BP: raises dividend after beating fourth quarter forecasts
(CercleFinance.com) - British energy group BP raised its dividend payment on Tuesday after beating fourth-quarter earnings estimates.
Europe's third biggest oil company by market capitalisation reported an underlying replacement cost profit of 2.6 billion dollars, compared to 3.5 billion dollars in the same period one year ago.
"The company delivered strong cash flow of 7.9 billion dollars pre-Gulf of Mexico payments and working capital, ahead of our estimate," said analysts at German broker Berenberg.
BP also said it will raise its quarterly dividend, which is due to be paid on 27 March, to 10.5 cents per share, up 2.4% year-on-year.
"Overall, we view this as a positive set of results, with strong underlying cash flow generation and a large beat at the net level," Berenberg pointed out.
"This, combined with the dividend increase, should be taken well by the market, particularly in the current challenging macro environment," the analysts added.
The shares were up 3.8% on the London Stock Exchange after the report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
Europe's third biggest oil company by market capitalisation reported an underlying replacement cost profit of 2.6 billion dollars, compared to 3.5 billion dollars in the same period one year ago.
"The company delivered strong cash flow of 7.9 billion dollars pre-Gulf of Mexico payments and working capital, ahead of our estimate," said analysts at German broker Berenberg.
BP also said it will raise its quarterly dividend, which is due to be paid on 27 March, to 10.5 cents per share, up 2.4% year-on-year.
"Overall, we view this as a positive set of results, with strong underlying cash flow generation and a large beat at the net level," Berenberg pointed out.
"This, combined with the dividend increase, should be taken well by the market, particularly in the current challenging macro environment," the analysts added.
The shares were up 3.8% on the London Stock Exchange after the report.
Copyright (c) 2020 CercleFinance.com. All rights reserved.