Rhumbline Advisers Grows Stock Holdings in BP p.l.c. $BP

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

A number of other institutional investors have also recently modified their holdings of BP. Bank of New York Mellon Corp raised its position in shares of BP by 486.9% in the 1st quarter. Bank of New York Mellon Corp now owns 2,787,644 shares of the oil and gas exploration company’s stock worth $94,195,000 after purchasing an additional 2,312,687 shares during the last quarter. GAMMA Investing LLC raised its holdings in BP by 5,751.4% in the first quarter. GAMMA Investing LLC now owns 207,606 shares of the oil and gas exploration company’s stock worth $7,015,000 after buying an additional 204,058 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its holdings in shares of BP by 30.2% during the first quarter. Teachers Retirement System of The State of Kentucky now owns 444,530 shares of the oil and gas exploration company’s stock valued at $15,020,000 after buying an additional 103,100 shares during the last quarter. Meritage Portfolio Management raised its holdings in BP by 54.7% in the 1st quarter. Meritage Portfolio Management now owns 163,147 shares of the oil and gas exploration company’s stock worth $5,513,000 after acquiring an additional 57,719 shares during the last quarter. Finally, Kingswood Wealth Advisors LLC boosted its stake in BP by 333.1% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 68,980 shares of the oil and gas exploration company’s stock valued at $2,332,000 after purchasing an additional 53,054 shares during the last quarter. 11.01% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Melius Research assumed coverage on BP in a research report on Wednesday, August 20th. They set a “buy” rating and a $66.00 price objective on the stock. Piper Sandler lifted their price target on shares of BP from $35.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, August 18th. BNP Paribas upgraded shares of BP from a “neutral” rating to an “outperform” rating in a report on Monday, September 15th. TD Cowen boosted their target price on shares of BP from $34.00 to $37.00 and gave the company a “hold” rating in a research note on Wednesday, August 6th. Finally, Melius initiated coverage on BP in a report on Wednesday, August 20th. They issued a “buy” rating and a $66.00 price objective for the company. Three analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, BP has a consensus rating of “Moderate Buy” and an average target price of $41.77.

BP Price Performance

NYSE:BP opened at $34.12 on Friday. The company has a market capitalization of $89.86 billion, a P/E ratio of 162.48, a P/E/G ratio of 1.78 and a beta of 0.61. The business’s 50-day moving average is $33.69 and its 200 day moving average is $31.45. The company has a current ratio of 1.21, a quick ratio of 0.92 and a debt-to-equity ratio of 0.68. BP p.l.c. has a 12 month low of $25.22 and a 12 month high of $35.54.

BP (NYSE:BP) last issued its quarterly earnings data on Tuesday, August 5th. The oil and gas exploration company reported $0.90 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.68 by $0.22. BP had a return on equity of 9.08% and a net margin of 0.29%.The business had revenue of $46.63 billion for the quarter, compared to analysts’ expectations of $42.88 billion. During the same period in the prior year, the firm earned $1.00 EPS. The company’s revenue for the quarter was down 1.4% on a year-over-year basis. On average, equities research analysts forecast that BP p.l.c. will post 3.53 earnings per share for the current fiscal year.

BP Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 19th. Stockholders of record on Friday, August 15th were issued a $0.4942 dividend. This is a boost from BP’s previous quarterly dividend of $0.48. The ex-dividend date was Friday, August 15th. This represents a $1.98 dividend on an annualized basis and a dividend yield of 5.8%. BP’s payout ratio is presently 942.86%.

BP Profile

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.