Bunge Global (NYSE:BG) Issues Quarterly Earnings Results

Bunge Global (NYSE:BG) posted its quarterly earnings results on Wednesday. The basic materials company reported $3.04 EPS for the quarter, beating the consensus estimate of $2.55 by $0.49, Briefing.com reports. The firm had revenue of $13.42 billion during the quarter, compared to analysts’ expectations of $13.96 billion. Bunge Global had a return on equity of 18.30% and a net margin of 3.77%. The company’s revenue for the quarter was down 12.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.26 EPS. Bunge Global updated its FY 2024 guidance to 9.000-9.000 EPS and its FY24 guidance to approx $9.00 EPS.

Bunge Global Price Performance

NYSE BG traded down $2.12 during trading hours on Thursday, reaching $103.67. 813,661 shares of the company’s stock were exchanged, compared to its average volume of 1,755,008. The stock has a market cap of $14.62 billion, a PE ratio of 6.95 and a beta of 0.64. Bunge Global has a one year low of $86.10 and a one year high of $116.59. The firm has a fifty day moving average of $99.02 and a 200-day moving average of $99.98. The company has a current ratio of 2.13, a quick ratio of 1.20 and a debt-to-equity ratio of 0.35.

Analysts Set New Price Targets

Several research firms have commented on BG. HSBC raised Bunge Global from a “hold” rating to a “buy” rating and cut their price target for the company from $122.00 to $105.00 in a report on Friday, February 9th. Citigroup upped their price target on Bunge Global from $108.00 to $117.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd. Robert W. Baird cut their price target on Bunge Global from $125.00 to $108.00 and set a “neutral” rating for the company in a report on Tuesday, January 23rd. The Goldman Sachs Group dropped their target price on Bunge Global from $141.00 to $126.00 and set a “buy” rating for the company in a report on Tuesday, February 13th. Finally, Barclays dropped their target price on Bunge Global from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Tuesday, January 23rd. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $120.44.

About Bunge Global

Bunge Global SA operates as an agribusiness and food company worldwide. It operates through four segments: Agribusiness, Refined and Specialty Oils, Milling, and Sugar and Bioenergy. The Agribusiness segment purchases, stores, transports, processes, and sells agricultural commodities and commodity products, including oilseeds primarily soybeans, rapeseed, canola, and sunflower seeds, as well as grains comprising wheat and corn; and processes oilseeds into vegetable oils and protein meals.