BP plc (ADR) (BP) Stock Slides on Q4 Earnings Miss

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BP plc (ADR) (NYSE:BP) stock was down on Tuesday following the release of its earnings report for the fourth quarter of 2016.

BP plc (ADR), BP

Earnings per share reported by BP plc (ADR) during the fourth quarter of 2016 was 13 cents. The oil company reported earnings per share of 6 cents during the fourth quarter of 2015. BP’s earnings per share for the fourth quarter of the year was below analysts’ earnings per share estimate of 16 cents.

BP plc (ADR) reported revenue of $52.12 billion during the fourth quarter of 2016. This is an increase over the $49.23 billion in revenue that the company reported during the same time last year. However, it didn’t reach the $54.70 billion revenue estimate that Wall Street was looking for in the quarter.

Underlying replacement cost profit reported by BP plc (ADR) for the fourth quarter of 2016 was $400 million. This is up from the $196 million in underlying replacement cost profit that was reported during the fourth quarter of 2015. However, it didn’t meet analysts’ underlying replacement cost profit estimate of $567.7 million for the quarter.

“Looking beyond this year, we expect organic free cash flow to grow into the medium term, supported strongly by the ramp-up of production from new Upstream projects, strong marketing growth and the positive impact of these portfolio additions,” Brian Gilvary, BP plc (ADR)’s CFO, said in a statement.

BP plc (ADR) also announced that it will be paying a dividend of 10 cents per share to investors. This dividend is unchanged from the previous quarter. It expects to pay the dividend to shareholders in March 2017.

BP stock was down 4% as of Tuesday morning.


Article printed from InvestorPlace Media, https://investorplace.com/2017/02/bp-plc-adr/.

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