Brokers Set Expectations for BP’s Q3 Earnings (NYSE:BP)

BP p.l.c. (NYSE:BP) – Equities research analysts at Zacks Research decreased their Q3 2024 earnings estimates for shares of BP in a research note issued on Friday, October 25th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will post earnings of $0.79 per share for the quarter, down from their previous estimate of $0.84. The consensus estimate for BP’s current full-year earnings is $3.76 per share. Zacks Research also issued estimates for BP’s Q4 2024 earnings at $0.84 EPS, FY2024 earnings at $3.60 EPS, Q1 2025 earnings at $0.88 EPS, Q2 2025 earnings at $0.99 EPS, Q3 2025 earnings at $0.97 EPS, Q4 2025 earnings at $1.08 EPS, FY2025 earnings at $3.93 EPS, Q1 2026 earnings at $1.06 EPS, Q2 2026 earnings at $1.16 EPS, Q3 2026 earnings at $0.96 EPS and FY2026 earnings at $4.36 EPS.

BP (NYSE:BP) last released its earnings results on Tuesday, July 30th. The oil and gas exploration company reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.92 by $0.08. The company had revenue of $47.30 billion for the quarter, compared to the consensus estimate of $55.82 billion. BP had a net margin of 3.60% and a return on equity of 13.83%. BP’s revenue was down 2.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.89 EPS.

Several other analysts also recently commented on BP. Hsbc Global Res raised shares of BP to a “hold” rating in a report on Thursday, August 8th. Argus raised shares of BP to a “hold” rating in a report on Thursday, August 1st. The Goldman Sachs Group raised shares of BP to a “strong-buy” rating in a report on Friday, October 11th. UBS Group raised shares of BP to a “strong-buy” rating in a report on Tuesday, July 30th. Finally, BNP Paribas downgraded shares of BP from an “outperform” rating to a “neutral” rating in a report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, five have assigned a buy rating and four have given a strong buy rating to the company’s stock. According to MarketBeat.com, BP currently has an average rating of “Moderate Buy” and an average price target of $42.98.

BP Stock Up 0.7 %

NYSE:BP opened at $31.52 on Monday. The company has a market cap of $87.31 billion, a PE ratio of 9.88, a P/E/G ratio of 4.25 and a beta of 0.64. BP has a twelve month low of $30.52 and a twelve month high of $40.40. The company has a current ratio of 1.24, a quick ratio of 0.95 and a debt-to-equity ratio of 0.62. The company’s 50 day moving average is $32.40 and its two-hundred day moving average is $34.96.

BP Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, August 9th were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 6.09%. This is a boost from BP’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend was Friday, August 9th. BP’s dividend payout ratio is 59.56%.

Institutional Investors Weigh In On BP

A number of hedge funds have recently modified their holdings of BP. LRI Investments LLC purchased a new stake in shares of BP in the first quarter valued at about $31,000. 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.

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.