Zacks Research Comments on BP p.l.c.’s Q2 2024 Earnings (NYSE:BP)

BP p.l.c. (NYSE:BPFree Report) – Zacks Research raised their Q2 2024 earnings per share (EPS) estimates for BP in a research report issued to clients and investors on Tuesday, May 28th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will post earnings per share of $1.21 for the quarter, up from their previous estimate of $1.16. The consensus estimate for BP’s current full-year earnings is $4.78 per share. Zacks Research also issued estimates for BP’s Q3 2024 earnings at $1.32 EPS, Q4 2024 earnings at $1.22 EPS, FY2024 earnings at $4.72 EPS, Q1 2025 earnings at $1.20 EPS, Q2 2025 earnings at $1.03 EPS, Q3 2025 earnings at $1.26 EPS, FY2025 earnings at $5.03 EPS and Q1 2026 earnings at $1.45 EPS.

BP has been the topic of several other reports. Wells Fargo & Company raised their target price on BP from $38.00 to $42.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. TD Securities raised their target price on BP from $43.00 to $44.00 and gave the company a “buy” rating in a report on Wednesday, May 8th. Erste Group Bank upgraded BP from a “hold” rating to a “buy” rating in a research note on Wednesday, April 3rd. Jefferies Financial Group upgraded BP from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $38.60 to $42.30 in a research note on Monday, March 4th. Finally, Piper Sandler lifted their price objective on BP from $40.00 to $43.00 and gave the stock a “neutral” rating in a research note on Thursday, April 18th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.88.

View Our Latest Stock Report on BP

BP Price Performance

NYSE BP opened at $36.93 on Thursday. BP has a fifty-two week low of $33.52 and a fifty-two week high of $40.84. The stock’s 50-day moving average is $38.19 and its two-hundred day moving average is $36.49. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.23 and a quick ratio of 0.94. The firm has a market cap of $103.44 billion, a P/E ratio of 11.58, a price-to-earnings-growth ratio of 1.96 and a beta of 0.67.

BP (NYSE:BPGet Free Report) last announced its quarterly earnings data on Tuesday, May 7th. The oil and gas exploration company reported $0.97 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.03 by ($0.06). BP had a return on equity of 13.49% and a net margin of 4.51%. The firm had revenue of $48.88 billion for the quarter, compared to analysts’ expectations of $53.65 billion. During the same quarter in the prior year, the business posted $1.66 earnings per share. BP’s revenue was down 13.0% on a year-over-year basis.

BP Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, May 17th will be given a dividend of $0.4362 per share. This represents a $1.74 dividend on an annualized basis and a yield of 4.72%. The ex-dividend date of this dividend is Thursday, May 16th. BP’s dividend payout ratio (DPR) is presently 53.92%.

Institutional Investors Weigh In On BP

A number of institutional investors have recently added to or reduced their stakes in the company. LRI Investments LLC acquired a new stake in BP during the first quarter valued at approximately $31,000. Vima LLC boosted its holdings in BP by 4.9% during the first quarter. Vima LLC now owns 9,994 shares of the oil and gas exploration company’s stock valued at $379,000 after purchasing an additional 469 shares in the last quarter. Fairview Capital Investment Management LLC acquired a new stake in BP during the first quarter valued at approximately $918,000. InterOcean Capital Group LLC acquired a new stake in BP during the first quarter valued at approximately $233,000. Finally, Covestor Ltd boosted its holdings in BP by 207.2% during the first quarter. Covestor Ltd now owns 2,089 shares of the oil and gas exploration company’s stock valued at $79,000 after purchasing an additional 1,409 shares in the last quarter. 11.01% of the stock is owned by institutional investors and hedge funds.

BP Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for BP (NYSE:BP)

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