Wells Fargo & Company Lowers BP (NYSE:BP) Price Target to $31.00

BP (NYSE:BP) had its price objective decreased by equities researchers at Wells Fargo & Company from $33.00 to $31.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price objective points to a potential upside of 2.79% from the stock’s previous close.

A number of other equities research analysts have also weighed in on BP. BNP Paribas lowered BP from an “outperform” rating to a “neutral” rating in a research report on Wednesday, October 9th. Scotiabank lowered BP from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the company from $42.00 to $36.00 in a research report on Thursday, October 10th. The Goldman Sachs Group raised BP to a “strong-buy” rating in a research report on Friday, October 11th. Redburn Atlantic lowered BP from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 24th. Finally, StockNews.com raised BP from a “hold” rating to a “buy” rating in a research report on Tuesday, November 5th. Eleven investment analysts have rated the stock with a hold rating, five have assigned a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, BP presently has a consensus rating of “Moderate Buy” and an average price target of $42.48.

BP Price Performance

NYSE:BP traded up $1.46 during trading hours on Monday, reaching $30.16. The stock had a trading volume of 3,526,838 shares, compared to its average volume of 8,636,227. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.94 and a current ratio of 1.22. BP has a 52 week low of $27.82 and a 52 week high of $40.40. The company has a 50 day moving average price of $30.30 and a two-hundred day moving average price of $33.04. The stock has a market capitalization of $81.04 billion, a PE ratio of 31.75, a PEG ratio of 2.01 and a beta of 0.64.

BP (NYSE:BP) last released its quarterly earnings data on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.05. The business had revenue of $47.25 billion for the quarter, compared to the consensus estimate of $52.05 billion. BP had a return on equity of 12.91% and a net margin of 1.36%. The company’s revenue was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.15 EPS. As a group, sell-side analysts anticipate that BP will post 3.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On BP

Hedge funds have recently bought and sold shares of the business. Independence Bank of Kentucky raised its holdings in shares of BP by 85.7% during the second quarter. Independence Bank of Kentucky now owns 1,300 shares of the oil and gas exploration company’s stock valued at $47,000 after acquiring an additional 600 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of BP during the second quarter valued at approximately $75,000. ORG Partners LLC raised its holdings in shares of BP by 32.5% during the third quarter. ORG Partners LLC now owns 2,533 shares of the oil and gas exploration company’s stock valued at $80,000 after acquiring an additional 621 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of BP during the third quarter valued at approximately $91,000. Finally, Anchor Investment Management LLC raised its holdings in shares of BP by 58.7% during the third quarter. Anchor Investment Management LLC now owns 3,120 shares of the oil and gas exploration company’s stock valued at $98,000 after acquiring an additional 1,154 shares during the last quarter. Hedge funds and other institutional investors 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.