What is Scotiabank’s Estimate for BP FY2024 Earnings?

BP p.l.c. (NYSE:BP) – Investment analysts at Scotiabank reduced their FY2024 earnings estimates for shares of BP in a note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the oil and gas exploration company will earn $3.40 per share for the year, down from their prior forecast of $3.90. Scotiabank currently has a “Sector Perform” rating and a $36.00 price target on the stock. The consensus estimate for BP’s current full-year earnings is $3.55 per share. Scotiabank also issued estimates for BP’s FY2025 earnings at $2.85 EPS and FY2026 earnings at $2.90 EPS.

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

A number of other research analysts have also weighed in on BP. Piper Sandler dropped their price target on shares of BP from $36.00 to $32.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. StockNews.com upgraded BP from a “hold” rating to a “buy” rating in a research note on Friday. The Goldman Sachs Group raised BP to a “strong-buy” rating in a research report on Friday, October 11th. Wells Fargo & Company cut their price objective on BP from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Monday, December 9th. Finally, Redburn Atlantic lowered BP from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 24th. Eleven equities research analysts have rated the stock with a hold rating, five have issued a buy rating and four have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $39.89.

BP Price Performance

Shares of NYSE:BP opened at $31.32 on Friday. BP has a 1-year low of $27.82 and a 1-year high of $40.40. The company has a current ratio of 1.22, a quick ratio of 0.94 and a debt-to-equity ratio of 0.66. The stock has a market cap of $83.68 billion, a PE ratio of 32.97, a price-to-earnings-growth ratio of 2.13 and a beta of 0.64. The stock’s fifty day simple moving average is $29.49 and its two-hundred day simple moving average is $32.00.

BP Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 8th were paid a $0.48 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.92 annualized dividend and a dividend yield of 6.13%. BP’s payout ratio is 200.00%.

Institutional Trading of BP

Institutional investors have recently modified their holdings of the business. Altrius Capital Management Inc increased its position in shares of BP by 9.9% during the third quarter. Altrius Capital Management Inc now owns 233,776 shares of the oil and gas exploration company’s stock valued at $7,338,000 after buying an additional 20,976 shares during the period. Integrated Investment Consultants LLC bought a new stake in BP during the 3rd quarter worth approximately $857,000. Kornitzer Capital Management Inc. KS lifted its stake in BP by 5.4% in the 3rd 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 purchasing an additional 23,325 shares in the last quarter. SG Americas Securities LLC boosted its holdings in BP by 860.7% in the 3rd quarter. SG Americas Securities LLC now owns 66,464 shares of the oil and gas exploration company’s stock valued at $2,086,000 after purchasing an additional 59,546 shares during the period. Finally, Wedge Capital Management L L P NC grew its position in shares of BP by 2.6% during the 3rd quarter. Wedge Capital Management L L P NC now owns 646,102 shares of the oil and gas exploration company’s stock valued at $20,281,000 after purchasing an additional 16,534 shares in the last quarter. 11.01% of the stock is currently 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.