BP (NYSE:BP) Cut to “Underperform” at Bank of America

BP (NYSE:BP) was downgraded by stock analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research note issued on Friday,Finviz reports.

A number of other equities analysts have also issued reports on BP. Melius Research started coverage on shares of BP in a research report on Wednesday, August 20th. They issued a “buy” rating and a $66.00 target price for the company. Weiss Ratings reiterated a “hold (c-)” rating on shares of BP in a report on Wednesday, October 8th. BNP Paribas upgraded shares of BP from a “neutral” rating to an “outperform” rating in a research note on Monday, September 15th. Citigroup restated a “buy” rating on shares of BP in a research report on Monday, November 3rd. Finally, Santander upgraded BP to an “outperform” rating in a research report on Monday, November 3rd. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $43.14.

BP Stock Down 0.1%

BP opened at $37.20 on Friday. The stock’s 50 day moving average price is $35.20 and its 200 day moving average price is $33.28. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.19 and a quick ratio of 0.89. The stock has a market cap of $97.29 billion, a P/E ratio of 64.13, a P/E/G ratio of 1.77 and a beta of 0.32. BP has a 12 month low of $25.22 and a 12 month high of $37.64.

BP (NYSE:BP) last announced its quarterly earnings results on Tuesday, November 4th. The oil and gas exploration company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.72 by $0.13. The company had revenue of $48.42 billion during the quarter, compared to analyst estimates of $43.76 billion. BP had a return on equity of 9.07% and a net margin of 0.79%.The firm’s quarterly revenue was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.83 EPS. As a group, research analysts predict that BP will post 3.53 earnings per share for the current year.

Hedge Funds Weigh In On BP

A number of hedge funds have recently modified their holdings of BP. Strategic Advocates LLC purchased a new stake in BP during the third quarter valued at about $25,000. Heartwood Wealth Advisors LLC acquired a new stake in shares of BP during the third quarter valued at approximately $26,000. Twin Peaks Wealth Advisors LLC purchased a new stake in shares of BP in the 2nd quarter valued at approximately $27,000. Cary Street Partners Investment Advisory LLC boosted its stake in BP by 2,250.0% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 940 shares of the oil and gas exploration company’s stock worth $32,000 after purchasing an additional 900 shares during the period. Finally, Acima Private Wealth LLC purchased a new position in BP during the 2nd quarter worth approximately $32,000. 11.01% of the stock is currently owned by institutional investors and hedge funds.

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.