Short Interest in BP p.l.c. (NYSE:BP) Drops By 35.1%

BP p.l.c. (NYSE:BP) saw a large decrease in short interest during the month of June. As of June 30th, there was short interest totaling 10,722,922 shares, a decrease of 35.1% from the June 15th total of 16,532,927 shares. Based on an average daily trading volume, of 11,892,327 shares, the days-to-cover ratio is presently 0.9 days. Currently, 0.4% of the company’s shares are sold short.

BP Price Performance

Shares of NYSE BP opened at $41.91 on Friday. BP has a 1 year low of $31.58 and a 1 year high of $48.27. The stock has a market capitalization of $109.75 billion, a P/E ratio of 34.92, a P/E/G ratio of 0.75 and a beta of 0.17. The company’s 50-day moving average is $41.39 and its 200 day moving average is $41.05. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.22 and a quick ratio of 0.87.

BP (NYSE:BP) last issued its quarterly earnings data on Tuesday, April 28th. The oil and gas exploration company reported $1.24 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $48.50 billion. During the same period last year, the business posted $0.53 earnings per share. BP’s quarterly revenue was up 11.4% compared to the same quarter last year. On average, sell-side analysts expect that BP will post 5.27 earnings per share for the current year.

BP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 26th. Investors of record on Friday, May 15th were given a dividend of $0.4992 per share. The ex-dividend date was Friday, May 15th. This represents a $2.00 annualized dividend and a dividend yield of 4.8%. BP’s payout ratio is currently 165.00%.

Key Headlines Impacting BP

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

Analyst Ratings Changes

A number of equities analysts have issued reports on BP shares. Argus upgraded shares of BP from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Monday, May 11th. Wall Street Zen raised BP from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Weiss Ratings restated a “hold (c-)” rating on shares of BP in a report on Thursday, June 18th. HSBC upgraded BP from a “reduce” rating to a “hold” rating and increased their price objective for the stock from $35.10 to $45.30 in a report on Friday, March 20th. Finally, TD Cowen lifted their price objective on BP from $40.00 to $41.00 and gave the stock a “hold” rating in a research report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, BP currently has an average rating of “Moderate Buy” and an average target price of $46.64.

Hedge Funds Weigh In On BP

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strategic Advocates LLC purchased a new stake in shares of BP in the 3rd quarter worth about $25,000. Financial Life Planners bought a new stake in BP during the first quarter worth about $39,000. YANKCOM Partnership grew its holdings in BP by 1,068.3% in the fourth quarter. YANKCOM Partnership now owns 958 shares of the oil and gas exploration company’s stock worth $33,000 after purchasing an additional 876 shares during the period. Triumph Capital Management bought a new position in shares of BP during the third quarter valued at approximately $43,000. Finally, LRI Investments LLC lifted its holdings in shares of BP by 76.2% during the fourth quarter. LRI Investments LLC now owns 1,276 shares of the oil and gas exploration company’s stock valued at $44,000 after purchasing an additional 552 shares during the last quarter. Hedge funds and other institutional investors own 11.01% of the company’s stock.

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.