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Downgrade Alert for BP (BP)

By James Quinn

BP (NYSE:BP) was downgraded from Buy to Hold at Societe Generale today. The stock closed yesterday at $34.01 on volume of 7.7 million shares, below average daily volume of 9.0 million.

Potential upside of 11.5% exists for BP, based on a current level of $34.01 and analysts' average consensus price target of $37.94. BP shares have support at the 200-day moving average (MA) of $32.26 and additional support at the 50-day MA of $30.87.

BP share prices have moved between a 52-week high of $43.85 and a 52-week low of $27.01 and closed yesterday at 26% above that low price at $34.01 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.8%.

BP plc is an oil and petrochemicals company. The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

SmarTrend is tracking the current trend status for BP and will alert subscribers who have BP in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades

Ticker(s): BP