Zacks Investment Research lowered shares of BP p.l.c. (NYSE:BP) from a buy rating to a hold rating in a research note released on Wednesday morning.

According to Zacks, “BP is one of the largest integrated energy firms in the world with a strong and diversified portfolio of development projects. The company has gained 15.5% over the last three months, outperforming the industry’s 12% gain.  For the fourth quarter of 2017, BP projects sequentially higher production owing to ongoing project ramp ups.   Also, the company has restarted share repurchase plan beginning fourth quarter 2017. However, the oil spill incident of 2010 in the BP-operated Macondo Prospect continues to affect the company. Although BP has cleared the substantial litigation expenses related to the spill, it had to divest some of its best operating properties.”

Several other equities analysts also recently weighed in on BP. BidaskClub downgraded shares of BP p.l.c. from a sell rating to a strong sell rating in a report on Tuesday, July 25th. Societe Generale downgraded shares of BP p.l.c. from a buy rating to a hold rating and lowered their price target for the company from $35.04 to $34.90 in a report on Wednesday, July 26th. Scotiabank set a $37.00 price target on shares of BP p.l.c. and gave the company a buy rating in a report on Tuesday, August 1st. Piper Jaffray Companies raised shares of BP p.l.c. from a neutral rating to an overweight rating and lifted their price target for the company from $36.33 to $42.00 in a report on Friday, August 4th. Finally, TheStreet downgraded shares of BP p.l.c. from a b- rating to a c rating in a report on Thursday, August 10th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the company. BP p.l.c. currently has an average rating of Hold and a consensus target price of $38.67.

Shares of BP p.l.c. (NYSE:BP) traded down $0.52 during trading hours on Wednesday, reaching $39.09. 4,144,600 shares of the company’s stock traded hands, compared to its average volume of 5,523,167. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.18 and a quick ratio of 0.88. BP p.l.c. has a twelve month low of $33.10 and a twelve month high of $41.55. The stock has a market capitalization of $128,000.00, a P/E ratio of 28.91, a P/E/G ratio of 1.19 and a beta of 0.98.

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The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 21st. Investors of record on Friday, November 10th will be given a $0.60 dividend. This represents a $2.40 annualized dividend and a yield of 6.14%. The ex-dividend date is Thursday, November 9th. This is a boost from BP p.l.c.’s previous quarterly dividend of $0.60. BP p.l.c.’s payout ratio is currently 203.42%.

A number of hedge funds have recently bought and sold shares of BP. Burt Wealth Advisors increased its position in BP p.l.c. by 6.8% during the second quarter. Burt Wealth Advisors now owns 3,136 shares of the oil and gas exploration company’s stock valued at $108,000 after acquiring an additional 200 shares during the last quarter. Vestor Capital LLC bought a new position in BP p.l.c. during the second quarter valued at $116,000. Cable Hill Partners LLC increased its position in BP p.l.c. by 639.9% during the third quarter. Cable Hill Partners LLC now owns 3,559 shares of the oil and gas exploration company’s stock valued at $137,000 after acquiring an additional 3,078 shares during the last quarter. Fieldpoint Private Securities LLC bought a new position in BP p.l.c. during the third quarter valued at $151,000. Finally, Johnson Financial Group Inc. increased its position in BP p.l.c. by 1.2% during the second quarter. Johnson Financial Group Inc. now owns 4,672 shares of the oil and gas exploration company’s stock valued at $162,000 after acquiring an additional 55 shares during the last quarter. Institutional investors and hedge funds own 9.94% of the company’s stock.

BP p.l.c. Company Profile

BP p.l.c. is an integrated oil and gas company. The Company owns an interest in OJSC Oil Company Rosneft (Rosneft), an oil and gas company. The Company’s segments include Upstream, Downstream, Rosneft, and Other businesses and corporate. The Upstream segment is engaged in oil and natural gas exploration, field development and production, as well as midstream transportation, storage and processing.

Analyst Recommendations for BP p.l.c. (NYSE:BP)

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