Pinnacle Financial Partners Inc. Trims Stake in BP plc (NYSE:BP)

Pinnacle Financial Partners Inc. lowered its holdings in BP plc (NYSE:BP) by 13.7% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 12,656 shares of the oil and gas exploration company’s stock after selling 2,007 shares during the quarter. Pinnacle Financial Partners Inc.’s holdings in BP were worth $528,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. McIlrath & Eck LLC increased its position in shares of BP by 11.9% during the 1st quarter. McIlrath & Eck LLC now owns 2,232 shares of the oil and gas exploration company’s stock valued at $98,000 after purchasing an additional 238 shares during the last quarter. FinTrust Capital Advisors LLC grew its position in BP by 1.1% during the first quarter. FinTrust Capital Advisors LLC now owns 25,621 shares of the oil and gas exploration company’s stock valued at $1,121,000 after acquiring an additional 267 shares during the last quarter. Leavell Investment Management Inc. grew its position in BP by 3.5% during the second quarter. Leavell Investment Management Inc. now owns 7,954 shares of the oil and gas exploration company’s stock valued at $332,000 after acquiring an additional 270 shares during the last quarter. Marino Stram & Associates LLC raised its stake in shares of BP by 71.0% during the first quarter. Marino Stram & Associates LLC now owns 667 shares of the oil and gas exploration company’s stock worth $29,000 after acquiring an additional 277 shares in the last quarter. Finally, Beirne Wealth Consulting Services LLC lifted its holdings in shares of BP by 3.2% in the 2nd quarter. Beirne Wealth Consulting Services LLC now owns 8,964 shares of the oil and gas exploration company’s stock worth $375,000 after acquiring an additional 280 shares during the last quarter. 10.77% of the stock is currently owned by hedge funds and other institutional investors.

Several research firms recently commented on BP. ValuEngine lowered shares of BP from a “hold” rating to a “sell” rating in a report on Thursday, July 18th. BMO Capital Markets started coverage on shares of BP in a research report on Tuesday, August 20th. They set an “outperform” rating and a $53.00 price target for the company. JPMorgan Chase & Co. reissued a “buy” rating on shares of BP in a research note on Friday, August 30th. Jefferies Financial Group upgraded BP from a “hold” rating to a “buy” rating and raised their price target for the stock from $46.30 to $48.60 in a research report on Wednesday, July 31st. Finally, Grupo Santander raised BP from a “hold” rating to a “buy” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and ten have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $52.04.

NYSE:BP traded down $0.07 during trading hours on Wednesday, hitting $37.78. The company had a trading volume of 5,048,358 shares, compared to its average volume of 5,956,819. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.07 and a quick ratio of 0.77. The stock has a 50-day moving average price of $37.45 and a 200 day moving average price of $41.24. The company has a market capitalization of $127.33 billion, a PE ratio of 9.94, a price-to-earnings-growth ratio of 1.22 and a beta of 0.77. BP plc has a 52 week low of $35.73 and a 52 week high of $47.16.

BP (NYSE:BP) last announced its earnings results on Tuesday, July 30th. The oil and gas exploration company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.05. BP had a net margin of 2.97% and a return on equity of 12.12%. The firm had revenue of $73.75 billion for the quarter, compared to analyst estimates of $79.79 billion. Analysts anticipate 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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