FY2024 Earnings Forecast for BP Issued By Scotiabank

BP p.l.c. (NYSE:BP - Free Report) - Stock analysts at Scotiabank cut their FY2024 EPS estimates for BP in a report released on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the oil and gas exploration company will post earnings per share of $3.40 for the year, down from their previous estimate of $3.90. Scotiabank has a "Sector Perform" rating and a $36.00 price objective on the stock. The consensus estimate for BP's current full-year earnings is $3.55 per share. Scotiabank also issued estimates for BP's FY2025 earnings at $2.85 EPS and FY2026 earnings at $2.90 EPS.

BP (NYSE:BP - Get Free Report) last issued its quarterly earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.78 by $0.05. The business 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%. BP's revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.15 EPS.

A number of other research firms also recently issued reports on BP. Redburn Atlantic downgraded BP from a "buy" rating to a "neutral" rating in a research note on Tuesday, September 24th. Morgan Stanley reduced their price target on shares of BP from $34.70 to $31.80 and set an "equal weight" rating on the stock in a research report on Tuesday. The Goldman Sachs Group upgraded shares of BP to a "strong-buy" rating in a research report on Friday, October 11th. StockNews.com cut shares of BP from a "buy" rating to a "hold" rating in a research report on Friday, December 27th. Finally, Piper Sandler dropped their price target on BP from $36.00 to $32.00 and set a "neutral" rating for the company in a research report on Thursday, December 19th. Twelve equities research analysts have rated the stock with a hold rating, four have given a buy rating and four have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $39.89.

BP Price Performance

NYSE BP traded up $0.20 during trading hours on Friday, reaching $31.32. The company's stock had a trading volume of 11,303,366 shares, compared to its average volume of 10,446,853. The company has a quick ratio of 0.94, a current ratio of 1.22 and a debt-to-equity ratio of 0.66. BP has a 1 year low of $27.82 and a 1 year high of $40.40. The firm's 50-day moving average price is $29.44 and its 200-day moving average price is $32.03. The company has a market capitalization of $83.68 billion, a price-to-earnings ratio of 32.97, a PEG ratio of 2.13 and a beta of 0.64.

Institutional Investors Weigh In On BP

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP purchased a new stake in BP during the third quarter worth $5,089,000. SG Americas Securities LLC lifted its position in shares of BP by 860.7% during the third quarter. SG Americas Securities LLC now owns 66,464 shares of the oil and gas exploration company's stock valued at $2,086,000 after buying an additional 59,546 shares during the last quarter. Integrated Investment Consultants LLC bought a new stake in shares of BP in the 3rd quarter valued at about $857,000. Kornitzer Capital Management Inc. KS grew its position in shares of BP by 5.4% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 454,980 shares of the oil and gas exploration company's stock worth $14,282,000 after buying an additional 23,325 shares during the last quarter. Finally, Altrius Capital Management Inc lifted its position in BP by 9.9% during the third quarter. Altrius Capital Management Inc now owns 233,776 shares of the oil and gas exploration company's stock valued at $7,338,000 after acquiring an additional 20,976 shares during the last quarter. 11.01% of the stock is owned by institutional investors.

BP Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Friday, November 8th were given a $0.48 dividend. The ex-dividend date was Friday, November 8th. This represents a $1.92 annualized dividend and a yield of 6.13%. BP's dividend payout ratio (DPR) is 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.