Industry News

CIBC Asset Management Inc Decreases Holdings in BP plc (NYSE:BP)

By August 29, 2019 No Comments

CIBC Asset Management Inc cut its position in BP plc (NYSE:BP) by 12.9% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 220,490 shares of the oil and gas exploration company’s stock after selling 32,725 shares during the quarter. CIBC Asset Management Inc’s holdings in BP were worth $9,192,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BB&T Corp raised its stake in BP by 3.2% during the 2nd quarter. BB&T Corp now owns 244,969 shares of the oil and gas exploration company’s stock valued at $10,216,000 after purchasing an additional 7,698 shares during the period. Horan Capital Advisors LLC. purchased a new position in shares of BP during the 1st quarter valued at $35,000. Columbia Asset Management grew its holdings in shares of BP by 12.6% during the 1st quarter. Columbia Asset Management now owns 52,569 shares of the oil and gas exploration company’s stock valued at $2,298,000 after acquiring an additional 5,863 shares in the last quarter. Global Financial Private Capital LLC boosted its holdings in BP by 2.8% in the first quarter. Global Financial Private Capital LLC now owns 344,110 shares of the oil and gas exploration company’s stock worth $15,045,000 after purchasing an additional 9,341 shares in the last quarter. Finally, Simmons Bank boosted its holdings in BP by 6.5% in the first quarter. Simmons Bank now owns 34,453 shares of the oil and gas exploration company’s stock worth $1,506,000 after purchasing an additional 2,110 shares in the last quarter. 10.88% of the stock is owned by hedge funds and other institutional investors.

BP stock traded up $0.34 during trading hours on Wednesday, hitting $36.94. 233,826 shares of the stock were exchanged, compared to its average volume of 8,417,570. BP plc has a 12 month low of $35.73 and a 12 month high of $47.16. The stock has a market capitalization of $122.95 billion, a P/E ratio of 9.73, a P/E/G ratio of 1.15 and a beta of 0.74. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.77 and a current ratio of 1.07. The business’s 50-day moving average is $38.29 and its two-hundred day moving average is $41.60.

BP (NYSE:BP) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas exploration company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.05. BP had a net margin of 2.97% and a return on equity of 12.12%. The firm had revenue of $73.75 billion for the quarter, compared to analysts’ expectations of $79.79 billion. On average, equities analysts predict that BP plc will post 3.13 earnings per share for the current fiscal year.

A number of equities research analysts recently issued reports on BP shares. Credit Suisse Group cut shares of BP from an “outperform” rating to a “neutral” rating and set a $41.06 price objective for the company. in a report on Wednesday, July 10th. BMO Capital Markets initiated coverage on shares of BP in a research report on Tuesday, August 20th. They set an “outperform” rating and a $53.00 price objective for the company. ValuEngine lowered shares of BP from a “hold” rating to a “sell” rating in a research report on Thursday, July 18th. Finally, Jefferies Financial Group raised shares of BP from a “hold” rating to a “buy” rating and upped their price objective for the company from $46.30 to $48.60 in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. BP currently has a consensus rating of “Buy” and a consensus price target of $52.04.

About BP

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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Institutional Ownership by Quarter for BP (NYSE:BP)

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