Piper Sandler Forecasts Strong Price Appreciation for BP (NYSE:BP) Stock

BP (NYSE:BP) had its price target lifted by equities research analysts at Piper Sandler from $42.00 to $43.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the oil and gas exploration company’s stock. Piper Sandler’s target price would indicate a potential upside of 2.66% from the stock’s current price.

Several other equities analysts have also issued reports on BP. Royal Bank Of Canada raised shares of BP from a “sector perform” rating to an “outperform” rating in a report on Monday, May 11th. BNP Paribas Exane set a $57.00 target price on BP and gave the company an “outperform” rating in a research note on Friday, April 17th. Zacks Research lowered BP from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 25th. Mizuho set a $53.00 price objective on BP in a research report on Wednesday. Finally, Wall Street Zen raised shares of BP from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 18th. Twelve investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $46.36.

BP Trading Down 0.8%

NYSE BP traded down $0.34 on Friday, reaching $41.88. The company had a trading volume of 2,170,072 shares, compared to its average volume of 11,324,515. The company has a quick ratio of 0.87, a current ratio of 1.27 and a debt-to-equity ratio of 0.69. BP has a 52 week low of $32.72 and a 52 week high of $48.27. The stock has a market cap of $109.71 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 0.69 and a beta of 0.16. The stock’s 50 day moving average is $41.08 and its 200-day moving average is $41.90.

BP (NYSE:BP) last announced its quarterly earnings results on Monday, August 3rd. The oil and gas exploration company reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.35. BP had a return on equity of 16.63% and a net margin of 2.49%.The company had revenue of $69.11 billion during the quarter, compared to analysts’ expectations of $57.89 billion. During the same period in the prior year, the business posted $0.90 EPS. BP’s revenue was up 106.1% on a year-over-year basis. Equities analysts predict that BP will post 5.78 earnings per share for the current year.

Institutional Investors Weigh In On BP

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Financial Life Planners bought a new stake in BP in the first quarter valued at approximately $39,000. Triumph Capital Management bought a new position in BP during the third quarter worth $43,000. LRI Investments LLC increased its holdings in shares of BP by 76.2% in the fourth quarter. LRI Investments LLC now owns 1,276 shares of the oil and gas exploration company’s stock valued at $44,000 after purchasing an additional 552 shares during the last quarter. WFA of San Diego LLC acquired a new stake in shares of BP during the 2nd quarter worth about $46,000. Finally, Ameriflex Group Inc. grew its stake in BP by 39.1% in the 4th quarter. Ameriflex Group Inc. now owns 1,808 shares of the oil and gas exploration company’s stock valued at $63,000 after buying an additional 508 shares during the last quarter. 11.01% of the stock is currently owned by institutional investors and hedge funds.

BP News Roundup

Here are the key news stories impacting BP this week:

• Positive Sentiment: Gas expansion in Trinidad and Tobago: BP agreed to acquire Woodside Energy’s 70% stake in the Calypso project, giving it full ownership and operatorship of the early-stage deepwater development. The deal could strengthen BP’s long-term gas position and regional control, although returns remain dependent on project development and execution. BP to acquire Woodside’s stake in Calypso project
• Positive Sentiment: Solid results and shareholder returns: BP recently reported quarterly earnings above analysts’ expectations, with revenue more than doubling year over year, and raised its interim dividend. The stock has also delivered strong gains over the year, supporting the investment case despite valuation concerns. BP Sells North Sea Assets, Is The Stock Fully Priced?
• Neutral Sentiment: Portfolio simplification: BP is marketing its North Sea oil and gas business after more than six decades in the region and is also pursuing a sale of Archaea Energy, its renewable natural gas business. The moves may improve profitability and focus capital on higher-priority assets, but they also reduce diversification and could limit future production growth. BP to sell landfill RNG business Archaea Energy
• Neutral Sentiment: Brazil growth potential: A proposed megaproject could help establish Brazil as a core growth region for BP into the 2030s, but the opportunity remains prospective and dependent on exploration, approvals and development success. This Megaproject Could Keep Brazil’s Oil Boom Running Deep Into The 2030s
• Negative Sentiment: Whiting refinery labor disruption: A nearly five-month lockout at BP’s Whiting, Indiana, refinery highlights ongoing labor and operational uncertainty that could pressure refining output, costs and near-term earnings. Inside the nearly five-month labor lockout at BP’s Whiting refinery

About BP

BP plc is a British multinational integrated energy company headquartered in London. Originating in the early 20th century as the Anglo-Persian Oil Company, BP has grown into one of the world’s largest oil and gas companies, operating across exploration and production, refining and marketing, trading, and a range of low-carbon businesses.

The company’s core activities include upstream exploration and production of crude oil and natural gas, midstream and trading operations, and downstream refining, marketing and supply of fuels, lubricants and petrochemicals.