BP (NYSE:BP) Cut to “Hold” at Argus

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Argus downgraded shares of BP (NYSE:BP) from a buy rating to a hold rating in a research report sent to investors on Thursday, October 31st, Briefing.com Automated Import reports.

A number of other analysts also recently issued reports on the company. Royal Bank of Canada reiterated an outperform rating on shares of BP in a research report on Monday, October 28th. Grupo Santander upgraded BP from a hold rating to a buy rating in a research report on Wednesday, September 11th. ValuEngine upgraded BP from a sell rating to a hold rating in a research report on Wednesday, October 2nd. UBS Group restated a buy rating on shares of BP in a research report on Monday, October 28th. Finally, Jefferies Financial Group upgraded BP from a hold rating to a buy rating and boosted their target price for the stock from $46.30 to $48.60 in a research report on Wednesday, July 31st. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. BP currently has a consensus rating of Buy and an average price target of $273.43.

Shares of BP traded down $0.13 during trading hours on Thursday, reaching $39.19. 6,955,769 shares of the company’s stock traded hands, compared to its average volume of 6,209,801. The stock has a market cap of $133.51 billion, a PE ratio of 10.31, a price-to-earnings-growth ratio of 1.38 and a beta of 0.75. The company has a current ratio of 1.17, a quick ratio of 0.87 and a debt-to-equity ratio of 0.66. The firm’s 50 day simple moving average is $38.15 and its 200-day simple moving average is $39.64. BP has a 12 month low of $35.73 and a 12 month high of $45.38.

A number of institutional investors have recently made changes to their positions in BP. Fisher Asset Management LLC increased its stake in shares of BP by 29.5% during the third quarter. Fisher Asset Management LLC now owns 9,071,080 shares of the oil and gas exploration company’s stock valued at $344,610,000 after buying an additional 2,064,781 shares during the period. Invesco Ltd. increased its stake in shares of BP by 15.7% during the second quarter. Invesco Ltd. now owns 10,695,526 shares of the oil and gas exploration company’s stock valued at $446,003,000 after buying an additional 1,452,653 shares during the period. Nuveen Asset Management LLC purchased a new position in shares of BP during the second quarter valued at approximately $53,354,000. Point72 Asset Management L.P. purchased a new position in shares of BP during the second quarter valued at approximately $50,840,000. Finally, Verition Fund Management LLC increased its stake in shares of BP by 812.8% during the second quarter. Verition Fund Management LLC now owns 976,037 shares of the oil and gas exploration company’s stock valued at $40,701,000 after buying an additional 869,110 shares during the period. 10.78% of the stock is currently owned by institutional investors and hedge funds.

About BP

BP p.l.c. engages in energy business worldwide. It operates through three segments: Upstream, Downstream, and Rosneft. The Upstream segment is involved in the oil and natural gas exploration, field development, and production; midstream transportation, storage, and processing; and marketing and trading of liquefied natural gas (LNG), biogas, power and natural gas liquids (NGLs).

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