Scotiabank Boosts BP (NYSE:BP) Price Target to $58.00
by Jessica Moore · The Cerbat GemBP (NYSE:BP – Get Free Report) had its price objective boosted by stock analysts at Scotiabank from $41.00 to $58.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “sector outperform” rating on the oil and gas exploration company’s stock. Scotiabank’s price target suggests a potential upside of 25.07% from the stock’s previous close.
A number of other equities analysts have also recently issued reports on the company. Freedom Capital cut BP from a “hold” rating to a “strong sell” rating in a report on Thursday, February 12th. TD Cowen cut their price objective on BP from $37.00 to $35.00 and set a “hold” rating for the company in a report on Friday, February 13th. Wall Street Zen upgraded BP from a “hold” rating to a “buy” rating in a report on Saturday, March 14th. Evercore set a $38.00 price objective on BP and gave the stock an “in-line” rating in a report on Tuesday, January 6th. Finally, Piper Sandler upped their price objective on BP from $44.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, March 12th. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.39.
View Our Latest Research Report on BP
BP Price Performance
BP stock traded up $0.46 during midday trading on Wednesday, hitting $46.37. 2,661,317 shares of the company’s stock were exchanged, compared to its average volume of 13,444,119. BP has a 52-week low of $27.20 and a 52-week high of $48.27. The stock has a 50-day moving average price of $42.76 and a two-hundred day moving average price of $38.07. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.98 and a current ratio of 1.26. The company has a market cap of $121.45 billion, a P/E ratio of -4,632.77, a PEG ratio of 0.64 and a beta of 0.21.
BP (NYSE:BP – Get Free Report) last posted its earnings results on Monday, February 9th. The oil and gas exploration company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. BP had a return on equity of 9.68% and a net margin of 0.03%.The business had revenue of $47.38 billion during the quarter, compared to analysts’ expectations of $42.19 billion. During the same period in the previous year, the business earned $0.44 earnings per share. The firm’s revenue was up 3.6% on a year-over-year basis. On average, equities research analysts forecast that BP will post 4.59 earnings per share for the current year.
Institutional Investors Weigh In On BP
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Strategic Advocates LLC purchased a new position in shares of BP during the 3rd quarter worth approximately $25,000. YANKCOM Partnership grew its holdings in shares of BP by 1,068.3% during the 4th quarter. YANKCOM Partnership now owns 958 shares of the oil and gas exploration company’s stock worth $33,000 after acquiring an additional 876 shares during the period. Triumph Capital Management purchased a new position in shares of BP during the 3rd quarter worth approximately $43,000. LRI Investments LLC grew its stake in shares of BP by 76.2% in the 4th quarter. LRI Investments LLC now owns 1,276 shares of the oil and gas exploration company’s stock worth $44,000 after buying an additional 552 shares during the last quarter. Finally, Ameriflex Group Inc. grew its stake in shares of BP by 100.0% in the 3rd quarter. Ameriflex Group Inc. now owns 1,300 shares of the oil and gas exploration company’s stock worth $45,000 after buying an additional 650 shares during the last quarter. Institutional investors own 11.01% of the company’s stock.
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.