Raymond James Sticks to Their Buy Rating for BP (BP)

Raymond James analyst Pavel Molchanov maintained a Buy rating on BP (BP) today. The company’s shares closed last Wednesday at $19.96.

According to TipRanks.com, Molchanov is a 4-star analyst with an average return of 4.8% and a 54.3% success rate. Molchanov covers the Utilities sector, focusing on stocks such as Petroleo Brasileiro SA- Petrobras, Maxeon Solar Technologies, and Nextera Energy Partners.

Currently, the analyst consensus on BP is a Strong Buy with an average price target of $28.95.

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Based on BP’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $31.68 billion and GAAP net loss of $16.85 billion. In comparison, last year the company earned revenue of $72.68 billion and had a net profit of $1.82 billion.

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BP Plc operates as an integrated oil and gas company. It operates through three segments: Upstream, Downstream and Rosneft. The Upstream segment engages in the oil and natural gas exploration, field development, and production; midstream transportation, and storage and processing; and marketing and trade of natural gas, including liquefied natural gas, and power and natural gas liquids. It also owns and manages crude oil and natural gas pipelines; processing facilities and export terminals; and LNG processing facilities and transportation, as well as NGL extraction business. The Downstream segment refines, manufactures, markets, transports, supplies, and trades in crude oil, petroleum, and petrochemicals products and related services to wholesale and retail customers. It offers lubricants and related products under the Castrol, BP, and Aral brands to the automotive, industrial, marine, and energy markets; and petrochemicals products, such as purified terephthalic acid, paraxylene, acetic acid, olefins and derivatives, and specialty petrochemicals products. The Rosneft segment engages in the exploration and production of hydrocarbons in the United States, Canada, Vietnam, Venezuela, Brazil, Algeria, the United Arab Emirates, Turkmenistan, and Norway; and offers jet fuel, bunkering, bitumen, and lubricants. The firm also produces bioethanol, sugar, and biobutanol; exports power to the local grid; transports hydrocarbon products through shipping and chartering services. The company was founded by William Knox D’Arcy in 1908 and is headquartered in London, the United Kingdom.

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