Why BP (BP) Stock Is Higher Today

NEW YORK (TheStreet) -- Shares of BP Plc  (BP) are higher by 3.32% to $50.67 after the oil and gas company increased its quarterly dividend for the second time in six months, Reuters reported.

BP said more share buy-backs were on the cards, showing how the British oil company's asset sales are providing more cash for investors, Reuters noted.

The company will increase its quarterly dividend to 9.75 cents per share, to be paid in June, 8.3% above a year ago.

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BP today reported a 24% decline in first quarter underlying replacement cost profit to $3.2 billion, just ahead of a consensus forecast of $3.1 billion.

Profits were also affected by a drop in the contribution from BP's stake in Rosneft, the Russian oil company.

TheStreet Ratings team rates BP PLC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate BP PLC (BP) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, increase in stock price during the past year, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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