP (NYSE:BP) last released its earnings results on Tuesday, April 28th. The oil and gas exploration company reported $1.24 EPS for the quarter, beating the consensus estimate of $1.00 by $0.24. The firm had revenue of $52.26 billion for the quarter, compared to analysts’ expectations of $48.50 billion. BP had a return on equity of 12.06% and a net margin of 1.62%.The business’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 EPS. On average, sell-side analysts expect that BP p.l.c. will post 5.24 EPS for the current fiscal year.

BP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, May 15th were given a $0.4992 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $2.00 dividend on an annualized basis and a yield of 4.8%. BP’s dividend payout ratio (DPR) is 165.00%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on BP shares. Zacks Research downgraded BP from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 25th. UBS Group raised BP from a “neutral” rating to a “buy” rating in a research note on Wednesday, April 15th. Scotiabank raised their price target on BP from $41.00 to $58.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, April 22nd. BNP Paribas Exane set a $57.00 price objective on BP and gave the company an “outperform” rating in a report on Friday, April 17th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of BP in a research note on Thursday, June 18th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.64.

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.