Brokers Offer Predictions for BP's FY2024 Earnings (NYSE:BP)

BP p.l.c. (NYSE:BP - Free Report) - Research analysts at Zacks Research reduced their FY2024 earnings per share estimates for BP in a report released on Monday, November 18th. Zacks Research analyst R. Department now anticipates that the oil and gas exploration company will post earnings of $3.53 per share for the year, down from their prior 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.

Several other research analysts have also recently issued reports on the stock. StockNews.com raised shares of BP from a "hold" rating to a "buy" rating in a report on Tuesday, November 5th. Royal Bank of Canada lowered shares of BP from an "outperform" rating to a "sector perform" rating in a research report on Wednesday, August 7th. Wells Fargo & Company lowered their target price on shares of BP from $35.00 to $33.00 and set an "equal weight" rating on the stock in a research report on Wednesday, October 30th. Argus upgraded shares of BP to a "hold" rating in a research report on Thursday, August 1st. Finally, BNP Paribas lowered shares of BP from an "outperform" rating to a "neutral" rating in a research report on Wednesday, October 9th. Eleven equities research analysts have rated the stock with a hold rating, five have given a buy rating and four have issued a strong buy rating to the company. According to data from MarketBeat, BP currently has an average rating of "Moderate Buy" and an average price target of $42.73.

BP Stock Performance

BP traded down $0.08 on Wednesday, reaching $29.01. The company had a trading volume of 3,526,683 shares, compared to its average volume of 8,528,400. The stock has a 50-day moving average price of $31.05 and a 200-day moving average price of $33.81. BP has a 1 year low of $27.82 and a 1 year high of $40.40. The company has a quick ratio of 0.94, a current ratio of 1.22 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $7.85 billion, a PE ratio of 30.61, a P/E/G ratio of 1.97 and a beta of 0.65.

BP (NYSE:BP - Get Free Report) last issued its earnings results on Tuesday, October 29th. The oil and gas exploration company reported $0.83 EPS for the quarter, topping analysts' consensus estimates of $0.78 by $0.05. The firm had revenue of $47.25 billion during the quarter, compared to the consensus estimate 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 quarter in the previous year, the firm posted $1.15 earnings per share.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Wedge Capital Management L L P NC boosted its holdings in shares of BP by 2.6% in the 3rd quarter. Wedge Capital Management L L P NC now owns 646,102 shares of the oil and gas exploration company's stock valued at $20,281,000 after buying an additional 16,534 shares during the period. Kornitzer Capital Management Inc. KS raised its position in shares of BP by 5.4% during 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 in the last quarter. Captrust Financial Advisors raised its position in shares of BP by 1.2% during the 3rd quarter. Captrust Financial Advisors now owns 440,973 shares of the oil and gas exploration company's stock worth $13,842,000 after buying an additional 5,150 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of BP by 3.4% in the 2nd quarter. Cambridge Investment Research Advisors Inc. now owns 429,773 shares of the oil and gas exploration company's stock worth $15,515,000 after purchasing an additional 13,984 shares in the last quarter. Finally, Gabelli Funds LLC raised its holdings in shares of BP by 2.2% in the 2nd quarter. Gabelli Funds LLC now owns 360,050 shares of the oil and gas exploration company's stock worth $12,998,000 after purchasing an additional 7,850 shares in the last quarter. 11.01% of the stock is owned by institutional investors and hedge funds.

BP Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 20th. Shareholders of record on Friday, November 8th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 6.62%. The ex-dividend date of this dividend is Friday, November 8th. BP's dividend payout ratio is currently 200.00%.

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.