Magnolia Capital Advisors LLC Invests $237,000 in BP p.l.c. (NYSE:BP)

Magnolia Capital Advisors LLC acquired a new position in BP p.l.c. (NYSE:BP) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 6,554 shares of the oil and gas exploration company’s stock, valued at approximately $237,000.

Several other hedge funds also recently made changes to their positions in the business. EverSource Wealth Advisors LLC increased its position in shares of BP by 3.4% in the second quarter. EverSource Wealth Advisors LLC now owns 15,087 shares of the oil and gas exploration company’s stock worth $534,000 after acquiring an additional 498 shares in the last quarter. Gabelli Funds LLC increased its position in shares of BP by 2.2% in the second quarter. Gabelli Funds LLC now owns 360,050 shares of the oil and gas exploration company’s stock worth $12,998,000 after acquiring an additional 7,850 shares in the last quarter. Waters Parkerson & CO. LLC purchased a new position in shares of BP in the second quarter worth approximately $264,000. Bridges Investment Management Inc. increased its position in shares of BP by 20.2% in the second quarter. Bridges Investment Management Inc. now owns 8,638 shares of the oil and gas exploration company’s stock worth $312,000 after acquiring an additional 1,450 shares in the last quarter. Finally, Altrius Capital Management Inc increased its position in shares of BP by 2.2% in the second quarter. Altrius Capital Management Inc now owns 212,800 shares of the oil and gas exploration company’s stock worth $7,682,000 after acquiring an additional 4,575 shares in the last quarter. Institutional investors and hedge funds own 11.01% of the company’s stock.

BP Price Performance

NYSE BP opened at $31.40 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 1.24 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $86.97 billion, a PE ratio of 9.84, a price-to-earnings-growth ratio of 4.27 and a beta of 0.64. The company has a 50 day moving average price of $33.28 and a two-hundred day moving average price of $35.81. BP p.l.c. has a 12-month low of $30.52 and a 12-month high of $40.84.

BP (NYSE:BP) last issued its quarterly earnings data on Tuesday, July 30th. The oil and gas exploration company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.08. BP had a net margin of 3.60% and a return on equity of 13.83%. The business had revenue of $47.30 billion during the quarter, compared to analysts’ expectations of $55.82 billion. During the same period in the previous year, the company earned $0.89 earnings per share. BP’s revenue for the quarter was down 2.6% on a year-over-year basis. As a group, equities analysts predict that BP p.l.c. will post 3.85 earnings per share for the current fiscal year.

BP Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 9th were paid a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 6.12%. This is a boost from BP’s previous quarterly dividend of $0.44. The ex-dividend date was Friday, August 9th. BP’s payout ratio is presently 59.56%.

Analyst Ratings Changes

Several research firms have recently weighed in on BP. Barclays raised shares of BP to a “strong-buy” rating in a research report on Wednesday, July 31st. Wells Fargo & Company decreased their price target on shares of BP from $39.00 to $35.00 and set an “equal weight” rating for the company in a report on Friday. Argus upgraded shares of BP to a “hold” rating in a report on Thursday, August 1st. Scotiabank decreased their price target on shares of BP from $47.00 to $42.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Finally, Royal Bank of Canada cut shares of BP from an “outperform” rating to a “sector perform” rating in a report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, BP presently has a consensus rating of “Moderate Buy” and an average price target of $43.73.

About BP

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.