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BP Tops Q2 Earnings Estimates, Announces Share Repurchase

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Earnings Beat: Headquartered in London, BP plc (BP - Free Report) reported second-quarter adjusted earnings of 83 cents per American Depositary Share (ADS) on a replacement cost basis. The bottom-line beat the Zacks Consensus Estimate of earnings of 61 cents per ADS.

Estimate Revision Trend & Surprise History: The Zacks Consensus Estimate of earnings for the quarter has witnessed four upward revisions in the past 30 days.

The British energy giant beat the consensus estimate for bottom lines in two of the prior four quarters, the average surprise being 9.4%.

BP p.l.c. Price and EPS Surprise

BP p.l.c. Price and EPS Surprise

BP p.l.c. price-eps-surprise | BP p.l.c. Quote

Revenues Beat: Revenues of $37,598 million beat the Zacks Consensus Estimate of $34,542 million.

Dividend Hike & Share Repurchases: The board of directors approved a dividend hike of 4% in the June quarter to 5.46 cents per ordinary share. Before announcing results for the third quarter, the company plans to buy back $1.4 billion worth of shares.  

Key Stats: Total production of 875 thousand barrels of oil equivalent per day (MBoe/d) was higher than the year-earlier quarter level of 869 MBoe/d.

The company sold liquids for $61.69 per barrel in the second quarter (versus $22.59 in the year-earlier quarter) and natural gas for $4.14 per thousand cubic feet (versus $3.12). Overall price realization increased to $28.97 per Boe from the year-ago level of $18.63.                 

Zacks Rank: Currently, BP has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Check back for our full write up on the BP earnings report later!

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