Brokers Set Expectations for BP p.l.c.’s Q3 2024 Earnings (NYSE:BP)

BP p.l.c. (NYSE:BP) – Investment analysts at Zacks Research lowered their Q3 2024 earnings per share estimates for BP in a note issued to investors on Thursday, September 26th. Zacks Research analyst R. Department now anticipates that the oil and gas exploration company will post earnings per share of $0.84 for the quarter, down from their prior forecast of $0.98. The consensus estimate for BP’s current full-year earnings is $3.85 per share. Zacks Research also issued estimates for BP’s Q4 2024 earnings at $0.88 EPS, FY2024 earnings at $3.69 EPS, Q1 2025 earnings at $0.91 EPS and Q4 2025 earnings at $1.11 EPS.

Several other research analysts also recently commented on the company. Hsbc Global Res upgraded BP to a “hold” rating in a research note on Thursday, August 8th. UBS Group upgraded BP to a “strong-buy” rating in a research note on Tuesday, July 30th. Evercore ISI upgraded BP to a “strong-buy” rating in a research note on Wednesday, July 31st. HSBC downgraded BP from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. Finally, Argus upgraded BP to a “hold” rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, seven have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $43.73.

BP Stock Up 2.0 %

BP stock opened at $31.42 on Monday. The company has a quick ratio of 0.95, a current ratio of 1.24 and a debt-to-equity ratio of 0.62. The business has a 50 day moving average price of $33.36 and a two-hundred day moving average price of $35.85. The company has a market cap of $87.04 billion, a price-to-earnings ratio of 9.85, a P/E/G ratio of 4.27 and a beta of 0.64. BP has a twelve month low of $30.52 and a twelve month high of $40.84.

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

Hedge Funds Weigh In On BP

Institutional investors and hedge funds have recently bought and sold shares of the company. CIBC Private Wealth Group LLC grew its position in shares of BP by 7.0% in the 4th quarter. CIBC Private Wealth Group LLC now owns 62,394 shares of the oil and gas exploration company’s stock valued at $2,209,000 after buying an additional 4,059 shares during the last quarter. Edge Capital Group LLC grew its position in shares of BP by 0.8% in the 4th quarter. Edge Capital Group LLC now owns 215,462 shares of the oil and gas exploration company’s stock valued at $7,627,000 after buying an additional 1,662 shares during the last quarter. Bollard Group LLC grew its position in shares of BP by 1.2% in the 4th quarter. Bollard Group LLC now owns 298,767 shares of the oil and gas exploration company’s stock valued at $10,576,000 after buying an additional 3,524 shares during the last quarter. Vantage Financial Partners Ltd. Inc. grew its position in shares of BP by 192.2% in the 4th quarter. Vantage Financial Partners Ltd. Inc. now owns 27,516 shares of the oil and gas exploration company’s stock valued at $974,000 after buying an additional 18,099 shares during the last quarter. Finally, PSquared Asset Management AG bought a new stake in shares of BP during the 4th quarter valued at about $50,315,000. Institutional investors and hedge funds own 11.01% of the company’s stock.

BP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, August 9th were issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a yield of 6.11%. The ex-dividend date of this dividend was Friday, August 9th. This is a boost from BP’s previous quarterly dividend of $0.44. BP’s dividend payout ratio is presently 59.56%.

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.