10 Best European Dividend Stocks To Buy

2. BP p.l.c. (NYSE:BP)

Dividend Yield as of December 20: 6.71%

Number of Hedge Fund Holders: 36

BP p.l.c. (NYSE:BP), headquartered in London since 1908, delivers energy solutions across multiple sectors. The company produces and trades natural gas, manages onshore and offshore wind energy projects, and develops hydrogen and carbon capture facilities.

BP p.l.c. (NYSE:BP) has made significant progress on its six priorities outlined earlier this year, pausing or halting 24 projects to refine its portfolio and focusing on competitive assets. New resource opportunities in Iraq, Azerbaijan, and Abu Dhabi are being explored, and cost-saving measures aim to achieve over $2 billion by 2026. The company remains committed to balancing growth in cash flow, capital discipline, and transitioning to cleaner energy through initiatives like biofuels, biogas, and EV infrastructure.

BP p.l.c. (NYSE:BP) reported strong operations in the third quarter, with upstream production up 3% year-to-date, including a 5% rise in liquid production. Upstream plant reliability exceeded 95%, and refining availability was over 96%. The company achieved 80% year-on-year growth in EV charging, delivering 1 terawatt-hour of electricity globally this year. BP also brought 23 kbd of biogas supply online, with additional plants set to launch in Q4. These efforts contributed to an underlying profit of $2.3 billion for the quarter, accompanied by a $1.75 billion share buyback and a $0.08 dividend per share.

In divestments, BP p.l.c. (NYSE:BP) is on track to meet its $25 billion target by 2025, having already announced $20 billion worth of sales. Meanwhile, acquisitions in transition growth engines like Bunge and Lightsource bp are now being integrated to maximize synergies over the next 12-18 months. The company reconfirmed a total of $7 billion in share buybacks for 2024, supported by a strong balance sheet and A+ credit ratings from Fitch and Moody’s.

BP p.l.c. (NYSE:BP) and Iraq have agreed on technical terms to redevelop the Kirkuk oil and gas field, with a final contract expected by early 2025. BP, which helped discover Kirkuk in the 1920s, aims to revive the neglected field as part of its upstream strategy. This follows a memorandum signed in August for broader investment in the region.

BP p.l.c. (NYSE:BP) is also a favorite stock of Wall Street hedge funds. In Q3 2024, 36 funds were bullish on BP p.l.c. (NYSE:BP), compared to 38 funds in the last quarter.