Bank of America reaffirmed their buy rating on shares of BP (LON:BP – Free Report) in a research note released on Wednesday, Marketbeat reports. They currently have a GBX 500 ($6.57) price target on the oil and gas exploration company’s stock.
A number of other research analysts have also recently weighed in on BP. JPMorgan Chase & Co. cut their price objective on shares of 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 reiterated an overweight rating on shares of BP in a research report on Tuesday, May 14th. Berenberg Bank reiterated a hold rating and set a GBX 510 ($6.71) price objective on shares of BP in a research report on Monday, August 5th. Finally, Royal Bank of Canada restated an outperform rating and issued a GBX 650 ($8.55) price target on shares of BP in a report on Tuesday, June 18th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of GBX 636.67 ($8.37).
Check Out Our Latest Stock Report on BP
BP Stock Performance
BP Increases Dividend
The firm also recently declared a dividend, which will be paid on Friday, September 20th. Shareholders of record on Thursday, August 8th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Thursday, August 8th. This is a positive change from BP’s previous dividend of $0.07. This represents a yield of 1.37%. BP’s dividend payout ratio (DPR) is currently 6,969.70%.
Insider Activity
In other news, insider Murray Auchincloss sold 454,841 shares of BP stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of GBX 459 ($6.04), for a total transaction of £2,087,720.19 ($2,745,194.20). In related news, insider Hina Nagarajan purchased 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The shares were purchased at an average price of GBX 407 ($5.35) per share, with a total value of £20,350 ($26,758.71). Also, insider Murray Auchincloss sold 454,841 shares of BP stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of GBX 459 ($6.04), for a total transaction of £2,087,720.19 ($2,745,194.20). Insiders bought a total of 10,099 shares of company stock valued at $4,223,269 in the last three months. 0.29% of the stock is currently owned by corporate insiders.
About BP
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.
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