Piper Sandler Increases BP (NYSE:BP) Price Target to $43.00

BP (NYSE:BP) had its price objective lifted by stock analysts at Piper Sandler from $40.00 to $43.00 in a report issued on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s target price would suggest a potential upside of 11.63% from the stock’s current price.

A number of other equities analysts have also weighed in on BP. TD Securities lifted their price objective on shares of BP from $41.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday, February 7th. Raymond James lifted their price objective on shares of BP from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. Erste Group Bank upgraded shares of BP from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. Jefferies Financial Group upgraded shares of BP from a “hold” rating to a “buy” rating and lifted their price objective for the company from $38.60 to $42.30 in a research report on Monday, March 4th. Finally, Scotiabank lifted their price objective on shares of BP from $45.00 to $47.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $43.72.

BP Stock Performance

Shares of BP opened at $38.52 on Thursday. The company has a current ratio of 1.21, a quick ratio of 0.94 and a debt-to-equity ratio of 0.57. The firm has a market cap of $108.48 billion, a PE ratio of 7.57, a price-to-earnings-growth ratio of 1.96 and a beta of 0.68. The company’s 50 day simple moving average is $37.17 and its 200-day simple moving average is $36.47. BP has a 12-month low of $33.52 and a 12-month high of $40.84.

BP (NYSE:BP) last announced its earnings results on Tuesday, February 6th. The oil and gas exploration company reported $1.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.11. The business had revenue of $52.14 billion for the quarter, compared to analyst estimates of $53.14 billion. BP had a net margin of 7.15% and a return on equity of 16.00%. The company’s revenue for the quarter was down 24.7% compared to the same quarter last year. During the same period last year, the firm posted $1.59 earnings per share. As a group, equities analysts predict that BP will post 4.89 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Valeo Financial Advisors LLC raised its stake in shares of BP by 10.2% during the 1st quarter. Valeo Financial Advisors LLC now owns 49,691 shares of the oil and gas exploration company’s stock worth $1,872,000 after buying an additional 4,593 shares during the last quarter. Indiana Trust & Investment Management CO raised its stake in BP by 73.1% in the 1st quarter. Indiana Trust & Investment Management CO now owns 1,575 shares of the oil and gas exploration company’s stock valued at $59,000 after purchasing an additional 665 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in BP in the 1st quarter valued at about $106,000. Rise Advisors LLC acquired a new position in BP in the 1st quarter valued at about $61,000. Finally, Neville Rodie & Shaw Inc. raised its stake in BP by 4.4% in the 1st quarter. Neville Rodie & Shaw Inc. now owns 135,358 shares of the oil and gas exploration company’s stock valued at $5,100,000 after purchasing an additional 5,704 shares during the last quarter. Institutional investors and hedge funds own 11.01% of the company’s stock.

BP Company Profile

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.