Zacks Research Has Negative Outlook of BP FY2024 Earnings

BP p.l.c. (NYSE:BP) – Research analysts at Zacks Research decreased their FY2024 earnings per share estimates for shares of BP in a report issued on Thursday, December 19th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will post earnings per share of $3.45 for the year, down from their previous forecast 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 posted its quarterly earnings data on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.05. The business had revenue of $47.25 billion during the quarter, compared to the consensus estimate of $52.05 billion. BP had a net margin of 1.36% and a return on equity of 12.91%. The firm’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same quarter last year, the company posted $1.15 earnings per share.

BP has been the subject of a number of other reports. Redburn Atlantic downgraded BP from a “buy” rating to a “neutral” rating in a research report on Tuesday, September 24th. BNP Paribas lowered BP from an “outperform” rating to a “neutral” rating in a report on Wednesday, October 9th. Wells Fargo & Company dropped their price objective on shares of BP from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Monday, December 9th. Scotiabank downgraded shares of BP from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the stock from $42.00 to $36.00 in a research note on Thursday, October 10th. Finally, The Goldman Sachs Group upgraded shares of BP to a “strong-buy” rating in a research note on Friday, October 11th. 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’s stock. According to data from MarketBeat, BP currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.10.

BP Trading Up 0.7 %

Shares of BP stock opened at $28.60 on Monday. BP has a 12-month low of $27.82 and a 12-month 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 50 day moving average of $29.73 and a 200-day moving average of $32.55. The firm has a market cap of $76.42 billion, a P/E ratio of 30.11, a PEG ratio of 2.13 and a beta of 0.64.

Institutional Investors Weigh In On BP

A number of institutional investors and hedge funds have recently bought and sold shares of BP. Independence Bank of Kentucky raised its position in shares of BP by 85.7% during the 2nd quarter. Independence Bank of Kentucky now owns 1,300 shares of the oil and gas exploration company’s stock valued at $47,000 after buying an additional 600 shares in the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in BP during the second quarter valued at about $75,000. ORG Partners LLC lifted its stake 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 worth $80,000 after purchasing an additional 621 shares during the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of BP during the 3rd quarter valued at about $91,000. Finally, Anchor Investment Management LLC raised its holdings in shares of BP by 58.7% during the 3rd quarter. Anchor Investment Management LLC now owns 3,120 shares of the oil and gas exploration company’s stock valued at $98,000 after buying an additional 1,154 shares in the last quarter. 11.01% of the stock is owned by hedge funds and other institutional investors.

BP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 8th were paid a $0.48 dividend. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.92 dividend on an annualized basis and a yield of 6.71%. BP’s dividend payout ratio is currently 200.00%.

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.