BP (NYSE:BP) Cut to “Neutral” at Redburn Atlantic

BP (NYSE:BP) was downgraded by equities researchers at Redburn Atlantic from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, MarketBeat reports.

A number of other brokerages have also recently weighed in on BP. Evercore ISI raised shares of BP to a “strong-buy” rating in a research note on Wednesday, July 31st. Morgan Stanley cut BP from an “overweight” rating to an “equal weight” rating and cut their price target for the stock from $49.90 to $41.50 in a report on Monday, July 15th. Hsbc Global Res raised BP to a “hold” rating in a research note on Thursday, August 8th. Scotiabank cut their target price on shares of BP from $47.00 to $42.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Finally, Royal Bank of Canada cut shares of BP from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, six have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.23.

BP Stock Performance

NYSE BP opened at $32.86 on Tuesday. The business has a 50 day moving average price of $33.65 and a 200 day moving average price of $35.99. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.24 and a quick ratio of 0.95. The company has a market capitalization of $91.01 billion, a P/E ratio of 10.30, a PEG ratio of 3.96 and a beta of 0.64. BP has a 1-year low of $30.67 and a 1-year high of $40.84.

BP (NYSE:BP) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas exploration company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.08. The business had revenue of $47.30 billion during the quarter, compared to the consensus estimate of $55.82 billion. BP had a return on equity of 13.83% and a net margin of 3.60%. The business’s revenue was down 2.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.89 EPS. Sell-side analysts expect that BP will post 3.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PSquared Asset Management AG acquired a new position in BP during the fourth quarter valued at approximately $50,315,000. OLD Mission Capital LLC boosted its position in BP by 145.5% during the 4th quarter. OLD Mission Capital LLC now owns 656,293 shares of the oil and gas exploration company’s stock worth $23,233,000 after purchasing an additional 388,931 shares during the period. Wedge Capital Management L L P NC increased its holdings in BP by 26.7% in the 2nd quarter. Wedge Capital Management L L P NC now owns 629,568 shares of the oil and gas exploration company’s stock valued at $22,727,000 after purchasing an additional 132,750 shares in the last quarter. Kornitzer Capital Management Inc. KS raised its position in BP by 4.6% in the second quarter. Kornitzer Capital Management Inc. KS now owns 431,655 shares of the oil and gas exploration company’s stock valued at $15,583,000 after purchasing an additional 19,140 shares during the period. Finally, Cambridge Investment Research Advisors Inc. boosted its position in shares of BP by 3.4% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 429,773 shares of the oil and gas exploration company’s stock worth $15,515,000 after buying an additional 13,984 shares during the period. Institutional investors and hedge funds own 11.01% of the company’s stock.

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.