BP (NYSE:BP) Posts Earnings Results, Beats Expectations By $0.22 EPS

Key Points

• BP reported a quarterly EPS of $0.90, surpassing estimates by $0.22, with total revenue reaching $46.63 billion despite a year-over-year decline of 1.4%.
• Following the earnings announcement, BP's stock trading increased by 3.1%, reaching a price of $33.49, while analysts varied in their ratings and price targets for the company.
• Analyst ratings for BP currently show a majority holding position, with an average price target set at $35.50, reflecting cautious optimism amid recent downgrades from firms like Morgan Stanley.

BP (NYSE:BP - Get Free Report) announced its quarterly earnings data on Tuesday. The oil and gas exploration company reported $0.90 EPS for the quarter, beating the consensus estimate of $0.68 by $0.22, Zacks reports. The company had revenue of $46.63 billion for the quarter, compared to the consensus estimate of $42.88 billion. BP had a negative net margin of 0.62% and a positive return on equity of 9.51%. BP's revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.00 EPS.

BP Trading Up 3.1%

Shares of BP stock traded up $1.00 on Tuesday, hitting $33.49. 6,840,745 shares of the stock traded hands, compared to its average volume of 11,341,686. The firm's 50-day moving average price is $30.99 and its two-hundred day moving average price is $31.05. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.92 and a current ratio of 1.22. BP has a twelve month low of $25.22 and a twelve month high of $35.54. The stock has a market capitalization of $88.81 billion, a PE ratio of -72.74, a PEG ratio of 1.86 and a beta of 0.57.

Analysts Set New Price Targets

Several research firms recently weighed in on BP. Morgan Stanley downgraded BP from an "equal weight" rating to an "underweight" rating and set a $26.50 price objective for the company. in a report on Monday, May 12th. Scotiabank restated a "sector perform" rating and issued a $34.00 price objective (up previously from $30.00) on shares of BP in a report on Friday, July 11th. UBS Group lowered BP from a "buy" rating to a "neutral" rating in a report on Thursday, April 10th. Piper Sandler raised their price objective on BP from $32.00 to $35.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 15th. Finally, Jefferies Financial Group set a $29.00 price objective on BP and gave the stock a "hold" rating in a research report on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $35.50.

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.

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