Bank of New York Mellon Corp Lowers Position in BP p.l.c. $BP

Bank of New York Mellon Corp cut its holdings in BP p.l.c. (NYSE:BP) by 84.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 421,043 shares of the oil and gas exploration company’s stock after selling 2,366,601 shares during the quarter. Bank of New York Mellon Corp’s holdings in BP were worth $12,602,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Great Lakes Advisors LLC increased its holdings in shares of BP by 6.0% in the 1st quarter. Great Lakes Advisors LLC now owns 8,022 shares of the oil and gas exploration company’s stock worth $271,000 after purchasing an additional 451 shares in the last quarter. Stock Yards Bank & Trust Co. increased its position in shares of BP by 1.6% during the 2nd quarter. Stock Yards Bank & Trust Co. now owns 37,941 shares of the oil and gas exploration company’s stock valued at $1,136,000 after purchasing an additional 592 shares during the last quarter. TIAA Trust National Association increased its holdings in BP by 3.1% during the second quarter. TIAA Trust National Association now owns 20,657 shares of the oil and gas exploration company’s stock valued at $618,000 after buying an additional 627 shares during the last quarter. GW&K Investment Management LLC grew its position in shares of BP by 178.0% during the 1st quarter. GW&K Investment Management LLC now owns 1,034 shares of the oil and gas exploration company’s stock valued at $35,000 after acquiring an additional 662 shares during the period. Finally, Cary Street Partners Investment Advisory LLC lifted its position in shares of BP by 2,250.0% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 940 shares of the oil and gas exploration company’s stock valued at $32,000 after buying an additional 900 shares in the last quarter. Institutional investors own 11.01% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on BP shares. Citigroup reissued a “buy” rating on shares of BP in a report on Monday, November 3rd. Jefferies Financial Group restated a “hold” rating on shares of BP in a research report on Thursday, October 16th. Melius began coverage on BP in a research report on Wednesday, August 20th. They issued a “buy” rating and a $66.00 price target for the company. Santander raised shares of BP to an “outperform” rating in a research report on Monday, November 3rd. Finally, TD Cowen lifted their target price on BP from $34.00 to $37.00 and gave the stock a “hold” rating in a research report on Wednesday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.14.

BP Price Performance

NYSE BP opened at $36.72 on Wednesday. BP p.l.c. has a 1 year low of $25.22 and a 1 year high of $37.64. The company has a market cap of $96.56 billion, a price-to-earnings ratio of 174.85, a PEG ratio of 1.98 and a beta of 0.50. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.21 and a quick ratio of 0.92. The stock’s fifty day moving average price is $34.80 and its 200 day moving average price is $32.77.

BP (NYSE:BP) last released its quarterly earnings data on Tuesday, November 4th. The oil and gas exploration company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.72 by $0.13. BP had a net margin of 0.29% and a return on equity of 9.08%. The business had revenue of $48.42 billion for the quarter, compared to the consensus estimate of $43.76 billion. During the same period in the prior year, the firm earned $0.83 EPS. The business’s revenue for the quarter was up 2.5% on a year-over-year basis. As a group, equities research analysts forecast that BP p.l.c. will post 3.53 earnings per share for the current year.

BP Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, November 14th will be given a $0.4992 dividend. This represents a $2.00 annualized dividend and a dividend yield of 5.4%. This is a positive change from BP’s previous quarterly dividend of $0.49. The ex-dividend date is Friday, November 14th. BP’s dividend payout ratio (DPR) is 339.66%.

BP Company 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.