What is Zacks Research’s Estimate for BP FY2024 Earnings?

BP p.l.c. (NYSE:BP) – Analysts at Zacks Research reduced their FY2024 earnings estimates for shares of BP in a research note issued to investors on Monday, November 18th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will post earnings per share of $3.53 for the year, down from their previous estimate of $3.60. The consensus estimate for BP’s current full-year earnings is $3.68 per share. Zacks Research also issued estimates for BP’s Q4 2024 earnings at $0.73 EPS, Q1 2025 earnings at $0.83 EPS, Q4 2025 earnings at $1.07 EPS, Q1 2026 earnings at $0.92 EPS, Q2 2026 earnings at $0.95 EPS and FY2026 earnings at $4.14 EPS.

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

BP has been the subject of a number of other reports. The Goldman Sachs Group raised shares of BP to a “strong-buy” rating in a research note on Friday, October 11th. Royal Bank of Canada cut shares of BP from an “outperform” rating to a “sector perform” rating in a report on Wednesday, August 7th. Scotiabank cut shares of 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. Evercore ISI upgraded shares of BP to a “strong-buy” rating in a report on Wednesday, July 31st. Finally, Barclays upgraded shares of BP to a “strong-buy” rating in a report on Wednesday, July 31st. Eleven analysts have rated the stock with a hold rating, five have issued a buy rating and four have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.73.

BP Price Performance

Shares of NYSE:BP opened at $29.08 on Wednesday. The company’s fifty day moving average is $31.01 and its 200 day moving average is $33.78. BP has a 52 week low of $27.82 and a 52 week high of $40.40. The stock has a market cap of $7.87 billion, a PE ratio of 30.61, a PEG ratio of 1.97 and a beta of 0.65. The company has a quick ratio of 0.94, a current ratio of 1.22 and a debt-to-equity ratio of 0.66.

Hedge Funds Weigh In On BP

Large investors have recently added to or reduced their stakes in the stock. LRI Investments LLC acquired a new stake in shares of BP in the first quarter valued at about $32,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of BP in the second quarter valued at about $33,000. Quent Capital LLC purchased a new stake in shares of BP in the second quarter valued at about $38,000. Independence Bank of Kentucky grew its holdings in shares of BP by 85.7% in the second quarter. Independence Bank of Kentucky now owns 1,300 shares of the oil and gas exploration company’s stock valued at $47,000 after purchasing an additional 600 shares during the period. Finally, Indiana Trust & Investment Management CO grew its holdings in shares of BP by 29.1% in the second quarter. Indiana Trust & Investment Management CO now owns 2,034 shares of the oil and gas exploration company’s stock valued at $73,000 after purchasing an additional 459 shares during the period. 11.01% of the stock is currently owned by institutional investors and hedge funds.

BP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 8th will be given a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 6.60%. The ex-dividend date of this dividend is Friday, November 8th. BP’s dividend payout ratio is presently 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.