BP (NYSE:BP) Price Target Cut to $32.00 by Analysts at Piper Sandler

BP (NYSE:BP) had its price target lowered by investment analysts at Piper Sandler from $36.00 to $32.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s target price indicates a potential upside of 12.40% from the stock’s previous close.

BP has been the topic of a number of other reports. Scotiabank downgraded shares of BP from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the company from $42.00 to $36.00 in a research note on Thursday, October 10th. Redburn Atlantic lowered BP from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 24th. The Goldman Sachs Group raised BP to a “strong-buy” rating in a research note on Friday, October 11th. BNP Paribas lowered shares of BP from an “outperform” rating to a “neutral” rating in a research note on Wednesday, October 9th. Finally, StockNews.com raised shares of BP from a “hold” rating to a “buy” rating in a research note on Tuesday, November 5th. Eleven research analysts have rated the stock with a hold rating, five have given a buy rating and four have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, BP presently has a consensus rating of “Moderate Buy” and a consensus target price of $41.10.

BP Price Performance

Shares of NYSE BP traded down $0.07 during mid-day trading on Thursday, reaching $28.47. The company’s stock had a trading volume of 4,510,052 shares, compared to its average volume of 8,699,049. The stock has a market capitalization of $76.07 billion, a P/E ratio of 29.97, a P/E/G ratio of 2.13 and a beta of 0.64. BP has a 1-year low of $27.82 and a 1-year high of $40.40. The stock has a 50-day moving average of $29.88 and a two-hundred day moving average of $32.66. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.94 and a current ratio of 1.22.

BP (NYSE:BP) last issued its earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.05. BP had a return on equity of 12.91% and a net margin of 1.36%. The business had revenue of $47.25 billion during the quarter, compared to the consensus estimate of $52.05 billion. During the same period last year, the company earned $1.15 EPS. The company’s revenue for the quarter was down 11.3% on a year-over-year basis. On average, equities research analysts anticipate that BP will post 3.55 EPS for the current fiscal year.

Institutional Trading of BP

A number of institutional investors have recently added to or reduced their stakes in BP. Altrius Capital Management Inc increased its position in shares of BP by 9.9% in the third quarter. Altrius Capital Management Inc now owns 233,776 shares of the oil and gas exploration company’s stock valued at $7,338,000 after buying an additional 20,976 shares in the last quarter. Integrated Investment Consultants LLC purchased a new stake in shares of BP in the third quarter valued at about $857,000. Rothschild Investment LLC purchased a new position in shares of BP during the 2nd quarter worth approximately $2,620,000. Kornitzer Capital Management Inc. KS raised its position in shares of BP by 4.6% during the 2nd quarter. Kornitzer Capital Management Inc. KS now owns 431,655 shares of the oil and gas exploration company’s stock worth $15,583,000 after purchasing an additional 19,140 shares during the last quarter. Finally, Arkadios Wealth Advisors lifted its stake in BP by 25.3% in the 2nd quarter. Arkadios Wealth Advisors now owns 51,513 shares of the oil and gas exploration company’s stock valued at $1,860,000 after buying an additional 10,385 shares in the last quarter. Hedge funds and other institutional investors 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.