Royal Bank of Canada Trims BP (LON:BP) Target Price to GBX 575

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BP (LON:BP) had its price target reduced by Royal Bank of Canada from GBX 615 ($8.04) to GBX 575 ($7.51) in a research report sent to investors on Thursday morning, ThisIsMoney.Co.Uk reports. Royal Bank of Canada currently has an outperform rating on the oil and gas exploration company’s stock.

A number of other equities research analysts have also issued reports on the stock. Morgan Stanley reissued an overweight rating on shares of BP in a research note on Friday, August 30th. Credit Suisse Group set a GBX 605 ($7.91) price objective on shares of BP and gave the company a neutral rating in a research note on Wednesday, July 31st. Jefferies Financial Group set a GBX 620 ($8.10) price objective on shares of BP and gave the company a buy rating in a research note on Wednesday, July 31st. HSBC set a GBX 600 ($7.84) price objective on shares of BP and gave the company a buy rating in a research note on Wednesday, September 11th. Finally, JPMorgan Chase & Co. reaffirmed an overweight rating on shares of BP in a research note on Friday, September 6th. One equities research analyst has rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. BP currently has a consensus rating of Buy and a consensus target price of GBX 647.81 ($8.46).

Shares of LON:BP opened at GBX 504.01 ($6.59) on Thursday. The firm has a fifty day moving average of GBX 508.30 and a two-hundred day moving average of GBX 538.58. The firm has a market capitalization of $102.71 billion and a P/E ratio of 11.51. BP has a 12-month low of GBX 5.08 ($0.07) and a 12-month high of GBX 603.20 ($7.88). The company has a quick ratio of 0.69, a current ratio of 1.07 and a debt-to-equity ratio of 75.21.

The company also recently announced a dividend, which will be paid on Friday, September 20th. Investors of record on Thursday, August 8th will be issued a $0.10 dividend. The ex-dividend date is Thursday, August 8th. This represents a yield of 1.59%. BP’s dividend payout ratio (DPR) is presently 0.78%.

In other news, insider Brian Gilvary bought 63 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were purchased at an average price of GBX 503 ($6.57) per share, for a total transaction of £316.89 ($414.07). Insiders purchased a total of 184 shares of company stock worth $95,172 in the last quarter.

About BP

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).

Further Reading: How does a security become overbought?

Analyst Recommendations for BP (LON:BP)

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