What is Scotiabank’s Forecast for BP FY2024 Earnings?

BP p.l.c. (NYSE:BP) – Scotiabank decreased their FY2024 earnings estimates for shares of BP in a research note issued to investors on Wednesday, January 8th. Scotiabank analyst P. Cheng now forecasts that the oil and gas exploration company will post earnings of $3.40 per share for the year, down from their prior forecast of $3.90. Scotiabank currently has a “Sector Perform” rating and a $36.00 target price on the stock. The consensus estimate for BP’s current full-year earnings is $3.55 per share. Scotiabank also issued estimates for BP’s FY2025 earnings at $2.85 EPS and FY2026 earnings at $2.90 EPS.

BP (NYSE:BP) last issued its quarterly earnings data on Tuesday, October 29th. The oil and gas exploration company reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.05. The business had revenue of $47.25 billion for the quarter, compared to the consensus estimate of $52.05 billion. BP had a return on equity of 12.91% and a net margin of 1.36%. The company’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same period in the prior year, the business posted $1.15 earnings per share.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company lowered their target price on shares of BP from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Monday, December 9th. Morgan Stanley decreased their price objective on shares of BP from $34.70 to $31.80 and set an “equal weight” rating for the company in a research note on Tuesday. The Goldman Sachs Group raised BP to a “strong-buy” rating in a research note on Friday, October 11th. BNP Paribas lowered BP from an “outperform” rating to a “neutral” rating in a research note on Wednesday, October 9th. Finally, Piper Sandler reduced their target price on BP from $36.00 to $32.00 and set a “neutral” rating on the stock in a research note on Thursday, December 19th. Twelve analysts have rated the stock with a hold rating, four have given a buy rating and four have assigned a strong buy rating to the company. According to MarketBeat.com, BP presently has an average rating of “Moderate Buy” and an average price target of $39.89.

BP Stock Performance

NYSE:BP opened at $31.13 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 0.94 and a current ratio of 1.22. The stock’s fifty day moving average is $29.44 and its 200 day moving average is $32.03. The firm has a market capitalization of $83.18 billion, a PE ratio of 32.77, a PEG ratio of 2.13 and a beta of 0.64. BP has a fifty-two week low of $27.82 and a fifty-two week high of $40.40.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BP. ST Germain D J Co. Inc. increased its position in shares of BP by 9.0% during the third quarter. ST Germain D J Co. Inc. now owns 4,549 shares of the oil and gas exploration company’s stock worth $143,000 after purchasing an additional 377 shares in the last quarter. Sunbelt Securities Inc. increased its position in BP by 3.8% during the 3rd quarter. Sunbelt Securities Inc. now owns 11,459 shares of the oil and gas exploration company’s stock valued at $360,000 after buying an additional 415 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in BP by 3.4% in the second quarter. EverSource Wealth Advisors LLC now owns 15,087 shares of the oil and gas exploration company’s stock worth $534,000 after acquiring an additional 498 shares in the last quarter. Rhumbline Advisers grew its position in BP by 2.0% during the 2nd quarter. Rhumbline Advisers now owns 29,235 shares of the oil and gas exploration company’s stock worth $1,055,000 after purchasing an additional 571 shares during the last quarter. Finally, ORG Partners LLC increased its stake in BP by 32.5% during the 3rd quarter. ORG Partners LLC now owns 2,533 shares of the oil and gas exploration company’s stock valued at $80,000 after purchasing an additional 621 shares in the last quarter. 11.01% of the stock is currently owned by hedge funds and other institutional investors.

BP Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 20th. Investors of record on Friday, November 8th were issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 6.17%. The ex-dividend date was Friday, November 8th. BP’s payout ratio is 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.