Zacks Research Has Negative Estimate for BP FY2024 Earnings

BP p.l.c. (NYSE:BP) – Equities researchers at Zacks Research dropped their FY2024 earnings per share (EPS) estimates for shares of BP in a research report issued to clients and investors on Thursday, December 19th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will earn $3.45 per share for the year, down from their prior 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 has been the subject of several other reports. StockNews.com upgraded shares of BP from a “hold” rating to a “buy” rating in a report on Tuesday, November 5th. Scotiabank lowered BP from a “sector outperform” rating to a “sector perform” rating and dropped their price target for the company from $42.00 to $36.00 in a research report on Thursday, October 10th. Redburn Atlantic downgraded BP from a “buy” rating to a “neutral” rating in a report on Tuesday, September 24th. BNP Paribas cut shares of BP from an “outperform” rating to a “neutral” rating in a report on Wednesday, October 9th. Finally, Piper Sandler decreased their price target on shares of BP from $36.00 to $32.00 and set a “neutral” rating for the company in a research note on Thursday, December 19th. Eleven research analysts have rated the stock with a hold rating, five have given a buy rating and four have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $41.10.

BP Trading Up 0.1 %

Shares of BP opened at $28.79 on Monday. BP has a 1-year low of $27.82 and a 1-year high of $40.40. The company has a current ratio of 1.22, a quick ratio of 0.94 and a debt-to-equity ratio of 0.66. The firm’s 50-day moving average price is $29.67 and its 200-day moving average price is $32.48. The firm has a market capitalization of $76.92 billion, a price-to-earnings ratio of 30.31, a PEG ratio of 2.13 and a beta of 0.64.

BP (NYSE:BP) last announced its quarterly earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.05. The company had revenue of $47.25 billion during the quarter, compared to analyst estimates of $52.05 billion. BP had a return on equity of 12.91% and a net margin of 1.36%. The firm’s revenue was down 11.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.15 earnings per share.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of BP. Quantbot Technologies LP bought a new position in shares of BP in the 3rd quarter worth approximately $5,089,000. Rothschild Investment LLC purchased a new stake in BP in the second quarter worth about $2,620,000. SG Americas Securities LLC raised its stake in shares of BP by 860.7% in the third quarter. SG Americas Securities LLC now owns 66,464 shares of the oil and gas exploration company’s stock worth $2,086,000 after buying an additional 59,546 shares during the period. Integrated Investment Consultants LLC bought a new position in shares of BP during the 3rd quarter valued at approximately $857,000. Finally, Kornitzer Capital Management Inc. KS lifted its holdings in BP by 5.4% during the third 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 purchasing an additional 23,325 shares in the last quarter. 11.01% of the stock is owned by hedge funds and other institutional investors.

BP Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 8th were paid a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 6.67%. The ex-dividend date of this dividend was Friday, November 8th. BP’s dividend payout ratio is currently 200.00%.

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.