BP p.l.c. (NYSE:BP) Shares Shorted: Short Interest Up 61.8% in October

BP p.l.c. (NYSE:BP) saw a large increase in short interest in the month of October. As of October 15th, there was short interest totaling 8,345,856 shares, an increase of 61.8% from the September 30th total of 5,157,897 shares. Approximately 0.3% of the shares of the company are sold short. Based on an average daily volume of 9,316,677 shares, the days-to-cover ratio is presently 0.9 days.

Hedge Funds Weigh In On BP

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Curry Webb Wealth Management LLC acquired a new position in shares of BP in the 3rd quarter valued at about $33,000. Security National Bank of Sioux City Iowa IA bought a new stake in shares of BP during the 2nd quarter valued at about $36,000. Financial Network Wealth Advisors LLC boosted its position in shares of BP by 100.2% during the 3rd quarter. Financial Network Wealth Advisors LLC now owns 991 shares of the oil and gas exploration company’s stock valued at $44,000 after purchasing an additional 496 shares in the last quarter. Sawyer & Company Inc acquired a new stake in BP during the third quarter worth approximately $49,000. Finally, Gill Capital Partners LLC grew its stake in BP by 53.2% during the second quarter. Gill Capital Partners LLC now owns 1,376 shares of the oil and gas exploration company’s stock worth $51,000 after purchasing an additional 478 shares during the period. 11.01% of the stock is currently owned by institutional investors and hedge funds.

Key Headlines Impacting BP

Here are the key news stories impacting BP this week:

• Positive Sentiment: BP completed the sale of a 65% stake in Castrol to Stonepeak, generating about $6 billion for BP and supporting its balance-sheet repair. The company also highlighted $8.4 billion in debt reduction and cost savings. BP Completes $6 Billion Castrol Sale as Stonepeak Takes Control BP Q3 Earnings Call Highlights Balance Sheet and Strategic Reset
• Positive Sentiment: BP Pulse’s more than 850 U.S. fast chargers are becoming easier to find and use through ChargeHub app roaming integration. The added convenience could support charger use, though the financial impact is not yet clear. bp pulse makes 850+ EV fast chargers easier to use in the US
• Positive Sentiment: A Zacks article included BP among four value-oriented stocks with potential for earnings growth, while RBC raised its price target and maintained an Outperform rating. 4 GARP Stocks to Buy Now as Volatility Fuels Value vs. Growth Debate BP Stock Gets Slew Of Price Target Hikes
• Neutral Sentiment: BP retains a minority interest in Castrol after selling control, so the deal adds cash and reduces exposure but also gives up majority ownership of the business. Stonepeak completes acquisition of 65% Castrol stake from BP
• Negative Sentiment: BP’s earnings-call coverage cited remaining liabilities and expected fourth-quarter headwinds as risks to its recovery. Separately, an industry report noted declining c-store trips amid portfolio restructuring, a potential challenge for BP’s retail operations. BP Q3 Earnings Call Highlights Balance Sheet and Strategic Reset How 3 energy companies are managing their c-store portfolios

BP Stock Performance

NYSE BP opened at $47.58 on Wednesday. The firm’s 50 day simple moving average is $46.10 and its 200 day simple moving average is $43.02. The firm has a market capitalization of $124.64 billion, a price-to-earnings ratio of 6.54, a P/E/G ratio of 0.42 and a beta of 0.16. The company has a current ratio of 1.29, a quick ratio of 0.95 and a debt-to-equity ratio of 0.62. BP has a 1 year low of $33.22 and a 1 year high of $51.49.

BP (NYSE:BP) last issued its earnings results on Friday, October 30th. The oil and gas exploration company reported $3.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.66 by $0.60. BP had a return on equity of 24.67% and a net margin of 3.74%. The firm had revenue of $68.40 billion for the quarter, compared to the consensus estimate of $63.14 billion. During the same quarter last year, the business posted $0.85 EPS. The company’s revenue was up 41.8% compared to the same quarter last year. As a group, research analysts expect that BP will post 8.27 earnings per share for the current fiscal year.

BP Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Friday, November 13th will be issued a dividend of $0.5196 per share. This represents a $2.08 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Friday, November 13th. BP’s payout ratio is 60.59%.

Analyst Ratings Changes

Several equities research analysts have issued reports on BP shares. Wall Street Zen raised BP from a “buy” rating to a “strong-buy” rating in a report on Saturday, July 18th. TD Cowen lifted their price objective on shares of BP from $47.00 to $49.00 and gave the stock a “hold” rating in a research report on Tuesday, October 20th. Weiss Ratings upgraded shares of BP from a “hold (c)” rating to a “hold (c+)” rating in a report on Thursday, October 22nd. UBS Group lowered shares of BP from a “buy” rating to a “hold” rating in a research report on Thursday, October 1st. Finally, BTIG Research cut shares of BP to a “neutral” rating in a research note on Thursday, October 1st. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $49.90.

About BP

BP p.l.c. is a global integrated energy company headquartered in London, United Kingdom. Its operations span the exploration, development and production of oil and natural gas, as well as the processing, refining, transportation and marketing of energy products.

Through its businesses, BP supplies fuels for road transportation, aviation and marine use, along with lubricants marketed under the Castrol brand. The company also operates retail fuel and convenience locations and provides energy products and services to commercial and industrial customers.

BP has expanded its activities beyond traditional hydrocarbons to include lower-carbon businesses such as renewable power, bioenergy, electric-vehicle charging and hydrogen.