Meridian Investment Counsel Inc. Sells 1,000 Shares of BP plc (NYSE:BP)

Meridian Investment Counsel Inc. trimmed its stake in BP plc (NYSE:BP) by 1.9% during the second quarter, HoldingsChannel.com reports. The fund owned 50,512 shares of the oil and gas exploration company’s stock after selling 1,000 shares during the quarter. BP accounts for about 1.2% of Meridian Investment Counsel Inc.’s holdings, making the stock its 26th largest position. Meridian Investment Counsel Inc.’s holdings in BP were worth $2,106,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. SG Americas Securities LLC boosted its holdings in shares of BP by 120.8% in the 1st quarter. SG Americas Securities LLC now owns 12,498 shares of the oil and gas exploration company’s stock valued at $546,000 after buying an additional 72,723 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of BP by 2.0% in the 1st quarter. Janus Henderson Group PLC now owns 506,062 shares of the oil and gas exploration company’s stock valued at $22,125,000 after buying an additional 9,776 shares in the last quarter. Cornerstone Advisors Inc. boosted its holdings in shares of BP by 54.6% in the 1st quarter. Cornerstone Advisors Inc. now owns 2,048 shares of the oil and gas exploration company’s stock valued at $90,000 after buying an additional 723 shares in the last quarter. Stevens Capital Management LP acquired a new position in shares of BP in the 1st quarter valued at $1,282,000. Finally, Cetera Advisor Networks LLC boosted its holdings in shares of BP by 4.5% in the 1st quarter. Cetera Advisor Networks LLC now owns 48,309 shares of the oil and gas exploration company’s stock valued at $2,110,000 after buying an additional 2,088 shares in the last quarter. Hedge funds and other institutional investors own 10.77% of the company’s stock.

BP has been the subject of several research analyst reports. BMO Capital Markets initiated coverage on shares of BP in a report on Tuesday, August 20th. They issued an “outperform” rating and a $53.00 target price for the company. JPMorgan Chase & Co. restated a “buy” rating on shares of BP in a report on Friday, August 30th. ValuEngine cut shares of BP from a “hold” rating to a “sell” rating in a report on Thursday, July 18th. Grupo Santander upgraded shares of BP from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Credit Suisse Group cut shares of BP from an “outperform” rating to a “neutral” rating and set a $41.06 target price for the company. in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $52.04.

NYSE:BP traded down $0.12 during trading hours on Thursday, reaching $37.68. 4,311,010 shares of the company’s stock were exchanged, compared to its average volume of 5,833,362. The firm has a market capitalization of $127.33 billion, a price-to-earnings ratio of 9.91, a P/E/G ratio of 1.22 and a beta of 0.77. The company has a 50-day moving average of $37.42 and a 200 day moving average of $41.21. The company has a quick ratio of 0.77, a current ratio of 1.07 and a debt-to-equity ratio of 0.65. BP plc has a 1-year low of $35.73 and a 1-year high of $47.16.

BP (NYSE:BP) last issued its quarterly earnings results on Tuesday, July 30th. The oil and gas exploration company reported $0.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.05. The firm had revenue of $73.75 billion during the quarter, compared to analysts’ expectations of $79.79 billion. BP had a net margin of 2.97% and a return on equity of 12.12%. Research analysts forecast that BP plc will post 3.06 EPS for the current fiscal year.

About BP

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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Institutional Ownership by Quarter for BP (NYSE:BP)

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