BP’s (BP) “Buy” Rating Reiterated at Bank of America

BP (LON:BPGet Free Report)‘s stock had its “buy” rating reissued by Bank of America in a research report issued to clients and investors on Wednesday, Digital Look reports. They presently have a GBX 500 ($6.57) price target on the oil and gas exploration company’s stock. Bank of America‘s target price would suggest a potential upside of 20.09% from the stock’s previous close.

Other equities research analysts have also issued research reports about the company. JPMorgan Chase & Co. cut their target price on BP from GBX 550 ($7.23) to GBX 500 ($6.57) and set an “underweight” rating on the stock in a research report on Tuesday. Morgan Stanley reissued an “overweight” rating on shares of BP in a report on Tuesday, May 14th. Royal Bank of Canada restated an “outperform” rating and issued a GBX 650 ($8.55) target price on shares of BP in a report on Tuesday, June 18th. Finally, Berenberg Bank reaffirmed a “hold” rating and issued a GBX 510 ($6.71) target price on shares of BP in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of GBX 636.67 ($8.37).

Check Out Our Latest Stock Report on BP

BP Price Performance

BP stock opened at GBX 416.35 ($5.47) on Wednesday. The firm has a market capitalization of £68.28 billion, a PE ratio of 1,261.67, a PEG ratio of 0.35 and a beta of 0.52. The company has a debt-to-equity ratio of 79.91, a quick ratio of 0.62 and a current ratio of 1.24. The company has a fifty day simple moving average of GBX 450.13 and a two-hundred day simple moving average of GBX 476.52.

Insiders Place Their Bets

In related news, insider Hina Nagarajan acquired 5,000 shares of BP stock in a transaction on Tuesday, August 6th. The stock was purchased at an average cost of GBX 429 ($5.64) per share, with a total value of £21,450 ($28,205.13). In other news, insider Murray Auchincloss sold 454,841 shares of BP stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of GBX 459 ($6.04), for a total value of £2,087,720.19 ($2,745,194.20). Also, insider Hina Nagarajan purchased 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were purchased at an average cost of GBX 429 ($5.64) per share, with a total value of £21,450 ($28,205.13). In the last three months, insiders have acquired 5,099 shares of company stock valued at $2,188,269. Insiders own 0.29% of the company’s stock.

About BP

(Get Free Report)

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.

See Also

Analyst Recommendations for BP (LON:BP)

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