Concert Wealth Management Inc. increased its stake in BP PLC (NYSE:BP) by 17.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 62,857 shares of the oil and gas exploration company’s stock after buying an additional 9,377 shares during the period. Concert Wealth Management Inc.’s holdings in BP PLC were worth $2,231,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in BP. HBK Investments L P increased its stake in shares of BP PLC by 690.4% in the first quarter. HBK Investments L P now owns 177,841 shares of the oil and gas exploration company’s stock valued at $5,367,000 after buying an additional 155,341 shares during the period. Wellington Management Group LLP boosted its position in shares of BP PLC by 0.3% in the first quarter. Wellington Management Group LLP now owns 7,819,554 shares of the oil and gas exploration company’s stock worth $235,994,000 after buying an additional 22,315 shares in the last quarter. Simmons Bank purchased a new position in shares of BP PLC during the first quarter worth about $430,000. Geode Capital Management LLC boosted its position in shares of BP PLC by 4.8% in the first quarter. Geode Capital Management LLC now owns 46,385 shares of the oil and gas exploration company’s stock worth $1,399,000 after buying an additional 2,131 shares in the last quarter. Finally, Fairpointe Capital LLC boosted its position in shares of BP PLC by 30.4% in the first quarter. Fairpointe Capital LLC now owns 40,984 shares of the oil and gas exploration company’s stock worth $1,237,000 after buying an additional 9,550 shares in the last quarter. 12.06% of the stock is owned by institutional investors.
Shares of BP PLC (NYSE:BP) traded up 0.8175% during midday trading on Friday, reaching $36.2439. The company had a trading volume of 3,699,216 shares. BP PLC has a 1-year low of $27.01 and a 1-year high of $37.53. The company’s 50-day moving average is $34.32 and its 200-day moving average is $33.17. The stock’s market capitalization is $113.43 billion.
BP PLC (NYSE:BP) last announced its quarterly earnings results on Tuesday, July 26th. The oil and gas exploration company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by $0.05. The business had revenue of $46.44 billion for the quarter, compared to the consensus estimate of $50.22 billion. BP PLC had a negative net margin of 2.76% and a positive return on equity of 3.32%. The company’s revenue for the quarter was down 25.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.07 earnings per share. On average, equities research analysts forecast that BP PLC will post $1.09 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, September 16th. Stockholders of record on Friday, August 5th were issued a dividend of $0.595 per share. This represents a $2.38 dividend on an annualized basis and a dividend yield of 6.62%. The ex-dividend date was Wednesday, August 3rd. BP PLC’s payout ratio is currently -139.18%.
A number of equities analysts recently issued reports on the company. Vetr upgraded BP PLC from a “hold” rating to a “buy” rating and set a $33.74 target price on the stock in a report on Monday, June 13th. Citigroup Inc. reiterated a “buy” rating on shares of BP PLC in a report on Wednesday, June 22nd. Jefferies Group increased their target price on BP PLC from $31.00 to $33.00 and gave the stock a “hold” rating in a report on Monday, July 11th. Collins Stewart reiterated a “buy” rating on shares of BP PLC in a report on Sunday, September 11th. Finally, Credit Agricole SA reiterated a “buy” rating on shares of BP PLC in a report on Tuesday, August 16th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, eleven have issued a buy rating and three have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $38.63.
About BP PLC
BP p.l.c. is an integrated oil and gas company. The Company provides its customers with fuel for transportation, energy for heat and light, lubricants to keep engines moving and the petrochemicals products used to make everyday items as diverse as paints, clothes and packaging. The Company operates through three segments: Upstream, Downstream and Rosneft.
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