BP plc (ADR) (NYSE:BP) stock was down on Tuesday following the release of its earnings report for the third quarter of 2016.
BP plc ADR reported earnings per share of 51 cents for the third quarter of 2016. This is an increase over the earnings per share of 2 cents from the same time last year. It also came in above the 25 cents that Wall Street was looking for.
Revenue reported by BP plc ADR in the third quarter of the year was $48.04 billion. Revenue reported by the oil company in the third quarter of 2015 was $57.30 billion. Analysts were expecting BP to report revenue of $50.51 billion for the quarter.
While BP plc ADR posted earnings per share above expectations, it still saw its stock hurt today due to consecutive declines in earnings. The company has been reporting a decline in earnings for the last nine months.
This decline is due to a weaker price of oil. The company said the average price for a barrel of crude oil was $46 in the third quarter of 2016. The average price from the same time in 2015 was $50 a barrel. BP has been working to reduce costs in an effort to combat the weakening price of oil, reports TheStreet.com.
BP plc ADR also announced that it will be paying a 10-cent dividend to shareholders. The dividend will be paid to investors on Dec. 16, 2016. Shareholders must be on record as of Nov. 11, 2016 to receive the dividend.
BP stock was down 4% as of Tuesday afternoon, but is up 8% year-to-date.
