“BP Launches Share Buyback as Profits Soar. What It Means for the Stock.”
April 27, 2021
“BP stock made gains early on Tuesday, as the oil major committed to $500 million share buybacks after profits more than tripled in the first quarter. The London-listed energy giant cited “exceptional” gas marketing and trading performance and higher oil prices for the profit rise.
The company reported an underlying replacement cost profit, its definition of net income, of $2.63 billion, up from $791 million the previous year and $115 million in the fourth quarter of 2020. It also smashed the FactSet analyst consensus of $1.48 billion. The stock rose 2% in early trading before slipping back to trade 1% higher, while the ADRs were 1.1% up in premarket trading…”