Granite Springs Asset Management LLC increased its position in shares of BP (NYSE:BP) by 12.8% during the first quarter, Holdings Channel reports. The institutional investor owned 38,352 shares of the oil and gas exploration company’s stock after purchasing an additional 4,363 shares during the period. BP accounts for 1.3% of Granite Springs Asset Management LLC’s investment portfolio, making the stock its 10th largest holding. Granite Springs Asset Management LLC’s holdings in BP were worth $1,555,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Stonehearth Capital Management LLC bought a new position in BP during the fourth quarter worth $115,000. Itau Unibanco Holding S.A. boosted its position in BP by 121.3% during the fourth quarter. Itau Unibanco Holding S.A. now owns 2,740 shares of the oil and gas exploration company’s stock worth $115,000 after purchasing an additional 1,502 shares during the period. Pinnacle Wealth Planning Services Inc. bought a new position in BP during the fourth quarter worth $129,000. Truewealth LLC bought a new position in BP during the fourth quarter worth $138,000. Finally, Smart Portfolios LLC bought a new position in BP during the first quarter worth $142,000. Institutional investors and hedge funds own 10.20% of the company’s stock.
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Shares of BP stock opened at $46.78 on Thursday. The stock has a market capitalization of $150.03 billion, a PE ratio of 24.88, a price-to-earnings-growth ratio of 1.70 and a beta of 0.89. BP has a 52-week low of $45.91 and a 52-week high of $45.91. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.13 and a quick ratio of 0.81.
BP (NYSE:BP) last announced its earnings results on Tuesday, May 1st. The oil and gas exploration company reported $0.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.67 by $0.11. The company had revenue of $68.17 billion during the quarter, compared to analysts’ expectations of $69.40 billion. BP had a net margin of 1.71% and a return on equity of 7.22%. BP’s quarterly revenue was up 22.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.08 earnings per share. analysts anticipate that BP will post 3.07 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 22nd. Investors of record on Friday, May 11th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Thursday, May 10th. This represents a $2.40 annualized dividend and a yield of 5.13%. BP’s dividend payout ratio is 94.68%.
A number of equities analysts have commented on the stock. Vetr cut shares of BP from a “strong-buy” rating to a “buy” rating and set a $44.43 price objective for the company. in a research report on Wednesday, March 21st. Zacks Investment Research raised shares of BP from a “hold” rating to a “buy” rating and set a $44.00 price objective for the company in a research report on Tuesday, March 6th. Royal Bank of Canada raised shares of BP from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $33.10 to $40.10 in a research report on Monday, February 26th. Morgan Stanley cut shares of BP from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, February 13th. Finally, Goldman Sachs raised shares of BP from a “neutral” rating to a “buy” rating and boosted their target price for the company from $43.91 to $54.00 in a research report on Monday, April 23rd. Two analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $44.22.
BP Company Profile
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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