Zacks: Brokerages Expect BP plc (NYSE:BP) Will Announce Quarterly Sales of $81.58 Billion

Wall Street analysts expect BP plc (NYSE:BP) to announce $81.58 billion in sales for the current quarter, Zacks reports. Two analysts have made estimates for BP’s earnings, with the highest sales estimate coming in at $85.29 billion and the lowest estimate coming in at $77.87 billion. BP posted sales of $80.80 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 1%. The company is scheduled to issue its next earnings results before the market opens on Tuesday, October 29th.

On average, analysts expect that BP will report full year sales of $293.85 billion for the current fiscal year, with estimates ranging from $281.58 billion to $315.50 billion. For the next financial year, analysts anticipate that the business will report sales of $336.51 billion, with estimates ranging from $279.78 billion to $433.07 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow BP.

BP (NYSE:BP) last released its quarterly earnings results on Tuesday, July 30th. The oil and gas exploration company reported $0.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.78 by $0.05. BP had a return on equity of 12.12% and a net margin of 2.97%. The business had revenue of $73.75 billion during the quarter, compared to analysts’ expectations of $79.79 billion.

Several analysts have weighed in on the company. ValuEngine raised BP from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Credit Suisse Group cut BP from an “outperform” rating to a “neutral” rating and set a $41.06 price objective for the company. in a report on Wednesday, July 10th. Grupo Santander raised BP from a “hold” rating to a “buy” rating in a report on Wednesday, September 11th. JPMorgan Chase & Co. reissued a “buy” rating on shares of BP in a report on Friday, August 30th. Finally, BMO Capital Markets assumed coverage on BP in a report on Tuesday, August 20th. They set an “outperform” rating and a $53.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $45.72.

A number of large investors have recently made changes to their positions in BP. AdvisorNet Financial Inc raised its holdings in shares of BP by 4.2% in the 1st quarter. AdvisorNet Financial Inc now owns 22,645 shares of the oil and gas exploration company’s stock valued at $990,000 after purchasing an additional 903 shares in the last quarter. Wealth Alliance Advisory Group LLC raised its holdings in shares of BP by 137.2% in the 1st quarter. Wealth Alliance Advisory Group LLC now owns 17,806 shares of the oil and gas exploration company’s stock valued at $752,000 after purchasing an additional 10,300 shares in the last quarter. Belpointe Asset Management LLC raised its holdings in shares of BP by 112.4% in the 1st quarter. Belpointe Asset Management LLC now owns 20,790 shares of the oil and gas exploration company’s stock valued at $909,000 after purchasing an additional 11,002 shares in the last quarter. Altfest L J & Co. Inc. acquired a new stake in shares of BP in the 1st quarter valued at $452,000. Finally, Accident Compensation Corp raised its holdings in shares of BP by 46.4% in the 1st quarter. Accident Compensation Corp now owns 12,622 shares of the oil and gas exploration company’s stock valued at $552,000 after purchasing an additional 4,000 shares in the last quarter. 10.72% of the stock is owned by hedge funds and other institutional investors.

Shares of BP stock traded up $0.35 during trading on Monday, reaching $37.56. The company’s stock had a trading volume of 3,065,067 shares, compared to its average volume of 5,981,238. The stock has a 50-day moving average price of $37.67 and a two-hundred day moving average price of $40.27. The company has a current ratio of 1.07, a quick ratio of 0.77 and a debt-to-equity ratio of 0.65. BP has a one year low of $35.73 and a one year high of $45.38. The stock has a market capitalization of $126.35 billion, a P/E ratio of 9.89, a price-to-earnings-growth ratio of 1.21 and a beta of 0.75.

About BP

BP p.l.c. engages in energy business worldwide. It operates through three segments: Upstream, Downstream, and Rosneft. The Upstream segment is involved in the oil and natural gas exploration, field development, and production; midstream transportation, storage, and processing; and marketing and trading of liquefied natural gas (LNG), biogas, power and natural gas liquids (NGLs).

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