BP p.l.c. (NYSE:BP) to Post Q3 2024 Earnings of $0.98 Per Share, Zacks Research Forecasts

BP p.l.c. (NYSE:BP) – Research analysts at Zacks Research lowered their Q3 2024 earnings estimates for shares of BP in a research report issued to clients and investors on Tuesday, August 20th. Zacks Research analyst R. Department now expects that the oil and gas exploration company will earn $0.98 per share for the quarter, down from their previous forecast of $1.08. The consensus estimate for BP’s current full-year earnings is $4.24 per share. Zacks Research also issued estimates for BP’s Q4 2024 earnings at $1.02 EPS, FY2024 earnings at $3.97 EPS, Q1 2025 earnings at $1.02 EPS, FY2025 earnings at $4.52 EPS and FY2026 earnings at $4.96 EPS.

Several other equities research analysts also recently issued reports on the company. Erste Group Bank reaffirmed a “hold” rating on shares of BP in a research report on Friday, June 14th. Scotiabank dropped their target price on shares of BP from $47.00 to $42.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Morgan Stanley downgraded BP from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $49.90 to $41.50 in a research report on Monday, July 15th. TD Securities boosted their price objective on BP from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, May 8th. Finally, Argus raised BP to a “hold” rating in a research report on Thursday, August 1st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $44.23.

BP Price Performance

Shares of BP stock opened at $33.53 on Thursday. BP has a 1-year low of $32.51 and a 1-year high of $40.84. The firm has a fifty day simple moving average of $35.00 and a 200-day simple moving average of $36.45. The company has a current ratio of 1.24, a quick ratio of 0.94 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $92.88 billion, a price-to-earnings ratio of 10.51, a PEG ratio of 2.05 and a beta of 0.65.

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

Institutional Investors Weigh In On BP

A number of hedge funds have recently added to or reduced their stakes in BP. Magnolia Capital Advisors LLC acquired a new position in shares of BP during the second quarter worth approximately $237,000. EverSource Wealth Advisors LLC boosted its position in BP by 3.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 15,087 shares of the oil and gas exploration company’s stock valued at $534,000 after buying an additional 498 shares during the last quarter. Gabelli Funds LLC raised its position in shares of BP by 2.2% during the second quarter. Gabelli Funds LLC now owns 360,050 shares of the oil and gas exploration company’s stock worth $12,998,000 after acquiring an additional 7,850 shares during the last quarter. Waters Parkerson & CO. LLC bought a new position in BP in the second quarter valued at about $264,000. Finally, Bridges Investment Management Inc. increased its position in BP by 20.2% in the second quarter. Bridges Investment Management Inc. now owns 8,638 shares of the oil and gas exploration company’s stock worth $312,000 after purchasing an additional 1,450 shares during the period. Institutional investors own 11.01% of the company’s stock.

BP Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, August 9th will be issued a dividend of $0.48 per share. This represents a $1.92 dividend on an annualized basis and a yield of 5.73%. This is a boost from BP’s previous quarterly dividend of $0.44. The ex-dividend date of this dividend is Friday, August 9th. BP’s dividend payout ratio (DPR) is currently 59.56%.

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.