BP (BP) Shakes up Their Executive Team

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With oil prices near 12-year lows, many energy companies are making changes to not only their business strategies but also their executive teams. One such company is BP plc (NYSE:BP), who today announced that they will be shaking up their senior executive team.

The company has appointed Lamar McKay to a brand new position of Deputy Group Chief Executive. McKay was serving as the Chief Executive of BP’s Upstream unit until this announcement, and has worked for the company for 35 years . As for McKay’s previous position, this will be filled by Bernard Looney, who had been in the position of Chief Operating Officer, Production in BP’s Upstream unit.

“These changes simplify, focus and better align accountabilities within our experienced and versatile senior team, explained BP’s Group Chief Executive, Bob Dudley. “In particular Lamar’s new role will allow us to further concentrate our attention on BP’s highest priorities through this challenging time for our whole industry.”

BP plc (NYSE:BP) hopes that these changes can help lead the company in a volatile, and depressed market. The stock has dropped 2.87% or $0.93 trading at $31.44, despite this positive news. Approximately 3.22M shares traded hands. BP shares have declined 22.73% since June 25, 2015 and are currently downtrending. It has underperformed the S&P500 by 13.86%.

From a total of 19 analysts covering BP (NYSE:BP) stock, 11 rate it a “Buy”, 1 a “Sell”, and 7 a “Hold”. This means that 58% of the ratings are positive. The highest target price is $42 while the lowest target price is $40.0. The mean of all analyst targets is $41.67 which is 32.54% above today’s ($31.44) stock price. BP was the topic of 22 analyst reports since July 24, 2015 according to the firm StockzIntelligence Inc. Credit Agricole initiated shares on December 15 with a “Buy” rating. Argus Research maintained BP stock in a recent report from November 27 with a “Buy” rating. Finally, Morgan Stanley upgraded the stock to a “Equalweight” rating in a report they issued on a November 2.

BP p.l.c. is an integrated oil and gas company. The company has a market cap of $96.40 billion. The Firm provides its clients with fuel for transportation, energy for heat and light, lubricants and the petrochemicals products used to make everyday items, including paints, clothes and packaging. It currently has negative earnings. The Firm operates in three business divisions: Upstream, Downstream and Rosneft.

#focuskw=’BP plc (ADR) (NYSE:BP)’##metadesc=’With oil prices near 12-year lows, many energy companies are making changes to not only their business strategies but also their executive teams. One such company is BP plc (NYSE:BP), who today announced that they will be shaking up their senior executive team. The company has appointed Lamar McKay to a brand new position of Deputy Group Chief Executive. McKay was serving as the Chief Executive of BP’s Upstream unit until this announcement, and has worked for the company for 35 years . As for McKay’s previous position, this will be filled by Bernard Looney, who had been in the position of Chief Operating Officer, Production in BP’s Upstream unit.“These changes simplify, focus and better align accountabilities within our experienced and versatile senior team, explained BP’s Group Chief Executive, Bob Dudley. “In particular Lamar’s new role will allow us to further concentrate our attention on BP’s highest priorities through this challenging time for our whole industry.”BP plc (NYSE:BP) hopes that these changes can help lead the company in a volatile, and depressed market. ‘##metarobot=’index’##newskw=’Zafgen Inc positive news,Zafgen Inc – (NASDAQ:ZFGN),NASDAQ:ZFGN Analyst rating analysis,Stock Analysis,Outlook and potential,ZFGN Price change and trend,ZFGN stock update’##sitemap=’include’##skipsocial##stockticker=’NYSE:BP’#

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