Brokers Set Expectations for BP’s FY2024 Earnings (NYSE:BP)

BP p.l.c. (NYSE:BP) – Equities researchers at Zacks Research reduced their FY2024 earnings per share (EPS) estimates for shares of BP in a note issued to investors on Thursday, December 19th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will earn $3.45 per share for the year, down from their prior estimate of $3.53. The consensus estimate for BP’s current full-year earnings is $3.55 per share. Zacks Research also issued estimates for BP’s Q4 2024 earnings at $0.65 EPS, Q1 2025 earnings at $0.80 EPS, Q3 2025 earnings at $1.04 EPS and FY2025 earnings at $3.80 EPS.

BP (NYSE:BP) last issued its earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.05. The firm had revenue of $47.25 billion for the quarter, compared to analyst estimates of $52.05 billion. BP had a return on equity of 12.91% and a net margin of 1.36%. The firm’s revenue for the quarter was down 11.3% on a year-over-year basis. During the same period last year, the company earned $1.15 earnings per share.

BP has been the topic of a number of other research reports. The Goldman Sachs Group raised BP to a “strong-buy” rating in a report on Friday, October 11th. Scotiabank lowered BP from a “sector outperform” rating to a “sector perform” rating and reduced their price target for the stock from $42.00 to $36.00 in a research report on Thursday, October 10th. StockNews.com raised BP from a “hold” rating to a “buy” rating in a report on Tuesday, November 5th. Wells Fargo & Company decreased their target price on shares of BP from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Monday, December 9th. Finally, BNP Paribas downgraded shares of BP from an “outperform” rating to a “neutral” rating in a research report on Wednesday, October 9th. Eleven research analysts have rated the stock with a hold rating, five have assigned a buy rating and four have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $41.10.

BP Trading Up 0.5 %

Shares of NYSE:BP opened at $28.75 on Monday. BP has a fifty-two week low of $27.82 and a fifty-two week high of $40.40. The company has a quick ratio of 0.94, a current ratio of 1.22 and a debt-to-equity ratio of 0.66. The company has a market cap of $76.82 billion, a PE ratio of 30.26, a P/E/G ratio of 2.13 and a beta of 0.64. The company’s 50-day moving average price is $29.73 and its 200 day moving average price is $32.53.

BP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 8th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 6.68%. The ex-dividend date was Friday, November 8th. BP’s payout ratio is 200.00%.

Institutional Investors Weigh In On BP

Several hedge funds have recently modified their holdings of BP. Wedge Capital Management L L P NC boosted its stake in BP by 2.6% in the 3rd quarter. Wedge Capital Management L L P NC now owns 646,102 shares of the oil and gas exploration company’s stock worth $20,281,000 after purchasing an additional 16,534 shares during the period. Kornitzer Capital Management Inc. KS boosted its position in shares of BP by 5.4% in the third quarter. Kornitzer Capital Management Inc. KS now owns 454,980 shares of the oil and gas exploration company’s stock worth $14,282,000 after buying an additional 23,325 shares during the period. Captrust Financial Advisors grew its holdings in shares of BP by 1.2% during the third quarter. Captrust Financial Advisors now owns 440,973 shares of the oil and gas exploration company’s stock valued at $13,842,000 after buying an additional 5,150 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its stake in BP by 3.4% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 429,773 shares of the oil and gas exploration company’s stock worth $15,515,000 after acquiring an additional 13,984 shares in the last quarter. Finally, Gabelli Funds LLC boosted its position in BP by 2.2% during the 2nd quarter. Gabelli Funds LLC now owns 360,050 shares of the oil and gas exploration company’s stock worth $12,998,000 after acquiring an additional 7,850 shares during the period. 11.01% of the stock is owned by hedge funds and other institutional investors.

About BP

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.