Zacks Research Comments on BP’s FY2024 Earnings (NYSE:BP)

BP p.l.c. (NYSE:BP) – Research analysts at Zacks Research lowered their FY2024 earnings per share (EPS) estimates for BP in a note issued to investors on Friday, January 17th. Zacks Research analyst R. Department now anticipates that the oil and gas exploration company will post earnings of $3.43 per share for the year, down from their previous forecast of $3.45. The consensus estimate for BP’s current full-year earnings is $3.38 per share. Zacks Research also issued estimates for BP’s Q4 2024 earnings at $0.63 EPS, Q1 2025 earnings at $0.71 EPS, Q2 2025 earnings at $0.89 EPS, Q3 2025 earnings at $0.99 EPS, Q4 2025 earnings at $0.95 EPS and FY2025 earnings at $3.54 EPS.

BP (NYSE:BP) last posted its quarterly 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. BP had a return on equity of 12.91% and a net margin of 1.36%. The firm had revenue of $47.25 billion during the quarter, compared to analysts’ expectations of $52.05 billion. During the same quarter in the previous year, the business earned $1.15 earnings per share. The company’s revenue was down 11.3% on a year-over-year basis.

Several other analysts have also commented on the company. Scotiabank lowered BP from a “sector outperform” rating to a “sector perform” rating and cut their price objective for the stock from $42.00 to $36.00 in a report on Thursday, October 10th. Morgan Stanley cut their price objective on BP from $34.70 to $31.80 and set an “equal weight” rating for the company in a report on Tuesday, January 7th. Redburn Atlantic lowered BP from a “buy” rating to a “neutral” rating in a report on Tuesday, September 24th. Raymond James boosted their price target on BP from $36.00 to $37.00 and gave the company an “outperform” rating in a report on Friday, January 17th. Finally, The Goldman Sachs Group raised BP to a “strong-buy” rating in a report on Friday, October 11th. Eleven 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.com, BP presently has an average rating of “Moderate Buy” and an average target price of $38.76.

BP Stock Performance

Shares of BP opened at $31.53 on Monday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.22 and a quick ratio of 0.94. BP has a one year low of $27.82 and a one year high of $40.40. The firm has a market capitalization of $85.08 billion, a P/E ratio of 33.18, a PEG ratio of 2.27 and a beta of 0.64. The business has a fifty day moving average of $29.70 and a 200 day moving average of $31.73.

Institutional Investors Weigh In On BP

A number of hedge funds have recently made changes to their positions in BP. Strategic Investment Solutions Inc. IL purchased a new stake in BP during the second quarter valued at approximately $75,000. Bank & Trust Co raised its position in BP by 404.8% during the fourth quarter. Bank & Trust Co now owns 2,120 shares of the oil and gas exploration company’s stock valued at $63,000 after purchasing an additional 1,700 shares during the period. Versant Capital Management Inc raised its position in BP by 41.0% during the fourth quarter. Versant Capital Management Inc now owns 2,221 shares of the oil and gas exploration company’s stock valued at $66,000 after purchasing an additional 646 shares during the period. ORG Partners LLC raised its position in BP by 32.5% during the third quarter. ORG Partners LLC now owns 2,533 shares of the oil and gas exploration company’s stock valued at $80,000 after purchasing an additional 621 shares during the period. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of BP in the third quarter worth approximately $91,000. 11.01% of the stock is currently owned by hedge funds and other institutional investors.

BP Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 8th were given a $0.48 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.92 dividend on an annualized basis and a dividend yield of 6.09%. BP’s dividend payout ratio is currently 200.00%.

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.