Zacks Research Has Bearish Estimate for BP FY2024 Earnings

BP p.l.c. (NYSE:BP - Free Report) - Research analysts at Zacks Research reduced their FY2024 earnings per share (EPS) estimates for BP in a report released on Friday, January 17th. Zacks Research analyst R. Department now forecasts that the oil and gas exploration company will post earnings per share of $3.43 for the year, down from their prior estimate of $3.45. The consensus estimate for BP's current full-year earnings is $3.38 per share. Zacks Research also issued estimates for BP's Q4 2024 earnings at $0.63 EPS, Q1 2025 earnings at $0.71 EPS, Q2 2025 earnings at $0.89 EPS, Q3 2025 earnings at $0.99 EPS, Q4 2025 earnings at $0.95 EPS and FY2025 earnings at $3.54 EPS.

Other research analysts have also recently issued reports about the company. Royal Bank of Canada reaffirmed a "sector perform" rating on shares of BP in a research note on Tuesday, January 14th. The Goldman Sachs Group upgraded shares of BP to a "strong-buy" rating in a report on Friday, October 11th. Morgan Stanley dropped their target price on shares of BP from $34.70 to $31.80 and set an "equal weight" rating for the company in a report on Tuesday, January 7th. Piper Sandler dropped their target price on shares of BP from $36.00 to $32.00 and set a "neutral" rating for the company in a report on Thursday, December 19th. Finally, Raymond James increased their target price on shares of BP from $36.00 to $37.00 and gave the stock an "outperform" rating in a report on Friday. Eleven analysts have rated the stock with a hold rating, five have issued a buy rating and four have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, BP currently has an average rating of "Moderate Buy" and a consensus price target of $38.76.

BP Trading Down 0.5 %

Shares of NYSE:BP traded down $0.17 on Monday, reaching $31.53. 7,193,975 shares of the company traded hands, compared to its average volume of 10,629,421. The business's 50-day simple moving average is $29.70 and its 200 day simple moving average is $31.73. BP has a 52 week low of $27.82 and a 52 week high of $40.40. The stock has a market capitalization of $85.08 billion, a P/E ratio of 33.18, a price-to-earnings-growth ratio of 2.27 and a beta of 0.64. The company has a current ratio of 1.22, a quick ratio of 0.94 and a debt-to-equity ratio of 0.66.

BP (NYSE:BP - Get Free Report) last released its earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 EPS for the quarter, beating analysts' consensus estimates of $0.78 by $0.05. The business had revenue of $47.25 billion for the quarter, compared to analysts' expectations of $52.05 billion. BP had a return on equity of 12.91% and a net margin of 1.36%. The firm's revenue was down 11.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.15 earnings per share.

BP Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, November 8th were issued a dividend of $0.48 per share. The ex-dividend date of this dividend was Friday, November 8th. This represents a $1.92 annualized dividend and a dividend yield of 6.09%. BP's payout ratio is 200.00%.

Hedge Funds Weigh In On BP

Several large investors have recently made changes to their positions in the business. Butensky & Cohen Financial Security Inc. increased its position in shares of BP by 0.3% during the fourth quarter. Butensky & Cohen Financial Security Inc. now owns 129,215 shares of the oil and gas exploration company's stock valued at $3,820,000 after acquiring an additional 358 shares in the last quarter. ST Germain D J Co. Inc. increased its position in shares of BP by 9.0% during the third quarter. ST Germain D J Co. Inc. now owns 4,549 shares of the oil and gas exploration company's stock valued at $143,000 after acquiring an additional 377 shares in the last quarter. Sunbelt Securities Inc. increased its position in shares of BP by 3.8% during the third quarter. Sunbelt Securities Inc. now owns 11,459 shares of the oil and gas exploration company's stock valued at $360,000 after acquiring an additional 415 shares in the last quarter. Atlas Brown Inc. increased its position in shares of BP by 1.2% during the fourth quarter. Atlas Brown Inc. now owns 37,338 shares of the oil and gas exploration company's stock valued at $1,104,000 after acquiring an additional 437 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its position in shares of BP by 3.4% during the second quarter. EverSource Wealth Advisors LLC now owns 15,087 shares of the oil and gas exploration company's stock valued at $534,000 after acquiring an additional 498 shares in the last quarter. 11.01% of the stock is currently owned by hedge funds and other institutional investors.

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.