BP plc (BP) Stake Increased by Millennium Management LLC
Millennium Management LLC raised its position in BP plc (NYSE:BP) by 377.1% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 2,937,845 shares of the oil and gas exploration company’s stock after acquiring an additional 2,322,118 shares during the period. Millennium Management LLC’s holdings in BP were worth $134,142,000 as of its most recent filing with the SEC.
Other hedge funds have also recently added to or reduced their stakes in the company. Elmwood Wealth Management Inc. acquired a new stake in shares of BP in the 1st quarter worth $107,000. Tower Research Capital LLC TRC lifted its stake in shares of BP by 1,375.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,950 shares of the oil and gas exploration company’s stock worth $135,000 after acquiring an additional 2,750 shares during the period. Clarus Wealth Advisors acquired a new stake in shares of BP in the 2nd quarter worth $165,000. Bruderman Asset Management LLC acquired a new stake in shares of BP in the 1st quarter worth $166,000. Finally, Destination Wealth Management lifted its stake in shares of BP by 2,782.4% in the 2nd quarter. Destination Wealth Management now owns 4,093 shares of the oil and gas exploration company’s stock worth $187,000 after acquiring an additional 3,951 shares during the period. Institutional investors own 10.71% of the company’s stock.
Shares of BP opened at $43.26 on Friday. The company has a quick ratio of 0.80, a current ratio of 1.10 and a debt-to-equity ratio of 0.49. The stock has a market capitalization of $143.37 billion, a PE ratio of 23.01, a P/E/G ratio of 3.17 and a beta of 0.91. BP plc has a 52-week low of $36.15 and a 52-week high of $47.83.
A number of brokerages have recently issued reports on BP. Zacks Investment Research upgraded shares of BP from a “hold” rating to a “strong-buy” rating and set a $53.00 price target for the company in a report on Tuesday, July 10th. TheStreet upgraded shares of BP from a “c+” rating to a “b-” rating in a report on Monday, May 21st. Berenberg Bank began coverage on shares of BP in a report on Tuesday. They issued a “buy” rating for the company. Santander upgraded shares of BP from an “underperform” rating to a “hold” rating in a report on Friday, August 31st. Finally, Goldman Sachs Group reiterated a “buy” rating on shares of BP in a report on Tuesday, May 29th. Six equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $47.07.
BP Company Profile
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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