Wells Fargo & Company Lowers BP (NYSE:BP) Price Target to $33.00

BP (NYSE:BP) had its price objective reduced by investment analysts at Wells Fargo & Company from $35.00 to $33.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price objective suggests a potential upside of 12.51% from the stock’s previous close.

Several other research firms also recently commented on BP. Piper Sandler reiterated a “neutral” rating and set a $43.00 price objective on shares of BP in a research note on Wednesday, July 17th. Hsbc Global Res raised BP to a “hold” rating in a report on Thursday, August 8th. Redburn Atlantic downgraded BP from a “buy” rating to a “neutral” rating in a report on Tuesday, September 24th. Evercore ISI raised shares of BP to a “strong-buy” rating in a research report on Wednesday, July 31st. Finally, Argus raised shares of BP to a “hold” rating in a report on Thursday, August 1st. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, five have issued a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.73.

BP Stock Down 0.1 %

Shares of BP traded down $0.03 during midday trading on Wednesday, hitting $29.33. 4,715,507 shares of the company’s stock traded hands, compared to its average volume of 8,349,804. The company has a current ratio of 1.24, a quick ratio of 0.95 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $79.56 billion, a price-to-earnings ratio of 11.55, a price-to-earnings-growth ratio of 4.25 and a beta of 0.64. BP has a 1 year low of $29.13 and a 1 year high of $40.40. The firm’s fifty day moving average is $32.25 and its 200-day moving average is $34.83.

BP (NYSE:BP) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.05. The business had revenue of $47.25 billion during the quarter, compared to the consensus estimate of $52.05 billion. BP had a return on equity of 13.83% and a net margin of 3.60%. The company’s quarterly revenue was down 11.3% on a year-over-year basis. During the same quarter last year, the company earned $1.15 earnings per share. As a group, sell-side analysts anticipate that BP will post 3.76 earnings per share for the current year.

Hedge Funds Weigh In On BP

Several hedge funds and other institutional investors have recently made changes to their positions in BP. LRI Investments LLC purchased a new stake in shares of BP in the first quarter valued at approximately $31,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of BP in the 2nd quarter worth $33,000. Quent Capital LLC purchased a new position in shares of BP during the 2nd quarter worth $38,000. Independence Bank of Kentucky grew its holdings in shares of BP by 85.7% in the second quarter. Independence Bank of Kentucky now owns 1,300 shares of the oil and gas exploration company’s stock valued at $47,000 after purchasing an additional 600 shares during the period. Finally, Indiana Trust & Investment Management CO increased its position in BP by 29.1% during the second quarter. Indiana Trust & Investment Management CO now owns 2,034 shares of the oil and gas exploration company’s stock worth $73,000 after purchasing an additional 459 shares during the last quarter. Hedge funds and other institutional investors own 11.01% of the company’s stock.

BP Company Profile

BP p.l.c. provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, and integrated gas and power; trading of gas; operation of onshore and offshore wind power, as well as hydrogen and carbon capture and storage facilities; trading and marketing of renewable and non-renewable power; and production of crude oil.