Envestnet Asset Management Inc. boosted its holdings in BP plc (NYSE:BP) by 5.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,235,226 shares of the oil and gas exploration company’s stock after purchasing an additional 64,838 shares during the period. Envestnet Asset Management Inc.’s holdings in BP were worth $51,509,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of BP. FMR LLC raised its stake in shares of BP by 18.6% in the first quarter. FMR LLC now owns 30,833,002 shares of the oil and gas exploration company’s stock valued at $1,348,019,000 after buying an additional 4,832,518 shares during the period. BlackRock Inc. raised its stake in shares of BP by 51.5% in the first quarter. BlackRock Inc. now owns 12,141,698 shares of the oil and gas exploration company’s stock valued at $530,835,000 after buying an additional 4,126,312 shares during the period. Wells Fargo & Company MN raised its stake in shares of BP by 20.9% in the first quarter. Wells Fargo & Company MN now owns 5,720,246 shares of the oil and gas exploration company’s stock valued at $250,090,000 after buying an additional 989,753 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of BP by 80.7% in the first quarter. PNC Financial Services Group Inc. now owns 3,652,922 shares of the oil and gas exploration company’s stock valued at $159,705,000 after buying an additional 1,631,395 shares during the period. Finally, Parametric Portfolio Associates LLC raised its stake in shares of BP by 4.3% in the first quarter. Parametric Portfolio Associates LLC now owns 3,516,662 shares of the oil and gas exploration company’s stock valued at $153,748,000 after buying an additional 145,348 shares during the period. 11.05% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:BP traded up $0.24 during midday trading on Friday, reaching $36.29. 5,361,900 shares of the company traded hands, compared to its average volume of 9,349,156. The company has a quick ratio of 0.77, a current ratio of 1.07 and a debt-to-equity ratio of 0.65. BP plc has a 12 month low of $35.73 and a 12 month high of $47.16. The firm has a market capitalization of $121.32 billion, a price-to-earnings ratio of 9.55, a price-to-earnings-growth ratio of 1.14 and a beta of 0.74. The firm’s fifty day moving average price is $39.40 and its two-hundred day moving average price is $41.89.
Several brokerages have issued reports on BP. ValuEngine lowered BP from a “hold” rating to a “sell” rating in a research note on Thursday, July 18th. Jefferies Financial Group upgraded BP from a “hold” rating to a “buy” rating and boosted their target price for the company from $46.30 to $48.60 in a research note on Wednesday, July 31st. Finally, Credit Suisse Group lowered BP from an “outperform” rating to a “neutral” rating and set a $41.06 target price on the stock. in a research note on Wednesday, July 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company. BP presently has an average rating of “Buy” and an average target price of $51.89.
BP p.l.c. engages in energy business worldwide. It operates through three segments: Upstream, Downstream, and Rosneft. The Upstream segment is involved in the oil and natural gas exploration, field development, and production; midstream transportation, storage, and processing; and marketing and trading of liquefied natural gas (LNG), biogas, power and natural gas liquids (NGLs).
Further Reading: How interest rates affect municipal bond prices
Want to see what other hedge funds are holding BP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for BP plc (NYSE:BP).
Receive News & Ratings for BP Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for BP and related companies with MarketBeat.com's FREE daily email newsletter.