BP (BP) Cut to Hold at Zacks Investment Research

BP (NYSE:BP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, November 15th.

According to Zacks, “BP is one of the largest integrated energy firms in the world with a strong and diversified portfolio of development projects. The company has gained 15.5% over the last three months, outperforming the industry’s 12% gain.  For the fourth quarter of 2017, BP projects sequentially higher production owing to ongoing project ramp ups.   Also, the company has restarted share repurchase plan beginning fourth quarter 2017. However, the oil spill incident of 2010 in the BP-operated Macondo Prospect continues to affect the company. Although BP has cleared the substantial litigation expenses related to the spill, it had to divest some of its best operating properties.”

BP has been the subject of several other reports. BidaskClub cut shares of BP from a “sell” rating to a “strong sell” rating in a report on Tuesday, July 25th. Societe Generale cut shares of BP from a “buy” rating to a “hold” rating and decreased their target price for the stock from $35.04 to $34.90 in a report on Wednesday, July 26th. Scotiabank set a $37.00 target price on shares of BP and gave the stock a “buy” rating in a report on Tuesday, August 1st. Piper Jaffray Companies upgraded shares of BP from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $36.33 to $42.00 in a report on Friday, August 4th. Finally, TheStreet cut shares of BP from a “b-” rating to a “c” rating in a report on Thursday, August 10th. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. BP has a consensus rating of “Hold” and a consensus target price of $38.86.

BP (BP) traded down $0.04 during mid-day trading on Wednesday, hitting $39.91. 6,462,661 shares of the company were exchanged, compared to its average volume of 5,477,377. The firm has a market cap of $131,540.00, a PE ratio of 29.16, a PEG ratio of 1.14 and a beta of 0.97. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.88 and a current ratio of 1.18. BP has a 1-year low of $33.10 and a 1-year high of $41.55.

Large investors have recently added to or reduced their stakes in the company. Burt Wealth Advisors increased its position in BP by 6.8% during the second quarter. Burt Wealth Advisors now owns 3,136 shares of the oil and gas exploration company’s stock worth $108,000 after acquiring an additional 200 shares during the period. Vestor Capital LLC bought a new position in BP during the second quarter worth $116,000. Cable Hill Partners LLC increased its position in BP by 639.9% during the third quarter. Cable Hill Partners LLC now owns 3,559 shares of the oil and gas exploration company’s stock worth $137,000 after acquiring an additional 3,078 shares during the period. Fieldpoint Private Securities LLC bought a new position in BP during the third quarter worth $151,000. Finally, Johnson Financial Group Inc. increased its position in BP by 1.2% during the second quarter. Johnson Financial Group Inc. now owns 4,672 shares of the oil and gas exploration company’s stock worth $162,000 after acquiring an additional 55 shares during the period. 9.97% of the stock is currently owned by institutional investors.

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About BP

BP p.l.c. is an integrated oil and gas company. The Company owns an interest in OJSC Oil Company Rosneft (Rosneft), an oil and gas company. The Company’s segments include Upstream, Downstream, Rosneft, and Other businesses and corporate. The Upstream segment is engaged in oil and natural gas exploration, field development and production, as well as midstream transportation, storage and processing.

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