The Blackstone Group L.P. (NYSE:BX) PT Raised to $38.00 at Oppenheimer Holdings, Inc.

The Blackstone Group L.P. (NYSE:BX) had its price objective increased by investment analysts at Oppenheimer Holdings, Inc. from $34.00 to $38.00 in a report issued on Friday, July 14th. The brokerage currently has an “outperform” rating on the asset manager’s stock. Oppenheimer Holdings, Inc.’s price objective points to a potential upside of 18.94% from the stock’s previous close. Oppenheimer Holdings also issued estimates for The Blackstone Group L.P.’s Q3 2017 earnings at $0.55 EPS, Q4 2017 earnings at $0.58 EPS and FY2018 earnings at $3.03 EPS.

A number of other equities research analysts also recently commented on BX. Vetr upgraded The Blackstone Group L.P. from a “buy” rating to a “strong-buy” rating and set a $37.55 target price on the stock in a research report on Wednesday, June 7th. Zacks Investment Research downgraded The Blackstone Group L.P. from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. BidaskClub downgraded The Blackstone Group L.P. from a “buy” rating to a “hold” rating in a research report on Thursday, June 15th. Jefferies Group LLC reiterated a “buy” rating and issued a $38.00 target price on shares of The Blackstone Group L.P. in a research report on Wednesday, June 28th. Finally, Credit Suisse Group boosted their target price on The Blackstone Group L.P. from $42.00 to $45.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 23rd. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The Blackstone Group L.P. has an average rating of “Buy” and a consensus price target of $37.34.

Shares of The Blackstone Group L.P. (NYSE:BX) opened at 31.95 on Friday. The stock has a market capitalization of $20.73 billion, a price-to-earnings ratio of 14.37 and a beta of 1.32. The company has a 50-day moving average price of $33.59 and a 200-day moving average price of $31.43. The Blackstone Group L.P. has a 52-week low of $23.33 and a 52-week high of $35.09.

The Blackstone Group L.P. (NYSE:BX) last posted its earnings results on Thursday, July 20th. The asset manager reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.62 by $0.03. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.49 billion. The Blackstone Group L.P. had a return on equity of 18.97% and a net margin of 22.88%. During the same quarter in the prior year, the firm posted $0.44 earnings per share. On average, equities analysts anticipate that The Blackstone Group L.P. will post $2.85 earnings per share for the current year.

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In other news, insider John G. Finley sold 20,000 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $32.53, for a total value of $650,600.00. Following the sale, the insider now directly owns 121,556 shares in the company, valued at $3,954,216.68. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Joan Solotar sold 30,500 shares of the stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $33.31, for a total value of $1,015,955.00. Following the completion of the sale, the insider now owns 150,281 shares in the company, valued at $5,005,860.11. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,050,500 shares of company stock worth $392,416,555. Company insiders own 1.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC boosted its position in shares of The Blackstone Group L.P. by 3.5% in the second quarter. FMR LLC now owns 40,769,760 shares of the asset manager’s stock valued at $1,359,671,000 after buying an additional 1,387,363 shares during the period. Morgan Stanley boosted its position in shares of The Blackstone Group L.P. by 6.0% in the first quarter. Morgan Stanley now owns 32,790,651 shares of the asset manager’s stock valued at $973,884,000 after buying an additional 1,859,744 shares during the period. Janus Capital Management LLC boosted its position in shares of The Blackstone Group L.P. by 15.8% in the first quarter. Janus Capital Management LLC now owns 18,754,093 shares of the asset manager’s stock valued at $556,990,000 after buying an additional 2,565,390 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of The Blackstone Group L.P. by 6.9% in the first quarter. Massachusetts Financial Services Co. MA now owns 12,972,178 shares of the asset manager’s stock valued at $385,275,000 after buying an additional 841,476 shares during the period. Finally, Bank of Montreal Can boosted its position in shares of The Blackstone Group L.P. by 107.7% in the second quarter. Bank of Montreal Can now owns 11,475,121 shares of the asset manager’s stock valued at $382,695,000 after buying an additional 5,951,587 shares during the period. 45.89% of the stock is currently owned by institutional investors.

About The Blackstone Group L.P.

The Blackstone Group L.P. is a global alternative asset manager. The Company’s alternative asset management businesses include investment vehicles focused on private equity, non-investment grade credit, secondary private equity funds of funds and multi-asset class strategies. It operates through four segments: Private Equity, Real Estate, Hedge Fund Solutions and Credit.

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