Royal Bank of Canada Downgrades BP (BP) to Outperform

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.

BP (NYSE:BP) last announced its quarterly earnings data on Tuesday, April 30th. The oil and gas exploration company reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.02. The business had revenue of $66.32 billion for the quarter, compared to analyst estimates of $64.85 billion. BP had a net margin of 3.26% and a return on equity of 12.19%. The company’s revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.13 EPS. As a group, analysts forecast that BP will post 3.4 EPS for the current year.

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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Analyst Recommendations for BP (NYSE:BP)

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