BP (NYSE:BP) Issues Quarterly Earnings Results, Beats Estimates By $0.05 EPS

BP (NYSE:BP) released its quarterly earnings results on Tuesday. The oil and gas exploration company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.78 by $0.05, Briefing.com reports. BP had a return on equity of 13.83% and a net margin of 3.60%. The business had revenue of $47.25 billion for the quarter, compared to the consensus estimate of $52.05 billion. During the same quarter last year, the business posted $1.15 earnings per share. The company’s revenue for the quarter was down 11.3% on a year-over-year basis.

BP Trading Down 0.7 %

BP stock traded down $0.20 on Wednesday, reaching $29.16. The company’s stock had a trading volume of 8,688,522 shares, compared to its average volume of 8,368,723. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 1.24. The business has a fifty day simple moving average of $32.25 and a two-hundred day simple moving average of $34.83. The firm has a market cap of $79.10 billion, a PE ratio of 11.56, a PEG ratio of 4.25 and a beta of 0.64. BP has a 12-month low of $29.13 and a 12-month high of $40.40.

Analyst Ratings Changes

A number of analysts recently weighed in on BP shares. Scotiabank downgraded BP from a “sector outperform” rating to a “sector perform” rating and dropped their target price for the stock from $42.00 to $36.00 in a research report on Thursday, October 10th. Hsbc Global Res raised shares of BP to a “hold” rating in a report on Thursday, August 8th. Wolfe Research started coverage on shares of BP in a research note on Thursday, July 18th. They issued an “outperform” rating and a $57.00 price target for the company. Morgan Stanley cut BP from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $49.90 to $41.50 in a research note on Monday, July 15th. Finally, HSBC lowered BP from a “buy” rating to a “hold” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, five have assigned a buy rating and four have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, BP has an average rating of “Moderate Buy” and a consensus price target of $42.73.

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.