BP (LON:BP) Given “Hold” Rating at Jefferies Financial Group

BP (LON:BP)‘s stock had its “hold” rating reiterated by stock analysts at Jefferies Financial Group in a note issued to investors on Wednesday, Digital Look reports. They currently have a GBX 520 price objective on the oil and gas exploration company’s stock. Jefferies Financial Group’s price objective points to a potential downside of 14.75% from the company’s previous close.

A number of other research firms have also recently issued reports on BP. Royal Bank Of Canada restated a “buy” rating on shares of BP in a research report on Thursday, September 24th. JPMorgan Chase & Co. upped their target price on BP from GBX 550 to GBX 675 and gave the company an “overweight” rating in a research note on Wednesday, September 23rd. UBS Group reaffirmed a “buy” rating on shares of BP in a research report on Monday, September 28th. Berenberg Bank lifted their price target on shares of BP from GBX 600 to GBX 605 and gave the stock a “buy” rating in a research note on Tuesday, August 18th. Finally, The Goldman Sachs Group reissued a “buy” rating on shares of BP in a report on Wednesday, July 1st. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, BP presently has a consensus rating of “Moderate Buy” and an average price target of GBX 605.

BP Stock Performance

Shares of BP traded up GBX 22 during trading hours on Wednesday, reaching GBX 610. 52,576,615 shares of the company traded hands, compared to its average volume of 8,560,774. The stock’s fifty day moving average is GBX 546.41 and its 200 day moving average is GBX 541.18. The stock has a market cap of £118.72 billion, a P/E ratio of 45.57, a price-to-earnings-growth ratio of 0.35 and a beta of 0.06. The company has a debt-to-equity ratio of 124.41, a quick ratio of 0.62 and a current ratio of 1.27. BP has a 1-year low of GBX 379.70 and a 1-year high of GBX 562.30.

BP News Roundup

Here are the key news stories impacting BP this week:

• Positive Sentiment: BP said it has reached its net-debt reduction target ahead of schedule, helped by high oil prices, strengthening its balance sheet and supporting investor confidence. BP surges to multiyear highs as efforts to cut net debt ahead of schedule
• Positive Sentiment: Refining margins reportedly tripled, providing a significant boost to near-term earnings expectations and helping offset weakness in other parts of the business. BP sees refining margin triple, debt target reached, but flags more impairments
• Positive Sentiment: The incoming CEO, Meg O’Neill, is expected to present a new strategy in December. Investors appear hopeful that the plan will prioritize returns, debt reduction and capital discipline after a year of stronger cash generation. BP to set out new strategy after windfall year
• Neutral Sentiment: Director Kate Thomson bought five shares worth GBX 2,930. The purchase is technically supportive, but its very small size makes it unlikely to materially affect investor sentiment.
• Negative Sentiment: BP warned of up to $4.5 billion in impairment charges as it scales back renewable-energy ambitions, signaling that previous low-carbon investments may be worth less than expected. BP faces up to $4.5bn hit as it scales back green energy ambitions
• Negative Sentiment: BP narrowed its third-quarter upstream production outlook and faces continued low-carbon impairments, creating earnings uncertainty despite improved oil and refining conditions. BP Narrows Q3 Upstream Production Outlook; Flags Billions in Impairment Charges
• Negative Sentiment: Jefferies reaffirmed a “hold” rating with a GBX 520 price target, below the recent trading level, indicating limited upside in the broker’s view. Jefferies reaffirms BP hold rating

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. In addition, the company involved in convenience and retail fuel, EV charging, Castrol lubricant, aviation, B2B, and midstream businesses; refining and oil trading; and bioenergy business.