Why Energy Giant BP Shares Are Falling Today
Portfolio Pulse from Lekha Gupta
BP PLC's Q3 FY23 results missed consensus estimates, with sales and other operating revenues at $53.27 billion, below the expected $57.71 billion. Adjusted EBITDA declined to $10.31 billion from $17.41 billion a year ago. The company also reported a lower underlying RC profit per American Depositary Share (ADS) than expected. However, BP announced a dividend per share of 7.270 cents and completed $1.5 billion of share buybacks during the quarter. The company's shares are trading lower by around 4%.
October 31, 2023 | 10:26 am
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BP's Q3 FY23 results missed consensus estimates, leading to a drop in its share price. The company's revenues and adjusted EBITDA were lower than expected, and it reported a lower underlying RC profit per ADS than anticipated.
BP's lower-than-expected Q3 FY23 results have negatively impacted investor sentiment, leading to a drop in its share price. The company's revenues and adjusted EBITDA were lower than expected, and it reported a lower underlying RC profit per ADS than anticipated. These factors are likely to have a negative short-term impact on the company's stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100