BP (NYSE:BP) Price Target Lowered to $35.00 at Wells Fargo & Company

BP (NYSE:BP) had its target price dropped by equities researchers at Wells Fargo & Company from $39.00 to $35.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price objective would suggest a potential upside of 11.39% from the company’s previous close.

BP has been the topic of a number of other research reports. Hsbc Global Res raised BP to a “hold” rating in a research note on Thursday, August 8th. Evercore ISI upgraded BP to a “strong-buy” rating in a report on Wednesday, July 31st. Morgan Stanley cut BP from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $49.90 to $41.50 in a report on Monday, July 15th. Redburn Atlantic cut BP from a “buy” rating to a “neutral” rating in a report on Tuesday, September 24th. Finally, UBS Group upgraded shares of BP to a “strong-buy” rating in a research report on Tuesday, July 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.73.

BP Price Performance

NYSE BP opened at $31.42 on Friday. The stock has a 50-day simple moving average of $33.36 and a 200 day simple moving average of $35.86. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 1.24. The stock has a market capitalization of $8.65 billion, a PE ratio of 9.85, a P/E/G ratio of 4.27 and a beta of 0.64. BP has a twelve month low of $30.52 and a twelve month high of $40.84.

BP (NYSE:BP) last issued its earnings results on Tuesday, July 30th. The oil and gas exploration company reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.08. The business had revenue of $47.30 billion during the quarter, compared to analysts’ expectations of $55.82 billion. BP had a return on equity of 13.83% and a net margin of 3.60%. BP’s quarterly revenue was down 2.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.89 EPS. Research analysts anticipate that BP will post 3.85 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. LRI Investments LLC acquired a new stake in BP in the first quarter valued at approximately $31,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in BP in the second quarter valued at approximately $33,000. Quent Capital LLC acquired a new stake in BP in the second quarter valued at approximately $38,000. Guardian Wealth Management Inc. grew its stake in BP by 576.0% in the fourth quarter. Guardian Wealth Management Inc. now owns 1,129 shares of the oil and gas exploration company’s stock valued at $40,000 after acquiring an additional 962 shares during the period. Finally, Independence Bank of Kentucky grew its stake in BP by 85.7% in 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 period. Institutional investors and hedge funds own 11.01% of the company’s stock.

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.