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BP (BP) Stock Falls Amid Market Uptick: What Investors Need to Know
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BP (BP - Free Report) ended the recent trading session at $36.55, demonstrating a -1.35% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 0.1%. At the same time, the Dow lost 0.08%, and the tech-heavy Nasdaq gained 0.28%.
Heading into today, shares of the oil and gas company had gained 5.08% over the past month, outpacing the Oils-Energy sector's gain of 0.75% and the S&P 500's gain of 4.08% in that time.
Market participants will be closely following the financial results of BP in its upcoming release. The company plans to announce its earnings on July 30, 2024. In that report, analysts expect BP to post earnings of $1.18 per share. This would mark year-over-year growth of 32.58%. Meanwhile, our latest consensus estimate is calling for revenue of $63.26 billion, up 27.86% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.72 per share and revenue of $241.74 billion, indicating changes of -1.26% and +13.48%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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 shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.61% decrease. Currently, BP is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, BP is currently trading at a Forward P/E ratio of 7.85. For comparison, its industry has an average Forward P/E of 7.91, which means BP is trading at a discount to the group.
We can additionally observe that BP currently boasts a PEG ratio of 1.96. 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. The Oil and Gas - Integrated - International industry currently had an average PEG ratio of 1.96 as of yesterday's close.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 66, placing it within the top 27% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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) Stock Falls Amid Market Uptick: What Investors Need to Know
BP (BP - Free Report) ended the recent trading session at $36.55, demonstrating a -1.35% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 0.1%. At the same time, the Dow lost 0.08%, and the tech-heavy Nasdaq gained 0.28%.
Heading into today, shares of the oil and gas company had gained 5.08% over the past month, outpacing the Oils-Energy sector's gain of 0.75% and the S&P 500's gain of 4.08% in that time.
Market participants will be closely following the financial results of BP in its upcoming release. The company plans to announce its earnings on July 30, 2024. In that report, analysts expect BP to post earnings of $1.18 per share. This would mark year-over-year growth of 32.58%. Meanwhile, our latest consensus estimate is calling for revenue of $63.26 billion, up 27.86% from the prior-year quarter.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $4.72 per share and revenue of $241.74 billion, indicating changes of -1.26% and +13.48%, respectively, compared to the previous year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections 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 shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.61% decrease. Currently, BP is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, BP is currently trading at a Forward P/E ratio of 7.85. For comparison, its industry has an average Forward P/E of 7.91, which means BP is trading at a discount to the group.
We can additionally observe that BP currently boasts a PEG ratio of 1.96. 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. The Oil and Gas - Integrated - International industry currently had an average PEG ratio of 1.96 as of yesterday's close.
The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 66, placing it within the top 27% of over 250 industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these 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.