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

BP p.l.c. (NYSE:BP) – Stock analysts at Zacks Research lowered their Q3 2024 earnings estimates for BP in a research report issued on Friday, October 25th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will post earnings per share of $0.79 for the quarter, down from their previous forecast 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 announced 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 during the quarter, compared to analyst estimates 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 last year, the firm posted $0.89 earnings per share.

BP has been the topic of several other research reports. UBS Group raised shares of BP to a “strong-buy” rating in a research report on Tuesday, July 30th. Argus raised shares of BP to a “hold” rating in a research report on Thursday, August 1st. Morgan Stanley cut shares of BP from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $49.90 to $41.50 in a research report on Monday, July 15th. Wolfe Research initiated coverage on shares of BP in a research report on Thursday, July 18th. They set an “outperform” rating and a $57.00 price target on the stock. Finally, Scotiabank cut shares of BP from a “sector outperform” rating to a “sector perform” rating and reduced their target price for the company from $42.00 to $36.00 in a report on Thursday, October 10th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $42.98.

BP Stock Up 0.7 %

Shares of BP opened at $31.52 on Monday. The stock has a market capitalization 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 1 year low of $30.52 and a 1 year high of $40.40. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 1.24. The company’s 50-day simple moving average is $32.40 and its 200-day simple moving average is $34.96.

BP Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 9th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.92 dividend on an annualized basis and a yield of 6.09%. This is a boost from BP’s previous quarterly dividend of $0.44. BP’s dividend payout ratio (DPR) is presently 59.56%.

Institutional Trading of BP

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BP. Wedge Capital Management L L P NC grew its position in shares of BP by 2.6% during the third quarter. Wedge Capital Management L L P NC now owns 646,102 shares of the oil and gas exploration company’s stock worth $20,281,000 after acquiring an additional 16,534 shares during the last quarter. Kornitzer Capital Management Inc. KS grew its position in shares of BP by 4.6% during the second quarter. Kornitzer Capital Management Inc. KS now owns 431,655 shares of the oil and gas exploration company’s stock worth $15,583,000 after acquiring an additional 19,140 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of BP by 3.4% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 429,773 shares of the oil and gas exploration company’s stock worth $15,515,000 after acquiring an additional 13,984 shares during the last quarter. Gabelli Funds LLC grew its position in shares of BP by 2.2% during the second quarter. Gabelli Funds LLC now owns 360,050 shares of the oil and gas exploration company’s stock worth $12,998,000 after acquiring an additional 7,850 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its position in shares of BP by 2.4% during the first quarter. Janney Montgomery Scott LLC now owns 250,659 shares of the oil and gas exploration company’s stock worth $9,445,000 after acquiring an additional 5,904 shares during the last quarter. Institutional investors and hedge funds own 11.01% of the company’s stock.

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.