BP (NYSE:BP) Price Target Cut to $32.00 by Analysts at Piper Sandler

BP (NYSE:BP - Get Free Report) had its price target dropped by equities researchers at Piper Sandler from $36.00 to $32.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the oil and gas exploration company's stock. Piper Sandler's price objective indicates a potential upside of 12.64% from the stock's current price.

BP has been the topic of a number of other research reports. Redburn Atlantic cut BP from a "buy" rating to a "neutral" rating in a report on Tuesday, September 24th. StockNews.com raised shares of BP from a "hold" rating to a "buy" rating in a research note on Tuesday, November 5th. Wells Fargo & Company cut their target price on BP from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research report on Monday, December 9th. BNP Paribas lowered shares of BP from an "outperform" rating to a "neutral" rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group raised BP to a "strong-buy" rating in a research report on Friday, October 11th. Eleven research analysts have rated the stock with a hold rating, five have given a buy rating and four have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $41.10.

BP Stock Performance

Shares of BP traded down $0.13 during mid-day trading on Thursday, hitting $28.41. 8,087,217 shares of the company's stock were exchanged, compared to its average volume of 8,714,274. The business's 50 day moving average is $29.88 and its two-hundred day moving average is $32.66. BP has a fifty-two week low of $27.82 and a fifty-two week high of $40.40. The firm has a market capitalization of $75.91 billion, a P/E ratio of 29.91, a P/E/G ratio of 2.13 and a beta of 0.64. The company has a current ratio of 1.22, a quick ratio of 0.94 and a debt-to-equity ratio of 0.66.

BP (NYSE:BP - Get Free Report) last released its earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $0.05. BP had a return on equity of 12.91% and a net margin of 1.36%. The company had revenue of $47.25 billion for the quarter, compared to analysts' expectations of $52.05 billion. During the same quarter in the previous year, the firm posted $1.15 EPS. The firm's quarterly revenue was down 11.3% on a year-over-year basis. On average, equities analysts expect that BP will post 3.55 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Wedge Capital Management L L P NC grew its holdings in BP by 2.6% during the 3rd quarter. Wedge Capital Management L L P NC now owns 646,102 shares of the oil and gas exploration company's stock worth $20,281,000 after acquiring an additional 16,534 shares during the last quarter. Kornitzer Capital Management Inc. KS lifted its position in BP by 5.4% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 454,980 shares of the oil and gas exploration company's stock valued at $14,282,000 after purchasing an additional 23,325 shares during the period. Captrust Financial Advisors raised its stake in shares of BP by 1.2% during the third quarter. Captrust Financial Advisors now owns 440,973 shares of the oil and gas exploration company's stock worth $13,842,000 after buying an additional 5,150 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its holdings in BP by 3.4% during the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 429,773 shares of the oil and gas exploration company's stock worth $15,515,000 after acquiring an additional 13,984 shares during the period. Finally, Gabelli Funds LLC boosted its position in shares of BP by 2.2% in the 2nd quarter. Gabelli Funds LLC now owns 360,050 shares of the oil and gas exploration company's stock worth $12,998,000 after purchasing an additional 7,850 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.