BP PLC (NYSE: BP) Not A Good Play Anymore?


    SSgA Funds Management, Inc. has recently announced that it has increased stake in BP PLC (NYSE:BP) by 1.93%. After grabbing 29.02 million shares, the institutional investor is now in possession of 0.55 million shares of the Energy Company. The new investment brought the stake of investor firm to 0.86% having worth around $639.61 million. Moreover, Franklin Advisers, Inc. increased its share by 6.19 million to have a control over 17.62 million shares. And Wellington Management Co. LLP raised its holdings to 1.77 million shares by acquiring 11.66 million shares or 0.35% of the stake.

    BP PLC (BP) concluded trading on 08/27/20 at a closing price of $21.14, with 10.19 million shares of worth about $215.41 million changed hands on the day. Weekly performance of the stock remained negative as price took a plunge of -3.73% during that period and on Thursday the price saw a loss of about -1.12%. Currently the company’s common shares owned by public are about 3.37B shares, out of which, 3.35B shares are available for trading.

    A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 28 analysts are covering the BP stock and their offered price forecasts bring an average price target of $29.69. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $41.48 and could fall to a lowest price of $20.50. Analysts also issued an outlook of 2.20 for the BP PLC stock for next 12 months. The stock’s current price level is 32.03% above of average price target set by the analysts, while a rise to estimated low would result in loss of -3.12 for the stock. However, touching the estimated high of $41.48 would mean a gain of 49.04% for the stock.

    Franklin Income Fund, Vanguard Energy Fund, and Invesco Comstock Fund are the top 3 mutual funds which are holding stakes in BP PLC Franklin Income Fund is currently holding 15.0 million shares of worth totaling $330.6 million. The company recently came buying 0.0 shares which brought its stake up to 0.44% of the company’s outstanding shares. Vanguard Energy Fund sold -0.16 million shares, after which its hold over company’s outstanding shares shrunk to 0.22%, leaving 7.47 million shares with the mutual fund that have a worth of about $164.63 million. Invesco Comstock Fund, after selling 5.47 million shares, have now control over 0.16% of the stake in the company. It holds -1.26 million shares of worth $120.56 million.

    BP PLC (NYSE: BP) started trading at $21.52, above $0.14 from concluding price of the previous day. However, the stock finished the trading on the day at a closing price of $21.14, or with a loss of -1.12%. Stock saw a price change of -3.73% in past 5 days and over the past one month there was a price change of -8.96%. Year-to-date (YTD), BP shares are showing a performance of -43.99% which decreased to -42.60% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $15.51 but also hit the highest price of $40.08 during that period. While comparing its average daily trading volume of 10.74 million shares, we see that about 10.19 million changed hands on the day. The stock is currently trading -6.91% below its 20-day simple moving average (SMA20), while that difference is down -8.31% for SMA50 and it goes to -26.60% lower than SMA200.

    SSgA Funds Management, Inc. acquired 29.02 million shares of BP PLC having value of about $639.61 million. Data submitted at the U.S SEC by SSgA Funds Management, Inc. revealed that the firm now holds 0.55 million shares in the company valued at close to $11590956.3, or have control over 1.93% stake in the company. BP PLC (NYSE: BP) currently have 3.37B outstanding shares and institutions hold larger chunk of about 9.10% of that. Holding of mutual funds in the company is about 3.15% while other institutional holders and individual stake holders have control over 5.53% and — of the stake respectively.

    The stock has a current market capitalization of $72.38B and its 3Y-monthly beta is at 0.76. It has posted earnings per share of -$6.51 in the same period. It has Quick Ratio of 1.10 while making debt-to-equity ratio of 1.24. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for BP, volatility over the week remained 2.08% while standing at 2.18% over the month.

    Analysts are in expectations that BP PLC (BP) stock would likely to be making an EPS of $0.05 in the current quarter, while forecast for next quarter ESPS is $0.16 and it is $1.75 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.34 which is $0.35 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of $0.66 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -57.20% while it is estimated to increase by 236.70% in next year. EPS is likely to shrink at an annualized rate of -4.40% for next 5-years, compared to annual growth of -0.70% made by the stock over the past 5-years.

    Analysts at 28 brokerage firms have issued recommendations for the BP PLC (BP)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.20. Out of those 28 Wall Street analysts, 14 recommended a “Buy” rating, while 8 were in favor recommending the stock as a “Hold” and 2 analyst recommended the stock as “Sell”.

    Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by Piper Sandler on August 17, 2020 offering an Overweight rating for the stock and assigned a target price range of between $28 and $31 to it. Coverage by Evercore ISI stated BP PLC (BP) stock as an In-line in their note to investors on August 05, 2020, suggesting a price target of for the stock. On July 16, 2020, Jefferies Upgrade their recommendations, while on June 02, 2020, Wolfe Research Upgrade their ratings for the stock with a price target of. Stock get a Hold rating from Societe Generale on May 28, 2020.


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