Zacks Investment Research Lowers BP (BP) to Hold

Zacks Investment Research downgraded shares of BP (NYSE:BP) from a strong-buy rating to a hold rating in a research report sent to investors on Tuesday morning.

According to Zacks, “BP has rallied 10.4% year to date, outperforming the 6.4% gain of the Zacks Oil International Integrated industry. We appreciate the British energy giant’s renewed share repurchase program. Moreover, a rising cash balance over the last three quarters reflects the strength in BP’s financials. The integrated player expects its major upstream projects like Clair Ridge and Juniper developments to fetch significant cash flow starting 2020 and beyond. For financing the upstream developments, the company’s decision to divest Bruce assets is commendable. However, the oil spill incident of 2010 in the BP-operated Macondo Prospect continues to affect the company. Although BP has cleared the substantial litigation expenses related to the spill, it had to divest some of its best operating properties.”

Several other equities analysts have also recently issued reports on BP. Piper Jaffray Companies restated a buy rating and set a $39.00 price objective on shares of BP in a research note on Thursday, September 28th. Scotiabank restated a buy rating and set a $39.00 price objective on shares of BP in a research note on Wednesday, November 1st. Vetr cut BP from a strong-buy rating to a buy rating and set a $43.32 price objective on the stock. in a research note on Wednesday, October 4th. TheStreet upgraded BP from a c rating to a b rating in a research note on Wednesday, November 8th. Finally, Kepler Capital Markets upgraded BP from a reduce rating to a hold rating in a research note on Tuesday, October 3rd. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. BP has a consensus rating of Hold and an average target price of $38.63.

BP (BP) opened at $41.87 on Tuesday. The company has a market capitalization of $137,585.80, a P/E ratio of 35.79, a PEG ratio of 1.21 and a beta of 0.97. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.88 and a current ratio of 1.18. BP has a one year low of $33.10 and a one year high of $41.95.

The business also recently announced a quarterly dividend, which was paid on Thursday, December 21st. Shareholders of record on Friday, November 10th were paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 5.73%. This is a boost from BP’s previous quarterly dividend of $0.60. The ex-dividend date of this dividend was Thursday, November 9th. BP’s dividend payout ratio (DPR) is presently 203.42%.

A number of hedge funds have recently bought and sold shares of the business. Johnson Financial Group Inc. lifted its stake in BP by 1.2% in the second quarter. Johnson Financial Group Inc. now owns 4,672 shares of the oil and gas exploration company’s stock valued at $162,000 after buying an additional 55 shares during the last quarter. Oarsman Capital Inc. lifted its stake in BP by 2.6% in the second quarter. Oarsman Capital Inc. now owns 12,135 shares of the oil and gas exploration company’s stock valued at $420,000 after buying an additional 310 shares during the last quarter. FTB Advisors Inc. lifted its stake in BP by 4.8% in the second quarter. FTB Advisors Inc. now owns 7,951 shares of the oil and gas exploration company’s stock valued at $282,000 after buying an additional 364 shares during the last quarter. Parallel Advisors LLC lifted its stake in BP by 10.6% in the second quarter. Parallel Advisors LLC now owns 4,791 shares of the oil and gas exploration company’s stock valued at $168,000 after buying an additional 459 shares during the last quarter. Finally, NBT Bank N A NY lifted its stake in BP by 8.0% in the second quarter. NBT Bank N A NY now owns 8,696 shares of the oil and gas exploration company’s stock valued at $301,000 after buying an additional 646 shares during the last quarter. Institutional investors own 9.96% of the company’s stock.

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BP Company Profile

BP p.l.c. is an integrated oil and gas company. The Company owns an interest in OJSC Oil Company Rosneft (Rosneft), an oil and gas company. The Company’s segments include Upstream, Downstream, Rosneft, and Other businesses and corporate. The Upstream segment is engaged in oil and natural gas exploration, field development and production, as well as midstream transportation, storage and processing.

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