Rhumbline Advisers Has $1.27 Million Stock Position in BP p.l.c. (NYSE:BP)

Rhumbline Advisers raised its holdings in shares of BP p.l.c. (NYSE:BP) by 20.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 37,558 shares of the oil and gas exploration company’s stock after purchasing an additional 6,492 shares during the period. Rhumbline Advisers’ holdings in BP were worth $1,269,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of BP. Bank of New York Mellon Corp lifted its stake in BP by 30.1% in the fourth quarter. Bank of New York Mellon Corp now owns 474,957 shares of the oil and gas exploration company’s stock valued at $14,040,000 after buying an additional 110,019 shares during the period. Altrius Capital Management Inc raised its position in shares of BP by 16.6% in the 4th quarter. Altrius Capital Management Inc now owns 272,527 shares of the oil and gas exploration company’s stock valued at $8,056,000 after acquiring an additional 38,751 shares during the period. SVB Wealth LLC bought a new position in BP during the 4th quarter worth approximately $588,000. Jones Financial Companies Lllp grew its holdings in BP by 28.0% during the fourth quarter. Jones Financial Companies Lllp now owns 93,615 shares of the oil and gas exploration company’s stock valued at $2,767,000 after purchasing an additional 20,491 shares during the period. Finally, United Community Bank raised its holdings in BP by 11.5% in the fourth quarter. United Community Bank now owns 9,232 shares of the oil and gas exploration company’s stock worth $273,000 after purchasing an additional 950 shares during the period. Institutional investors own 11.01% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on BP shares. Jefferies Financial Group set a $29.00 price objective on shares of BP and gave the company a “hold” rating in a research report on Monday, May 19th. TD Cowen downgraded BP from a “buy” rating to a “hold” rating and set a $40.00 price target for the company. in a report on Wednesday, March 19th. TD Securities reaffirmed a “hold” rating and set a $36.00 price target (down previously from $40.00) on shares of BP in a research report on Wednesday, March 19th. Piper Sandler lowered their target price on BP from $35.00 to $32.00 and set a “neutral” rating for the company in a research note on Tuesday, May 13th. Finally, Scotiabank cut their price target on shares of BP from $34.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Friday, April 11th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, two have issued a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $35.28.

BP Stock Down 1.5%

Shares of BP stock opened at $31.12 on Friday. The firm’s fifty day moving average price is $29.20 and its two-hundred day moving average price is $30.68. The company has a current ratio of 1.22, a quick ratio of 0.92 and a debt-to-equity ratio of 0.69. BP p.l.c. has a 1 year low of $25.22 and a 1 year high of $37.39. The firm has a market capitalization of $83.63 billion, a P/E ratio of -67.65, a PEG ratio of 2.03 and a beta of 0.54.

BP (NYSE:BP) last released its earnings results on Tuesday, April 29th. The oil and gas exploration company reported $0.53 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.03). The company had revenue of $46.91 billion during the quarter, compared to analyst estimates of $40.12 billion. BP had a negative net margin of 0.62% and a positive return on equity of 9.51%. BP’s revenue was down 4.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.97 EPS. On average, equities analysts predict that BP p.l.c. will post 3.53 EPS for the current fiscal year.

BP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 27th. Investors of record on Friday, May 16th will be paid a $0.48 dividend. The ex-dividend date is Friday, May 16th. This represents a $1.92 annualized dividend and a dividend yield of 6.17%. BP’s dividend payout ratio is presently -413.04%.

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.