Zacks Research Has Pessimistic View of BP FY2024 Earnings

BP p.l.c. (NYSE:BP) – Investment analysts at Zacks Research cut their FY2024 earnings per share estimates for shares of BP in a research note issued on Monday, November 18th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will post earnings of $3.53 per share for the year, down from their previous forecast of $3.60. The consensus estimate for BP’s current full-year earnings is $3.68 per share. Zacks Research also issued estimates for BP’s Q4 2024 earnings at $0.73 EPS, Q1 2025 earnings at $0.83 EPS, Q4 2025 earnings at $1.07 EPS, Q1 2026 earnings at $0.92 EPS, Q2 2026 earnings at $0.95 EPS and FY2026 earnings at $4.14 EPS.

BP (NYSE:BP) last posted its earnings results 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. The firm had revenue of $47.25 billion during the quarter, compared to analysts’ expectations of $52.05 billion. BP had a net margin of 1.36% and a return on equity of 12.91%. The company’s revenue was down 11.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.15 earnings per share.

BP has been the topic of several other research reports. Redburn Atlantic downgraded shares of BP from a “buy” rating to a “neutral” rating in a report on Tuesday, September 24th. Royal Bank of Canada lowered BP from an “outperform” rating to a “sector perform” rating in a report on Wednesday, August 7th. BNP Paribas lowered BP from an “outperform” rating to a “neutral” rating in a report on Wednesday, October 9th. UBS Group raised shares of BP to a “strong-buy” rating in a research report on Tuesday, July 30th. Finally, Hsbc Global Res raised shares of BP to a “hold” rating in a report on Thursday, August 8th. Eleven analysts have rated the stock with a hold rating, five have given a buy rating and four have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $42.73.

BP Stock Down 1.2 %

BP opened at $29.08 on Wednesday. BP has a twelve month low of $27.82 and a twelve month high of $40.40. The firm has a market cap of $7.87 billion, a P/E ratio of 30.61, a price-to-earnings-growth ratio of 1.97 and a beta of 0.65. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.94 and a current ratio of 1.22. The business has a 50 day moving average price of $31.05 and a 200 day moving average price of $33.81.

BP Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 8th will be paid a $0.48 dividend. This represents a $1.92 annualized dividend and a yield of 6.60%. The ex-dividend date of this dividend is Friday, November 8th. BP’s payout ratio is 200.00%.

Institutional Trading of BP

A number of institutional investors and hedge funds have recently modified their holdings of BP. Altrius Capital Management Inc raised its holdings 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. Rothschild Investment LLC bought a new position in BP during the 2nd quarter worth about $2,620,000. LRI Investments LLC bought a new stake in shares of BP in the first quarter valued at about $32,000. Kornitzer Capital Management Inc. KS grew its holdings 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 buying an additional 19,140 shares in the last quarter. Finally, AdvisorNet Financial Inc lifted its stake in BP by 93.4% in the 2nd quarter. AdvisorNet Financial Inc now owns 16,070 shares of the oil and gas exploration company’s stock valued at $580,000 after acquiring an additional 7,761 shares in the last quarter. 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.