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BP (BP) Exceeds Market Returns: Some Facts to Consider
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In the latest market close, BP (BP - Free Report) reached $34.25, with a +1.18% movement compared to the previous day. The stock exceeded the S&P 500, which registered a gain of 0.22% for the day. At the same time, the Dow added 0.36%, and the tech-heavy Nasdaq gained 0.32%.
The the stock of oil and gas company has fallen by 4.19% in the past month, leading the Oils-Energy sector's loss of 5.7% and undershooting the S&P 500's gain of 1.61%.
The investment community will be paying close attention to the earnings performance of BP in its upcoming release. The company is slated to reveal its earnings on February 6, 2024. The company's upcoming EPS is projected at $1.12, signifying a 29.56% drop compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $59.59 billion, indicating a 15.3% decline compared to the corresponding quarter of the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for BP. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 10.01% lower. At present, BP boasts a Zacks Rank of #5 (Strong Sell).
In terms of valuation, BP is currently trading at a Forward P/E ratio of 6.83. This signifies a premium in comparison to the average Forward P/E of 6.11 for its industry.
It is also worth noting that BP currently has a PEG ratio of 1.05. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Oil and Gas - Integrated - International industry was having an average PEG ratio of 0.81.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 163, positioning it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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BP (BP) Exceeds Market Returns: Some Facts to Consider
In the latest market close, BP (BP - Free Report) reached $34.25, with a +1.18% movement compared to the previous day. The stock exceeded the S&P 500, which registered a gain of 0.22% for the day. At the same time, the Dow added 0.36%, and the tech-heavy Nasdaq gained 0.32%.
The the stock of oil and gas company has fallen by 4.19% in the past month, leading the Oils-Energy sector's loss of 5.7% and undershooting the S&P 500's gain of 1.61%.
The investment community will be paying close attention to the earnings performance of BP in its upcoming release. The company is slated to reveal its earnings on February 6, 2024. The company's upcoming EPS is projected at $1.12, signifying a 29.56% drop compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $59.59 billion, indicating a 15.3% decline compared to the corresponding quarter of the prior year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for BP. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 10.01% lower. At present, BP boasts a Zacks Rank of #5 (Strong Sell).
In terms of valuation, BP is currently trading at a Forward P/E ratio of 6.83. This signifies a premium in comparison to the average Forward P/E of 6.11 for its industry.
It is also worth noting that BP currently has a PEG ratio of 1.05. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Oil and Gas - Integrated - International industry was having an average PEG ratio of 0.81.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 163, positioning it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.