Wells Fargo Sticks to Its Hold Rating for BP (BP)

In a report released today, Roger Read from Wells Fargo maintained a Hold rating on BP (BPResearch Report), with a price target of $37.00. The company’s shares opened today at $34.81.

Read covers the Utilities sector, focusing on stocks such as Conocophillips, BP, and Chevron. According to TipRanks, Read has an average return of 13.5% and a 64.91% success rate on recommended stocks.

The word on The Street in general, suggests a Hold analyst consensus rating for BP with a $40.25 average price target, a 15.63% upside from current levels. In a report released on January 3, Bernstein also maintained a Hold rating on the stock with a $48.00 price target.

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Based on BP’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $55.01 billion and a GAAP net loss of $2.16 billion. In comparison, last year the company earned a revenue of $36.17 billion and had a GAAP net loss of $2.54 billion

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BP Plc is a London-based 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. The Downstream segment refines, manufactures, markets, transports, supplies, and trades in crude oil, petroleum, and petrochemicals products to wholesale and retail customers. 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.

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