SSgA Funds Management, Inc. recently announced the acquisition of new stake in BP p.l.c. (NYSE:BP). The institutional investor has increased its shareholding in the Energy company by 1.93% to 29.02 million shares with purchase of 0.55 million shares. This fresh investment now brings its stake to 0.86% valued currently at $639.61 million. In addition, Franklin Advisers, Inc. raised its holdings by 6.19 million to 17.62 million shares. And Wellington Management Co. LLP has lifted its position by 17.87% or 1.77 million shares – to 11.66 million shares.
With over 7.69 million BP p.l.c. (BP) shares trading Monday and a closing price of $20.93 on the day, the dollar volume was approximately $161.0 million. The shares have shown a negative weekly performance of -4.47% and its price on 08/31/20 lost nearly -2.10%. Currently, there are 3.37B common shares owned by the public and among those 3.35B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 28 analysts who have offered their price forecasts for BP have a consensus price objective of $29.72. The analysts have set the share’s price value over the next 12 months at a high of $41.48 and a low of $20.50 should the stock experience a downside. Incidentally, analysts’ outlook for the BP p.l.c. stock is 2.20 for the next 12 months. The average price target is 32.7% above its last price level and an upside to the estimated low will see the stock lose -2.1% over that period. But an upside of 49.54% will see the stock hit the forecast high price target while mean target price for the stock is $29.44.
The top 3 mutual fund holders in BP p.l.c. are Franklin Income Fund, Vanguard Energy Fund, and Invesco Comstock Fund. Franklin Income Fund owns 15.0 million shares of the company’s stock, all valued at over $330.6 million. Vanguard Energy Fund sold -0.16 million shares to see its total holdings shrink to 7.47 million shares valued at over $164.63 million and representing 0.22% of the shares outstanding. Invesco Comstock Fund sold -1.26 million shares to bring its total holdings to over 5.47 million shares at a value of $120.56 million. Invesco Comstock Fund now owns shares totaling to 0.16% of the shares outstanding.
Shares of BP p.l.c. (NYSE: BP) opened at $21.39, up $0.01 from a prior closing price of $21.38. However, the script later closed the day at $20.93, down -2.10%. The company’s stock has a 5-day price change of -4.47% and -16.11% over the past three months. BP shares are trading -44.54% year to date (YTD), with the 12-month market performance down to -43.36% lower. It has a 12-month low price of $15.51 and touched a high of $40.08 over the same period. Currently, 7.69 million shares have been traded, compared to an average intraday trading volume of 10.74 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.44%, -8.83%, and -26.88% respectively.
Institutional ownership of BP p.l.c. (NYSE: BP) shares accounts for 9.10% of the company’s 3.37B shares outstanding. Mutual fund holders own 3.14%, while other institutional holders and individual stakeholders account for 5.55% and — respectively.
It has a market capitalization of $70.04B and a beta (3y monthly) value of 0.73. The earnings-per-share (ttm) stands at -$6.51. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.18% over the week and 2.11% over the month.
Analysts forecast that BP p.l.c. (BP) will achieve an EPS of $0.05 for the current quarter, $0.16 for the next quarter and $1.75 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.34 while analysts give the company a high EPS estimate of $0.35. Comparatively, EPS for the current quarter was $0.66 a year ago. Earnings per share for the fiscal year are expected to decrease by -57.20%, and 236.70% over the next financial year. EPS should shrink at an annualized rate of -4.40% over the next five years, compared to -0.70% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 28 brokerage firm advisors rate BP p.l.c. (BP) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 14 Wall Street analysts polled rate the stock as a buy, while 8 of the 28 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the BP, a number of firms have released research notes about the stock. Piper Sandler stated their Overweight rating for the stock in a research note on August 17, 2020, with the firm’s price target at $28-$31. Evercore ISI coverage for the BP p.l.c. (BP) stock in a research note released on August 05, 2020 offered a In-line rating with a price target of. Jefferies was of a view on July 16, 2020 that the stock is Buy, while Wolfe Research gave the stock Outperform rating on June 02, 2020, issuing a price target of. Societe Generale on their part issued Hold rating on May 28, 2020.