BMO Capital Markets Initiates Coverage on BP (NYSE:BP)

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BMO Capital Markets assumed coverage on shares of BP (NYSE:BP) in a research note published on Tuesday, BenzingaRatingsTable reports. The brokerage issued an outperform rating and a $53.00 price target on the oil and gas exploration company’s stock.

A number of other equities analysts have also weighed in on the company. Credit Suisse Group lowered BP from an outperform rating to a neutral rating and set a $41.06 price objective on the stock. in a research note on Wednesday, July 10th. ValuEngine lowered BP from a hold rating to a sell rating in a research note on Thursday, July 18th. Finally, Jefferies Financial Group raised BP from a hold rating to a buy rating and boosted their price objective for the stock from $46.30 to $48.60 in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. The company has a consensus rating of Buy and an average target price of $52.04.

NYSE BP opened at $36.21 on Tuesday. The stock’s fifty day moving average is $38.67 and its two-hundred day moving average is $41.72. The firm has a market capitalization of $121.05 billion, a P/E ratio of 9.53, a price-to-earnings-growth ratio of 1.15 and a beta of 0.74. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.77 and a current ratio of 1.07. BP has a fifty-two week low of $35.73 and a fifty-two week high of $47.16.

BP (NYSE:BP) last released its quarterly earnings data on Tuesday, July 30th. The oil and gas exploration company reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.05. The company had revenue of $73.75 billion for the quarter, compared to analyst estimates of $79.79 billion. BP had a return on equity of 12.12% and a net margin of 2.97%. As a group, sell-side analysts forecast that BP will post 3.16 EPS for the current year.

Several institutional investors have recently made changes to their positions in BP. FMR LLC lifted its stake in shares of BP by 18.6% in the 1st quarter. FMR LLC now owns 30,833,002 shares of the oil and gas exploration company’s stock valued at $1,348,019,000 after purchasing an additional 4,832,518 shares during the last quarter. BlackRock Inc. lifted its stake in shares of BP by 51.5% in the 1st quarter. BlackRock Inc. now owns 12,141,698 shares of the oil and gas exploration company’s stock valued at $530,835,000 after purchasing an additional 4,126,312 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of BP by 80.7% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,652,922 shares of the oil and gas exploration company’s stock valued at $159,705,000 after purchasing an additional 1,631,395 shares during the last quarter. Invesco Ltd. lifted its stake in shares of BP by 15.7% in the 2nd quarter. Invesco Ltd. now owns 10,695,526 shares of the oil and gas exploration company’s stock valued at $446,003,000 after purchasing an additional 1,452,653 shares during the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in shares of BP in the 2nd quarter valued at $53,354,000. 10.88% of the stock is currently owned by institutional investors and hedge funds.

BP Company Profile

BP p.l.c. engages in energy business worldwide. It operates through three segments: Upstream, Downstream, and Rosneft. The Upstream segment is involved in the oil and natural gas exploration, field development, and production; midstream transportation, storage, and processing; and marketing and trading of liquefied natural gas (LNG), biogas, power and natural gas liquids (NGLs).

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