BP (NYSE:BP) Given New $37.00 Price Target at Wells Fargo & Company

BP (NYSE:BP) had its price objective boosted by equities researchers at Wells Fargo & Company from $30.00 to $37.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the oil and gas exploration company’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 6.04% from the company’s current price.

Other equities analysts have also issued reports about the company. Royal Bank of Canada reissued a “sector perform” rating on shares of BP in a research note on Tuesday, January 14th. StockNews.com cut shares of BP from a “buy” rating to a “hold” rating in a research report on Tuesday, January 28th. Piper Sandler reduced their price objective on BP from $36.00 to $32.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Raymond James raised their price objective on BP from $36.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday, January 17th. Finally, Morgan Stanley lowered their price target on BP from $34.70 to $31.80 and set an “equal weight” rating for the company in a research report on Tuesday, January 7th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating, four have issued a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.64.

BP Stock Performance

Shares of BP stock traded up $0.34 during trading on Wednesday, hitting $34.89. 2,534,704 shares of the company’s stock traded hands, compared to its average volume of 11,834,945. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.22 and a quick ratio of 0.94. The stock has a market capitalization of $93.42 billion, a P/E ratio of 36.65, a PEG ratio of 2.26 and a beta of 0.64. The business has a 50-day simple moving average of $30.57 and a 200-day simple moving average of $31.33. BP has a 1 year low of $27.82 and a 1 year high of $40.40.

BP (NYSE:BP) last announced its earnings results on Tuesday, February 11th. The oil and gas exploration company reported $0.44 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.12). BP had a return on equity of 12.91% and a net margin of 1.36%. As a group, analysts forecast that BP will post 3.35 EPS for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BP. Butensky & Cohen Financial Security Inc. raised its position in shares of BP by 0.3% during the 4th quarter. Butensky & Cohen Financial Security Inc. now owns 129,215 shares of the oil and gas exploration company’s stock worth $3,820,000 after purchasing an additional 358 shares during the last quarter. ST Germain D J Co. Inc. boosted its stake in shares of BP by 9.0% in the third quarter. ST Germain D J Co. Inc. now owns 4,549 shares of the oil and gas exploration company’s stock worth $143,000 after acquiring an additional 377 shares during the last quarter. Sunbelt Securities Inc. raised its stake in BP by 3.8% in the 3rd quarter. Sunbelt Securities Inc. now owns 11,459 shares of the oil and gas exploration company’s stock valued at $360,000 after purchasing an additional 415 shares during the last quarter. Atlas Brown Inc. boosted its stake in BP by 1.2% during the 4th quarter. Atlas Brown Inc. now owns 37,338 shares of the oil and gas exploration company’s stock worth $1,104,000 after purchasing an additional 437 shares during the last quarter. Finally, ORG Partners LLC raised its position in shares of BP by 32.5% in 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 buying an additional 621 shares during the last quarter. 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.