BP (NYSE:BP) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

BP (NYSE:BP) released its earnings results on Tuesday. The oil and gas exploration company reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.92 by $0.08, Briefing.com reports. The business had revenue of $47.30 billion for the quarter, compared to analyst estimates of $55.82 billion. BP had a return on equity of 13.67% and a net margin of 3.60%. BP’s revenue was down 2.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.89 earnings per share.

BP Price Performance

BP stock traded down $0.64 during midday trading on Friday, reaching $34.12. The company’s stock had a trading volume of 4,291,869 shares, compared to its average volume of 8,600,077. The business has a 50-day moving average price of $35.74 and a 200-day moving average price of $36.55. BP has a 52 week low of $33.52 and a 52 week high of $40.84. The company has a current ratio of 1.23, a quick ratio of 0.94 and a debt-to-equity ratio of 0.57. The stock has a market cap of $94.52 billion, a PE ratio of 10.90, a price-to-earnings-growth ratio of 2.09 and a beta of 0.65.

BP Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, August 9th will be issued a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 5.63%. The ex-dividend date of this dividend is Friday, August 9th. This is an increase from BP’s previous quarterly dividend of $0.44. BP’s dividend payout ratio (DPR) is currently 53.92%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BP. Scotiabank decreased their target price on shares of BP from $47.00 to $42.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Barclays upgraded BP to a “strong-buy” rating in a report on Wednesday. UBS Group raised BP to a “strong-buy” rating in a research report on Tuesday. Morgan Stanley cut BP from an “overweight” rating to an “equal weight” rating and dropped their price target for the company from $49.90 to $41.50 in a research note on Monday, July 15th. Finally, Raymond James increased their price objective on shares of BP from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, BP has an average rating of “Moderate Buy” and an average target price of $44.23.

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.