BP (NYSE:BP) was downgraded by Royal Bank of Canada from a “top pick” rating to an “outperform” rating in a report issued on Tuesday, April 16th, Marketbeat reports. They currently have a $44.65 price objective on the oil and gas exploration company’s stock. Royal Bank of Canada’s price objective indicates a potential upside of 7.59% from the stock’s previous close.
BP has been the topic of several other reports. Wells Fargo & Co began coverage on shares of BP in a report on Tuesday, December 18th. They set a “market perform” rating and a $41.00 price objective on the stock. Zacks Investment Research upgraded shares of BP from a “strong sell” rating to a “hold” rating in a report on Friday, February 8th. Finally, Deutsche Bank restated a “buy” rating on shares of BP in a report on Thursday, March 7th. Four research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $55.41.
Shares of BP stock traded down $0.15 during mid-day trading on Tuesday, hitting $41.50. 4,858,143 shares of the stock were exchanged, compared to its average volume of 4,771,899. BP has a twelve month low of $36.28 and a twelve month high of $47.83. The stock has a market capitalization of $138.74 billion, a P/E ratio of 10.92, a P/E/G ratio of 1.73 and a beta of 0.78. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.02 and a quick ratio of 0.72.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Alliancebernstein L.P. raised its stake in shares of BP by 120.0% during the third quarter. Alliancebernstein L.P. now owns 9,965 shares of the oil and gas exploration company’s stock valued at $459,000 after purchasing an additional 5,436 shares during the period. BlackRock Inc. grew its position in shares of BP by 3.7% during the third quarter. BlackRock Inc. now owns 5,723,059 shares of the oil and gas exploration company’s stock worth $263,833,000 after buying an additional 203,644 shares in the last quarter. Point72 Asset Management L.P. grew its position in shares of BP by 42.3% during the third quarter. Point72 Asset Management L.P. now owns 285,000 shares of the oil and gas exploration company’s stock worth $13,139,000 after buying an additional 84,700 shares in the last quarter. Mutual Advisors LLC grew its position in shares of BP by 210.8% during the third quarter. Mutual Advisors LLC now owns 13,985 shares of the oil and gas exploration company’s stock worth $645,000 after buying an additional 9,486 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in shares of BP by 175.9% during the third quarter. Mackenzie Financial Corp now owns 38,700 shares of the oil and gas exploration company’s stock worth $1,784,000 after buying an additional 24,672 shares in the last quarter. Hedge funds and other institutional investors own 10.86% of the company’s stock.
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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