BP p.l.c. to Post Q3 2024 Earnings of $0.84 Per Share, Zacks Research Forecasts (NYSE:BP)

BP p.l.c. (NYSE:BP) – Equities research analysts at Zacks Research lowered their Q3 2024 EPS estimates for shares of BP in a report released on Thursday, September 26th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will post earnings per share of $0.84 for the quarter, down from their prior forecast of $0.98. The consensus estimate for BP’s current full-year earnings is $3.85 per share. Zacks Research also issued estimates for BP’s Q4 2024 earnings at $0.88 EPS, FY2024 earnings at $3.69 EPS, Q1 2025 earnings at $0.91 EPS and Q4 2025 earnings at $1.11 EPS.

BP (NYSE:BP) last announced its quarterly earnings results on Tuesday, July 30th. The oil and gas exploration company reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.92 by $0.08. BP had a net margin of 3.60% and a return on equity of 13.83%. The company had revenue of $47.30 billion for the quarter, compared to analysts’ expectations of $55.82 billion. During the same period last year, the firm posted $0.89 earnings per share. The business’s quarterly revenue was down 2.6% compared to the same quarter last year.

Several other equities analysts have also issued reports on the company. Erste Group Bank reiterated a “hold” rating on shares of BP in a research report on Friday, June 14th. Barclays upgraded shares of BP to a “strong-buy” rating in a report on Wednesday, July 31st. Wolfe Research started coverage on shares of BP in a research note on Thursday, July 18th. They issued an “outperform” rating and a $57.00 target price for the company. Royal Bank of Canada downgraded BP from an “outperform” rating to a “sector perform” rating in a research note on Wednesday, August 7th. Finally, Evercore ISI raised BP to a “strong-buy” rating in a research report on Wednesday, July 31st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, seven have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $43.73.

BP Stock Up 2.2 %

NYSE:BP opened at $32.09 on Monday. BP has a 1 year low of $30.52 and a 1 year high of $40.84. The stock has a 50-day moving average price of $33.22 and a two-hundred day moving average price of $35.77. The stock has a market cap of $88.89 billion, a price-to-earnings ratio of 10.06, a PEG ratio of 4.27 and a beta of 0.64. The company has a current ratio of 1.24, a quick ratio of 0.95 and a debt-to-equity ratio of 0.62.

Hedge Funds Weigh In On BP

Several large investors have recently modified their holdings of BP. PSquared Asset Management AG acquired a new position in BP in the 4th quarter valued at about $50,315,000. OLD Mission Capital LLC increased its stake in shares of BP by 145.5% during the fourth quarter. OLD Mission Capital LLC now owns 656,293 shares of the oil and gas exploration company’s stock worth $23,233,000 after purchasing an additional 388,931 shares during the period. Beaumont Financial Advisors LLC acquired a new stake in BP during the 1st quarter worth approximately $6,682,000. Wedge Capital Management L L P NC grew its holdings in BP by 26.7% in the 2nd quarter. Wedge Capital Management L L P NC now owns 629,568 shares of the oil and gas exploration company’s stock valued at $22,727,000 after buying an additional 132,750 shares in the last quarter. Finally, Rothschild Investment LLC bought a new position in BP during the 2nd quarter worth $2,620,000. 11.01% of the stock is owned by institutional investors.

BP Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 9th were issued a dividend of $0.48 per share. This is an increase from BP’s previous quarterly dividend of $0.44. The ex-dividend date was Friday, August 9th. This represents a $1.92 annualized dividend and a yield of 5.98%. BP’s dividend payout ratio (DPR) is currently 59.56%.

BP Company Profile

BP p.l.c. provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, and integrated gas and power; trading of gas; operation of onshore and offshore wind power, as well as hydrogen and carbon capture and storage facilities; trading and marketing of renewable and non-renewable power; and production of crude oil.