BP (NYSE:BP) Issues Earnings Results, Beats Expectations By $0.05 EPS

BP (NYSE:BP) issued its earnings results on Tuesday. The oil and gas exploration company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.05, Briefing.com reports. BP had a return on equity of 13.83% and a net margin of 3.60%. The business had revenue of $47.25 billion during the quarter, compared to analysts’ expectations of $52.05 billion. During the same period in the prior year, the business earned $1.15 EPS. The business’s revenue for the quarter was down 11.3% compared to the same quarter last year.

BP Stock Performance

Shares of NYSE:BP traded down $0.18 during midday trading on Wednesday, hitting $29.18. The company’s stock had a trading volume of 9,111,334 shares, compared to its average volume of 8,370,736. The stock has a market capitalization of $79.15 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 4.25 and a beta of 0.64. The stock’s 50 day simple moving average is $32.25 and its 200 day simple moving average is $34.83. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 1.24. BP has a fifty-two week low of $29.13 and a fifty-two week high of $40.40.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on BP. Argus upgraded shares of BP to a “hold” rating in a report on Thursday, August 1st. Piper Sandler reissued a “neutral” rating and issued a $43.00 price target on shares of BP in a research note on Wednesday, July 17th. HSBC cut BP from a “buy” rating to a “hold” rating in a report on Thursday, August 8th. StockNews.com raised shares of BP from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Finally, UBS Group upgraded BP to a “strong-buy” rating in a report on Tuesday, July 30th. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating, five have assigned a buy rating and four have given a strong buy rating to the company. According to data from MarketBeat, BP currently has an average rating of “Moderate Buy” and an average price target of $42.73.

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.