BP (NYSE:BP) Shares Gap Up Following Strong Earnings

BP p.l.c. (NYSE:BPGet Free Report)’s stock price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $34.24, but opened at $35.76. BP shares last traded at $36.03, with a volume of 3,992,266 shares changing hands.

The oil and gas exploration company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.96 by $0.11. BP had a net margin of 11.12% and a return on equity of 18.23%. The company had revenue of $52.14 billion for the quarter, compared to the consensus estimate of $53.14 billion. During the same period in the previous year, the firm earned $1.59 earnings per share. The firm’s revenue for the quarter was down 24.7% on a year-over-year basis.

BP Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 28th. Investors of record on Friday, February 16th will be paid a $0.4362 dividend. This represents a $1.74 annualized dividend and a dividend yield of 4.82%. The ex-dividend date is Thursday, February 15th. BP’s payout ratio is 20.33%.

Wall Street Analyst Weigh In

BP has been the topic of several analyst reports. Piper Sandler decreased their target price on shares of BP from $45.00 to $38.00 and set a “neutral” rating on the stock in a research note on Monday, January 8th. Scotiabank boosted their price objective on shares of BP from $41.00 to $45.00 and gave the company a “sector outperform” rating in a research report on Wednesday. TD Securities boosted their price objective on shares of BP from $41.00 to $43.00 and gave the company a “buy” rating in a research report on Wednesday. JPMorgan Chase & Co. downgraded shares of BP from a “neutral” rating to an “underweight” rating in a research report on Wednesday, November 1st. Finally, Raymond James reduced their price objective on shares of BP from $46.00 to $43.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $316.50.

Check Out Our Latest Research Report on BP

Hedge Funds Weigh In On BP

Several hedge funds and other institutional investors have recently bought and sold shares of BP. Atlas Brown Inc. grew its holdings in BP by 0.6% during the 3rd quarter. Atlas Brown Inc. now owns 44,396 shares of the oil and gas exploration company’s stock valued at $1,719,000 after buying an additional 286 shares in the last quarter. Hexagon Capital Partners LLC grew its holdings in BP by 5.1% during the 3rd quarter. Hexagon Capital Partners LLC now owns 7,083 shares of the oil and gas exploration company’s stock valued at $274,000 after buying an additional 345 shares in the last quarter. Rhumbline Advisers grew its holdings in BP by 1.3% during the 3rd quarter. Rhumbline Advisers now owns 25,905 shares of the oil and gas exploration company’s stock valued at $1,003,000 after buying an additional 345 shares in the last quarter. Reitz Capital Advisors LLC grew its holdings in BP by 3.0% during the 3rd quarter. Reitz Capital Advisors LLC now owns 14,645 shares of the oil and gas exploration company’s stock valued at $586,000 after buying an additional 420 shares in the last quarter. Finally, BRYN MAWR TRUST Co boosted its position in shares of BP by 7.5% during the 2nd quarter. BRYN MAWR TRUST Co now owns 7,126 shares of the oil and gas exploration company’s stock valued at $251,000 after acquiring an additional 500 shares during the last quarter. Institutional investors own 11.01% of the company’s stock.

BP Stock Down 0.6 %

The company has a current ratio of 1.21, a quick ratio of 0.91 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $103.62 billion, a P/E ratio of 4.28, a P/E/G ratio of 1.06 and a beta of 0.69. The business has a 50-day moving average price of $35.17 and a 200 day moving average price of $36.60.

About BP

(Get Free Report)

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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