BP - BP p.l.c.
38.46 -0.20 (-0.52%)
Pre-Market: 8:46AM EST
| Previous Close | 39.06 |
| Open | 39.28 |
| Bid | 38.44 x 1000 |
| Ask | 38.37 x 2200 |
| Day's Range | 38.63 - 39.28 |
| 52 Week Range | 35.73 - 45.38 |
| Volume | 5,531,301 |
| Avg. Volume | 7,132,844 |
| Market Cap | 131.987B |
| Beta (3Y Monthly) | 0.57 |
| PE Ratio (TTM) | 27.53 |
| EPS (TTM) | 1.40 |
| Earnings Date | N/A |
| Forward Dividend & Yield | 2.46 (6.36%) |
| Ex-Dividend Date | 2019-11-07 |
| 1y Target Est | 49.39 |
- Bloomberg
Asia’s Richest Man Breaks Into Club of Six Oil Elites
(Bloomberg) -- Reliance Industries Ltd., run by Asia’s richest man Mukesh Ambani, has eclipsed BP Plc to break into an elite club of energy supermajors.The Indian conglomerate is now valued at $138 billion, compared with the British energy giant’s $132 billion value at the close of trading on Tuesday. Reliance’s shares have increased at three times the pace of India’s benchmark index this year after its billionaire owner in August announced plans to cut the company’s net debt to zero in 18 months through measures including a stake sale in the oil-to-chemicals business to Saudi Aramco.The surge in shares gives Ambani a net worth of $56 billion, making him Asia’s richest person, above Alibaba Group’s Jack Ma, according to the Bloomberg Billionaires Index. Reliance’s market value briefly surpassed BP for the first time at the end of last month, and it has now regained the lead over the British company after its shares hit a fresh high in Mumbai on Wednesday.It also narrowing the gap with PetroChina Co., currently Asia’s biggest oil firm by value, and is within a whisker of becoming the first Indian company to hit the 10 trillion rupee market-cap milestone.Reliance has rallied 40% this year, compared with BP’s 1.2% gain as it works on cutting high debt levels. Oil companies have struggled because of swings in crude prices and as uncertainty persists over future energy demand.Reliance, meanwhile, has benefited in a number of ways. It operates the world’s biggest oil-refining complex in western India, which can process low-quality crude and turn it into higher-grade fuels, partly protecting it from volatility in prices.Telecom, RetailWhile Reliance gets two-third of its revenue from energy, Ambani has also made massive investments in telecom and digital services as he looks to benefit from growing demand in the world’s second-biggest market for mobile phone users. He has also expanded the company’s retail business to take on Amazon.com Inc. and Walmart Inc.The telecom unit, Reliance Jio, which claims to be world’s largest mobile data network, was also bolstered by a recent blow to India’s wireless carriers that left Ambani’s company largely unscathed. On Tuesday, Jio said it will take steps including an appropriate increase in tariffs in the next few weeks.Reliance is now the world’s sixth-largest oil company, with Exxon Mobil Corp. topping the list with a market value of about $290 billion. Aramco, formally known as Saudi Arabian Oil Co., is planning an initial public offering with a valuation target of between $1.6 trillion and $1.7 trillion, which would make it the world’s biggest.(Updates with superlative on market value in fifth paragraph)\--With assistance from Ravil Shirodkar and P R Sanjai.To contact the reporter on this story: Debjit Chakraborty in New Delhi at dchakrabor10@bloomberg.netTo contact the editors responsible for this story: Serene Cheong at scheong20@bloomberg.net, Rakteem Katakey, Abhay SinghFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- GuruFocus.com
David Rolfe Adds 2 Tech Stocks to Portfolio in 3rd Quarter
Guru invests in Nvidia, CDW Continue reading...
- Oilprice.com
The 5 Most Promising Foreign Oil Stocks
Foreign oil stocks seem to be weathering the current environment better than US drillers, and some of them have managed to significantly raise profits over the last few quarters
- Benzinga
Q3 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their Portfolios
The latest round of 13F filings from institutional investors is out, revealing to the world the stocks that some of the richest and most successful investors have been buying and selling. Takeaways From ...
- Investopedia
The Risks Surrounding Saudi Aramco’s IPO
Saudi Aramco shares will go public early next month, but potential investors will have to evaluate several unique risks.
- MarketWatch
CEO exodus hits record as BHP boss jumps ship
The number of bosses leaving the FTSE 100 reached a record on Thursday after BHP (BHP) announced chief executive Andrew Mackenzie will leave after six years at the helm of the Anglo-Australian miner. A total of 20 bosses from the UK’s blue-chip index of top stocks have been replaced or announced their departures so far this year, according to research by AJ Bell. The same thing is happening across the Atlantic where 172 U.S. chief executives stepped down in October, the highest on record, according to recent research.
- Zacks
The Zacks Analyst Blog Highlights: Lloyds Banking, Unilever, BP, RELX and Vodafone
The Zacks Analyst Blog Highlights: Lloyds Banking, Unilever, BP, RELX and Vodafone
- Moody's
Reliance Industries Limited -- Moody's affirms RIL's Baa2 ratings; outlook stable
Moody's Investors Service ("Moody's") has affirmed Reliance Industries Limited's (RIL) Baa2 domestic long-term issuer rating and foreign currency senior unsecured rating. At the same time, Moody's has affirmed the Baa2 backed domestic currency senior unsecured debt ratings on the USD denominated bonds issued by Reliance Holding USA, Inc., with a guarantee from RIL.
- InvestorPlace
Amid Changes, Continue to Treat BP Stock as a Dividend Play
BP (NYSE:BP) stock remains steady as the company transitions to a new CEO. The problem is that has remained too steady.Source: JuliusKielaitis / Shutterstock.com The stock has seen little movement in the nine years Bob Dudley has served as CEO. Mr. Dudley took over in the midst of the Deepwater Horizon oil spill that devastated both the stock and the company dividend. * 7 Tech Stocks to Buy for the Rest of 2019 As leadership transitions to incoming CEO Bernard Looney in February, investors may credit Mr. Dudley with saving the company. However, stockholders have seen almost no profits in that time other than the dividend payments. Now, as new leadership takes over and as BP finally escapes the liabilities of the oil spill, many wonder if they can finally look forward to gains in BP PLC stock.InvestorPlace - Stock Market News, Stock Advice & Trading Tips Oil Spill Turned BP Into a Dividend StockFor the last few years, BP stock has generated little excitement and considerable dividends. The company paid $3.36 per share in yearly dividends before the oil spill. At the current $2.46 per share in annual payouts, it still has not caught up to that level. However, it has risen steadily since management cut the payout.The company's dividend yield currently stands at an impressive 6.2%. Ian Bezek also makes a great point that shareholders do not pay foreign taxes on dividends from British companies. This is a bonus to holding shares in the company formerly known as British Petroleum.The problem involves a seemingly immovable stock price. BP traded at $38 per share when Bob Dudley took over as CEO in 2010. As Mr. Dudley prepares to step down, the equity trades at around $39.50 as of the time of this writing. For this reason, investors should probably continue to view BP stock primarily as an income play. Here's why. The Case For and Against BP StockNew leadership and the prospects for higher demand beg the question of whether investors need to buy BP stock for gains. In that area, I do not feel so optimistic.Admittedly, BP stock bulls have a reasonable argument. Although profits will fall this year, analysts forecast average annual earnings growth of 31.5% per year over the next five years. If this comes to pass, BP stock will again become a growth play. Moreover, countries such as China and India have an ever-increasing need for oil. The need should increase further once a U.S.-China trade deal becomes a reality.However, investors also have good reason to mistrust such a rosy forecast. Companies such as ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX), like BP, have seen profits fall over the last year. So bad is the problem that Chesapeake Energy (NYSE:CHK) now questions its ability to stay in business.West Texas Intermediate crude currently trades at about $57 per share. While most would not consider this "low," oil prices have struggled to gain traction in recent years as production levels in the Permian Basin have kept prices in check.The oil discovery in Iran will probably not help matters. The Iranian government claims it has discovered 53 billion additional barrels of oil. Despite sanctions, this likely helps to keep a lid on prices. When one figures-in the increasing importance of alternative energy, I see little reason to believe demand will rise enough to take the price of BP stock with it. The Bottom Line on BP PLC StockAmid a change in leadership, investors should continue to look at BP stock as an income play. BP should remain a good buy for dividend investors. The $3.05 per share in predicted profits will cover the $2.46 per share in dividends. The question is whether the equity can offer more.BP stock has seen little net price growth in nine years. Moreover, output continues to stay ahead of forecasted demand growth, indicating prices will fall. Despite this, analysts continue to hold to optimistic forecasts of long-term profit growth.Considering these conditions, I recommend BP stock only as a dividend play. I see the prospects for stock gains as mixed, but if they occur, see it as a bonus.As of this writing, Will Healy did not hold a position in any of the aforementioned stocks. You can follow Will on Twitter at @HealyWriting. More From InvestorPlace * 2 Toxic Pot Stocks You Should Avoid * 7 Tech Stocks to Buy for the Rest of 2019 * 7 Biotech Stocks to Buy With Plenty of Power in the Pipeline * 5 Stocks to Buy That Are Set for Monster Growth in 2020 The post Amid Changes, Continue to Treat BP Stock as a Dividend Play appeared first on InvestorPlace.
- Barrons.com
Why Saudi Aramco Should Trade at a Discount to Exxon Mobil
The oil giant’s attributes and drawbacks mean it should trade at a premium to emerging market competitors but a discount to Western oil companies, Bernstein analysts write.
- Zacks
5 Stocks to Profit as U.K. Economy Hits Decade Low in Q3
Brexit uncertainty hurts Britain's labor market, manufacturing sector and trade prospects, leading to slowest annual growth rate of the U.K. economy in nearly a decade.
- Moody's
Pan American Energy, S.L., Argentine Branch -- Moody's assigns B2 rating to Pan American Energy, S.L., Argentine Branch's senior unsecured notes
Moody's Investors Service ("Moody's") has assigned a rating of B2 to the proposed backed senior unsecured notes for up to $120 million due 2023 to be issued by Pan American Energy, S.L., Argentine Branch ("PAE Argentine Branch"), a wholly-owned subsidiary of Pan American Energy, S.L. ("PAE", B2 RUR-). The notes are guaranteed by PAE and rank pari passu with PAE Argentine Branch´s and PAE's other present and future unsecured and unsubordinated debt obligations.
- Bloomberg
BP, Total, Shell, Vitol Take Stakes in Abu Dhabi Oil Exchange
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.BP Plc, Royal Dutch Shell Plc, Total SA and Vitol Group are among partners in a new exchange to trade Abu Dhabi’s flagship oil grade in what could become a new price benchmark for a fifth of the world’s crude.Intercontinental Exchange Inc. Chairman Jeffrey Sprecher confirmed the partnerships, speaking on Monday to reporters in Abu Dhabi. Other partners in the exchange are Petrochina Co., Inpex Corp. and JXTG Holdings Inc. of Japan, PTT Pcl of Thailand, and South Korea-based GS Caltex Corp., he said.Although oil producers across the Persian Gulf pump about a fifth of the world’s oil, they have never had a region-wide, exchange-traded crude benchmark. Adnoc wants the Murban futures contract to become a benchmark for crude from the Middle East, the biggest oil-exporting area of the world.Abu Dhabi National Oil Co. will join major international oil companies, traders and customers as founding partners in a platform operated by ICE for the trading of futures contracts in Abu Dhabi’s flagship Murban crude, Adnoc Chief Executive Officer Sultan Al Jaber said in a speech earlier Monday. Murban futures will allow buyers to hedge in the open market, he said.Trading StartThe contracts are likely to begin trading around June, and are set to be the benchmark for other Abu Dhabi grades, Al Jaber said in an interview after ICE’s announcement. ICE will be a majority shareholder in the Abu Dhabi futures exchange, he said.Having a large number of well-known international partners “gives you instant credibility that what we’re doing is the right step forward,” Al Jaber said.ICE plans also to introduce swaps contracts on the Abu Dhabi exchange -- for example, between Murban and North Sea Brent -- to improve liquidity by offering more hedging options. The swaps would start trading at about same time as the Murban futures, Stuart Williams, president of ICE Futures Europe, said in an interview in Abu Dhabi.Murban is Adnoc’s most plentiful grade, at about 1.7 million barrels a day, and accounts for more than half of the crude pumped in the United Arab Emirates. Abu Dhabi holds most of the oil in the U.A.E., the third-largest producer in the Organization of Petroleum Exporting Countries.Crude BenchmarksAbu Dhabi won’t be the first regional producer to offer futures contracts for its crude. Oman and the neighboring U.A.E. emirate of Dubai joined with CME Group Inc. in 2007 to start the Dubai Mercantile Exchange to trade Omani crude futures. Oman, Dubai and Saudi Arabia are the only producers in the Gulf to price off the contract; most of the others base their monthly crude pricing on the Dubai and Oman crude price assessments by S&P Global Inc.’s Platts.There is room for more than one benchmark in the region, and the Oman and Murban markers could act as reference points for different crude grades and qualities, Al Jaber said. Murban is lighter and more sweet, while Oman is heavier and more sour, he said.Murban generally fetches higher prices on global markets and is similar in quality to Brent crude, the international benchmark. Brent futures are traded on the London-based ICE Futures Europe Exchange.To contact the reporters on this story: Anthony DiPaola in Dubai at adipaola@bloomberg.net;Javier Blas in London at jblas3@bloomberg.netTo contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net, Bruce Stanley, Amanda JordanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Barrons.com
The Aramco IPO Isn’t a Great Deal for Investors
If crude prices go up, a fat chunk of the gains would go to Saudi government, capping profits—and the dividend—available to investors.
- GuruFocus.com
The Top 5 Buys of T Boone Pickens' BP Capital
Firm of the late oil tycoon releases 3rd-quarter portfolio Continue reading...
- Reuters
Restart of idled St. Croix oil refinery set for early 2020 after delay
The Limetree Bay Refining project is a bet on demand for low-sulfur fuels to meet a Jan. 1 global mandate for ocean-going vessels cut air pollution. The St. Croix, U.S. Virgin Islands, venture is run by private equity and commodity trading firms with oil major BP Plc providing crude oil and marketing the plant's output. Once restarted, the plant will be able to process up to 210,000 barrels per day of oil, a fraction of the 1,500-acre (607-hectare) plant's peak capacity in the 1970s of 650,000 bpd.
- Reuters
BP invests in city transportation app Whim
BP is investing 10 million euros in Finnish transportation app Whim as the oil and gas company seeks to expand its role in a future low-carbon world. BP's new technology investments have so far focused on electric vehicle charging platforms such as FreeWire and PowerShare and reduction of emissions from oil and gas drilling. Whim, which is developed by MaaS Global, offers customers a single platform to connect all available transport options in a city from taxis, buses, bikes and rental cars to ride-hailing services and shared e-scooters and e-bikes.
- Bloomberg
BP Invests in App Maker Aimed at Killing Private Car Ownership
(Bloomberg) -- BP Plc is investing 10 million euros ($11.1 million) in the makers of the app Whim, which allows users to pay a monthly fee to access both public and private transport in their city.The company that owns Whim, MaaS Global, started offering the service in Helsinki in 2017. A study early this year suggested the app’s users in Finland curbed their private car use, turning instead to the taxis, public transport, bicycles and rental vehicles they were able to access for a single flat rate using the service.BP’s investment will give it access to the technology underpinning the service. Like other oil companies heavily reliant on fuel sales, the British oil major is seeking a foothold in businesses that understand changing consumer preferences around mobility.“Whim is super convenient,” said Roy Williamson, vice president for advanced mobility at BP, in a statement. “It takes the hassle out of planning travel, taking on board users’ preferences and connecting and booking their ideal transport choices.”In Helsinki, Whim offers four different “plans” which users can sign up for. The cheapest is a pay-as-you go deal, where the app tells a user the best way to get from one destination to the next using a combination of public and private transit options. The user pays for and collects tickets within the app. In the most expensive option, users pay 499 euros a month for unlimited access to rental cars, taxis, public transport and city bikes.MaaS Global, which stands for “mobility as a service,” has published reports which say creating a single digital plan for all types of transport will be important to cut congested and polluted streets, and foster the shift to automated cars. In the future, private car ownership may fall while software helps people find instant, easy and cheap transit options, according to a report from MaaS in March.In one year, the company said it found its users relied on public transit, cycling and walking more than others in Helsinki. Though it doesn’t track private car rides, “new mobility” options could replace 38% of daily car trips, the report said. Whim is now also available in Birmingham, the U.K. and will soon be available in Vienna and Antwerp. BP’s investment will support expansion plans in Singapore and the U.S., the oil major said in the statement.BP executives have talked and written about the importance of understanding the changing dynamics of transport, which will affect the way customers access BP’s retail stations and demand for its fuel. The company is already the largest investor of electric car charging in the U.K., anticipating rising demand for vehicles without a combustion engine.To contact the reporter on this story: Kelly Gilblom in London at kgilblom@bloomberg.netTo contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Helen Robertson, Christopher SellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
- Market Realist
Has Shell Performed Better than BP in Q3?
Royal Dutch Shell (RDS.A) and BP’s (BP) earnings fell in the third quarter. While BP’s profits fell 41%, Shell’s earnings fell 15%.
- Zacks
Occidental (OXY) Q3 Earnings Miss Estimates, Sales Beat
Occidental Petroleum's (OXY) Q3 earnings lag estimates but total production improves significantly due to the acquisition of Anadarko.
- GlobeNewswire
RigNet Signs Strategic Agreement with BP for Intelie Live
RigNet (NASDAQ: RNET, the Company), the leading provider of ultra-secure, intelligent networking solutions, announced today that it has signed a multi-year agreement with BP (BP), one of the world’s largest exploration and production companies. RigNet’s Intelie Live will deploy its machine learning based analytics in BP’s Remote Collaboration Center, in order to improve operational efficiency and productivity across BP’s drilling operations. “RigNet’s Intelie Live has demonstrated the potential of the solution with its speed to meet our requirements and expectations,” said Paul Foreman, VP Global Solutions (Global Wells Organization) of BP.
- MarketWatch
Saudi Aramco finally launches long-awaited mega-IPO
Saudi Arabia formally began an initial public offering Sunday of a sliver of oil giant Saudi Aramco after years of delay, hoping international and local investors will pay billions of dollars for a stake in the kingdom’s crown jewels.
- Bloomberg
Big Oil Bruised in Communication Breakdown of Its Own Making
(Bloomberg) -- Big Oil emerged from the third-quarter earnings season battered and bruised, and in some cases it only had itself to blame.Exxon Mobil Corp. aside, the Western supermajors have made bold proclamations about showering investors with cash as they emerge leaner and meaner from the 2014-2016 oil-price crash. But as darkening economic headwinds and operational deficiencies mounted, investors fretted that their expectations may be too high. Here are five things we learned:1\. Communication BreakdownRoyal Dutch Shell Plc Chief Executive Officer Ben van Beurden made an unplanned intervention midway through his company’s earnings conference call in an attempt to lessen the damage from its warning it may fall short of a share buyback target. The move only invited confusion and the shares slid.Meanwhile, BP Plc backpedaled on Chief Financial Officer Brian Gilvary’s comment that a dividend raise would be premature, clarifying that “no decision has yet been made.” Exxon failed to field a senior executive on its call, a reversal from last year when the oil giant vowed to “increase engagement” with investors.2\. Reality BitesShell positioned itself as the sector’s cash king over the past two years after major projects came on stream and commodity prices rebounded from the crash. But with weaker economic growth threatening oil demand and crude supplies surging, Europe’s biggest oil company warned that it may not finish a $25 billion buyback program by the end of next year as planned.Chevron has made financial discipline the keystone of its investment case with CEO Mike Wirth repeatedly saying “costs always matter.” It had previously warned of rising spending at its giant Tengiz field in Kazakhstan but few expected the estimated development cost to blow out by 25% to $45.2 billion, especially after upstream boss Jay Johnson said the project was making “good progress” in August. “Clearly this is a disappointment,” he said on Friday.3\. High BarExxon, Shell, BP and Total SA all beat earnings estimates but their shares either fell or failed to keep pace with oil prices on the day. That underscores the fact that energy has a high bar to retain and attract investors as short-term commodity price constraints meet long-term uncertainties over the fate of fossil fuels.In the U.S., energy companies make up just 4.3% of the S&P 500 Index, down from nearly 12% a decade ago.4\. Permian PowerOne bright spot for Big Oil is the Permian Basin, which is now the fastest-growing major source of production for both Exxon and Chevron. BP is also gearing up to grow there after its $10.5 billion purchase of BHP Group Ltd.’s assets last year. Once an overlooked backwater, the Permian is now a safe space for America’s oil giants, providing quick, low-cost production.Exxon is looking “very closely” at M&A in the basin and elsewhere, Neil Hansen, head of investor relations, also said Friday. Shell, meanwhile, appears to be cooling on the idea of expanding in the Permian; its CFO said it sees no need to buy a shale company.5\. European DebtPaying down debt is a much larger draw on cash reserves for European companies, especially BP, than for their American rivals. Reducing leverage is BP’s number one priority for extra cash at the moment while Chevron reiterated that dividends are its top consideration. That’s exactly what investors want to hear right now.To contact the reporters on this story: Kevin Crowley in Houston at kcrowley1@bloomberg.net;Kelly Gilblom in London at kgilblom@bloomberg.netTo contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.netFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
