BP (NYSE:BP) Posts Earnings Results, Beats Estimates 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) issued its quarterly earnings results 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 business had revenue of $46.63 billion during the quarter, compared to the consensus estimate of $42.88 billion. BP had a net margin of 0.29% and a return on equity of 9.08%. The firm's quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.00 EPS.

BP Stock Performance

BP stock traded down $0.03 during mid-day trading on Friday, reaching $34.16. The company had a trading volume of 6,304,046 shares, compared to its average volume of 8,378,844. The company has a quick ratio of 0.92, a current ratio of 1.21 and a debt-to-equity ratio of 0.68. BP has a 52 week low of $25.22 and a 52 week high of $35.54. The company has a 50 day moving average of $31.38 and a 200-day moving average of $31.12. The firm has a market cap of $90.60 billion, a price-to-earnings ratio of 162.67, a PEG ratio of 1.83 and a beta of 0.57.

BP Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, August 15th will be issued a $0.4942 dividend. This is a boost from BP's previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.98 dividend on an annualized basis and a yield of 5.8%. BP's payout ratio is currently 904.76%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on BP shares. Morgan Stanley lowered shares of BP from an "equal weight" rating to an "underweight" rating and set a $26.50 price objective on the stock. in a research note on Monday, May 12th. DZ Bank upgraded shares of BP from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. Piper Sandler increased their price target on shares of BP from $32.00 to $35.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 15th. Jefferies Financial Group set a $29.00 price target on shares of BP and gave the stock a "hold" rating in a research note on Monday, May 19th. Finally, Scotiabank restated a "sector perform" rating and set a $34.00 price target (up previously from $30.00) on shares of BP in a research note on Friday, July 11th. One analyst has rated the stock with a sell rating, twelve have given a hold rating, one has issued a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $35.17.

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.