BP (BP.)

Sector:

Energy Producers

Index:

FTSE 100

315.40p
   
  • Change Today:
    -8.65p
  • 52 Week High: 332.70
  • 52 Week Low: 193.44
  • Currency: UK Pounds
  • Shares Issued: 20,243m
  • Volume: 84,143,327
  • Market Cap: £63,846m
  • RiskGrade: 211

BP to resume buybacks after Q1 profits beat expectations

By Frank Prenesti

Date: Tuesday 27 Apr 2021

LONDON (ShareCast) - (Sharecast News) - British energy company BP on Tuesday reported better-than-expected first quarter profits on the back of higher oil prices as it hit its debt reduction target early and said it would resume share buybacks in the second quarter.
BP's first-quarter underlying replacement cost profit, the company's measure of net profit, came in at $2.6bn compared with a $115m in the final quarter of 2020 and $791m a year earlier.

"This result was driven by an exceptional gas marketing and trading performance, significantly higher oil prices and higher refining margins," the company said.

Analysts had expected a first-quarter profit of $1.4bn. A wave of disposals worth $4.8bn and stronger oil prices helped to cut net debt by $5.6bn to reach $33.3bn at the end of the quarter, below BP's $35m target and a year ahead of schedule.

The company will now embark on a $500m round of share buybacks in the next quarter for investors who saw dividends halved at the start of the Covid-19 pandemic which battered the industry, sparking a collapse in demand and wiping out profits, forcing companies to make massive writedowns and cuts thousands of jobs.

A dividend of 5.5p-a-share was declared, unchanged from the previous quarter, but 50% lower than last year 10.50p.

BP said it expected oil demand to recover in 2021 due to strong growth in the US and China as Covid-19 vaccination programmes accelerated.

The company said it would provide an update on the third quarter buyback programme later this year.

Chief executive Bernard Looney aims to move the energy giant's focus from oil to low carbon energy investments by selling $25bn in assets by 2025.

Benchmark Brent oil prices recovered to hit an average of $61 a barrel in the first quarter from $44 in the previous quarter and $50 in the first three months of 2020. BP said it expected global oil inventories, which soared as demand dried up during the pandemic, to fall to historic levels by the end of this calendar year.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

BP Market Data

Currency UK Pounds
Share Price 315.40p
Change Today -8.65p
% Change -2.67 %
52 Week High 332.70
52 Week Low 193.44
Volume 84,143,327
Shares Issued 20,243m
Market Cap £63,846m
RiskGrade 211

BP Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
76.82% above the market average76.82% above the market average76.82% above the market average76.82% above the market average76.82% above the market average
44.58% above the sector average44.58% above the sector average44.58% above the sector average44.58% above the sector average44.58% above the sector average
Price Trend
46.74% below the market average46.74% below the market average46.74% below the market average46.74% below the market average46.74% below the market average
20.88% below the sector average20.88% below the sector average20.88% below the sector average20.88% below the sector average20.88% below the sector average
Income
76.06% above the market average76.06% above the market average76.06% above the market average76.06% above the market average76.06% above the market average
55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average
Growth
48.07% below the market average48.07% below the market average48.07% below the market average48.07% below the market average48.07% below the market average
92.59% below the sector average92.59% below the sector average92.59% below the sector average92.59% below the sector average92.59% below the sector average

What The Brokers Say

Strong Buy 15
Buy 5
Neutral 8
Sell 3
Strong Sell 1
Total 32
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

BP Dividends

  Latest Previous
  Q1 Q4
Ex-Div 06-May-21 18-Feb-21
Paid 18-Jun-21 26-Mar-21
Amount 5.25¢ 5.25¢

Trades for 18-Jun-2021

Time Volume / Share Price
16:36 2,881 @ 315.40p
16:35 1,602 @ 315.40p
16:35 23,398 @ 315.40p
16:29 407 @ 315.70p
16:29 329 @ 315.70p

BP Key Personnel

Chair Helge Lund
CFO Murray Auchincloss

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