BP (BP) Upgraded by Morgan Stanley to Overweight
Morgan Stanley upgraded shares of BP (LON:BP) from an equal rating to an overweight rating in a report issued on Wednesday morning, MarketBeat reports. They currently have GBX 695 ($8.97) price objective on the oil and gas exploration company’s stock, up from their previous price objective of GBX 680 ($8.77).
Other equities analysts also recently issued research reports about the stock. Barclays reiterated an overweight rating on shares of BP in a research note on Tuesday, May 15th. JPMorgan Chase & Co. set a GBX 650 ($8.38) target price on shares of BP and gave the stock a buy rating in a research note on Tuesday, August 7th. HSBC boosted their target price on shares of BP from GBX 600 ($7.74) to GBX 610 ($7.87) and gave the stock a buy rating in a research note on Tuesday, May 15th. Societe Generale reiterated a buy rating on shares of BP in a research note on Thursday, June 28th. Finally, Kepler Capital Markets upgraded shares of BP to a buy rating and boosted their target price for the stock from GBX 530 ($6.84) to GBX 650 ($8.38) in a research note on Thursday, June 28th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, thirteen have assigned a buy rating and four have issued a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average target price of GBX 616.19 ($7.95).
LON:BP opened at GBX 536.90 ($6.93) on Wednesday. BP has a 52 week low of GBX 436.95 ($5.64) and a 52 week high of GBX 536.20 ($6.92).
In related news, insider Brian Gilvary bought 53 shares of the stock in a transaction on Monday, June 11th. The shares were bought at an average cost of GBX 584 ($7.53) per share, for a total transaction of £309.52 ($399.28). Over the last quarter, insiders have bought 164 shares of company stock worth $94,669.
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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