Research Analysts Offer Predictions for BP FY2024 Earnings

BP p.l.c. (NYSE:BP) – Scotiabank dropped their FY2024 earnings estimates for BP in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now expects that the oil and gas exploration company will post earnings of $3.40 per share for the year, down from their prior estimate of $3.90. Scotiabank currently has a “Sector Perform” rating and a $36.00 target price 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 announced its quarterly earnings data on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.05. BP had a net margin of 1.36% and a return on equity of 12.91%. The business had revenue of $47.25 billion for the quarter, compared to analysts’ expectations of $52.05 billion. During the same period last year, the firm posted $1.15 earnings per share. The firm’s quarterly revenue was down 11.3% compared to the same quarter last year.

A number of other analysts have also recently weighed in on BP. Redburn Atlantic cut shares of BP from a “buy” rating to a “neutral” rating in a research note on Tuesday, September 24th. Piper Sandler reduced their price objective on BP from $36.00 to $32.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. BNP Paribas downgraded BP from an “outperform” rating to a “neutral” rating in a research report on Wednesday, October 9th. StockNews.com upgraded BP from a “hold” rating to a “buy” rating in a report on Friday. Finally, The Goldman Sachs Group upgraded shares of BP to a “strong-buy” rating in a report on Friday, October 11th. Eleven research analysts have rated the stock with a hold rating, five have given a buy rating and four have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $39.89.

BP Trading Up 0.6 %

Shares of BP opened at $31.32 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.94 and a current ratio of 1.22. BP has a 52-week low of $27.82 and a 52-week high of $40.40. The firm has a market cap of $83.68 billion, a price-to-earnings ratio of 32.97, a PEG ratio of 2.13 and a beta of 0.64. The business’s fifty day moving average is $29.49 and its 200-day moving average is $32.00.

BP Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 8th were given a dividend of $0.48 per share. 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 6.13%. BP’s dividend payout ratio (DPR) is currently 200.00%.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BP. Quantbot Technologies LP bought a new position in BP during the third quarter worth $5,089,000. SG Americas Securities LLC boosted its position in shares of BP by 860.7% during the 3rd quarter. SG Americas Securities LLC now owns 66,464 shares of the oil and gas exploration company’s stock worth $2,086,000 after purchasing an additional 59,546 shares in the last quarter. Integrated Investment Consultants LLC acquired a new stake in shares of BP in the 3rd quarter valued at about $857,000. Kornitzer Capital Management Inc. KS increased its position 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 valued at $14,282,000 after buying an additional 23,325 shares in the last quarter. Finally, Altrius Capital Management Inc raised its stake in BP by 9.9% during the 3rd quarter. Altrius Capital Management Inc now owns 233,776 shares of the oil and gas exploration company’s stock worth $7,338,000 after buying an additional 20,976 shares during the period. 11.01% of the stock is owned by institutional investors.

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.