BP (NYSE:BP) Shares Gap Down on Disappointing Earnings

BP p.l.c. (NYSE:BP) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $29.13, but opened at $28.11. BP shares last traded at $28.30, with a volume of 2,189,306 shares changing hands.

The oil and gas exploration company reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by ($0.03). BP had a net margin of 0.20% and a return on equity of 10.96%. The firm had revenue of $46.91 billion for the quarter, compared to analyst estimates of $40.12 billion. During the same period in the previous year, the company earned $0.97 EPS. BP’s revenue was down 4.0% compared to the same quarter last year.

BP Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 21st were paid a $0.48 dividend. This represents a $1.92 annualized dividend and a dividend yield of 6.78%. The ex-dividend date was Friday, February 21st. BP’s dividend payout ratio is currently 2,375.00%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Raymond James raised their target price on shares of BP from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, January 17th. UBS Group cut BP from a “buy” rating to a “neutral” rating in a report on Thursday, April 10th. Wolfe Research set a $50.00 price target on BP in a report on Tuesday, January 14th. Wells Fargo & Company raised their target price on BP from $30.00 to $37.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 12th. Finally, TD Cowen lowered shares of BP from a “buy” rating to a “hold” rating and set a $40.00 price objective on the stock. in a report on Wednesday, March 19th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, two have issued a buy rating and three have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, BP has a consensus rating of “Hold” and a consensus target price of $36.73.

Institutional Trading of BP

Several large investors have recently added to or reduced their stakes in BP. Mascagni Wealth Management Inc. bought a new stake in BP during the fourth quarter worth approximately $33,000. Missouri Trust & Investment Co lifted its holdings in shares of BP by 400.0% in the first quarter. Missouri Trust & Investment Co now owns 1,000 shares of the oil and gas exploration company’s stock valued at $34,000 after buying an additional 800 shares during the period. Asset Planning Inc acquired a new position in BP during the fourth quarter worth about $40,000. Bank & Trust Co grew its stake in shares of BP by 404.8% in the 4th quarter. Bank & Trust Co now owns 2,120 shares of the oil and gas exploration company’s stock worth $63,000 after purchasing an additional 1,700 shares during the last quarter. Finally, Versant Capital Management Inc boosted its holdings in BP by 41.0% during the fourth quarter. Versant Capital Management Inc now owns 2,221 shares of the oil and gas exploration company’s stock worth $66,000 after buying an additional 646 shares in the last quarter. 11.01% of the stock is currently owned by institutional investors and hedge funds.

BP Price Performance

The company has a market cap of $76.88 billion, a P/E ratio of 354.17, a PEG ratio of 1.12 and a beta of 0.41. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.25 and a quick ratio of 0.97. The company has a fifty day simple moving average of $31.18 and a 200-day simple moving average of $30.78.

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.