BP p.l.c. ($BP) Stock Forecast: Down 5.0% Today

What is BP p.l.c.?

BP (NYSE: BP) is a multinational oil and gas company with operations in all areas of the oil and gas industry, including exploration, production, refining, distribution, and marketing.

Why is BP p.l.c. going down?

BP stock is down 5.0% on Oct 29, 2024 17:43

• BP's Q3 earnings surpassed estimates because of higher liquids production, while revenues dipped due to weaker refining margins.
• The stock fell following Q3 revenue missing expectations, production declining, and debt increasing, causing investor concerns.
• A decrease in crude oil prices by over 6% due to geopolitical tensions had a negative effect on BP's stock before its earnings announcement.
• The announcement of BP signing a new agreement for subsea solutions did not significantly impact the downward trend of the stock.

BP Price Chart

BP Technical Analysis

BP News

BP's Q3 Earnings Top Estimates Over Higher Liquids Production

BP's Q3 earnings gain on increased liquids production volumes. However, revenues witness a year-over-year decline due to weaker refining margins.

https://www.zacks.com/stock/news/2359769/bps-q3-earnings-top-estimates-over-higher-liquids-production

BP Stock Drops As Q3 Revenue Misses Mark, Production Declines & Debt Rises - BP ( NYSE:BP )

BP PLC BP shares are trading lower after the company reported third-quarter results. Sales and other operating revenues came in at $47.254 billion, missing the consensus of $52.557 billion. Hydrocarbon production was 890 mboe/d ( -6.0% Y/Y ) , with underlying production declining 4.0% Y/Y mainly ...

https://www.benzinga.com/news/earnings/24/10/41598840/bp-stock-drops-as-q3-revenue-misses-mark-production-declines-debt-rises

BP Stock Drops As Crude Oil Prices Fall Ahead Of Q3 Earnings Report - BP ( NYSE:BP )

BP plc BP shares fell 1.70% to $30.99 Monday as crude oil prices tumbled over 6%. The slump in oil prices, triggered by news of targeted Israeli airstrikes in Iran, weighed on BP's stock ahead of its third-quarter earnings report scheduled for Tuesday.

https://www.benzinga.com/news/24/10/41579189/bp-stock-drops-as-crude-oil-prices-fall-ahead-of-q3-earnings-report

Amazon Vs. Walmart: E-Commerce Giant Offers Gas Savings To Prime Members, EV Charging Discounts In Latest Battle For Subscribers - Amazon.com ( NASDAQ:AMZN )

Amazon.com Inc AMZN is adding another reason for consumers to sign up for its Amazon Prime membership program as the e-commerce giant intensifies the battle for subscribers against retailer Walmart Inc WMT.

https://www.benzinga.com/trading-ideas/24/10/41527960/amazon-vs-walmart-e-commerce-giant-offers-gas-savings-to-prime-members-ev-charging-discounts-in-lat

BP Signs New Agreement to Drive Cutting-Edge Subsea Solutions

BP partners with Subsea Integration Alliance to create a platform for more effective utilization of their expertise in subsea projects across a range of future projects.

https://www.zacks.com/stock/news/2357118/bp-signs-new-agreement-to-drive-cutting-edge-subsea-solutions

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BP p.l.c. Price History

29.09.2024 - BP Stock was down 5.0%

• BP's Q3 earnings surpassed estimates because of higher liquids production, while revenues dipped due to weaker refining margins.
• The stock fell following Q3 revenue missing expectations, production declining, and debt increasing, causing investor concerns.
• A decrease in crude oil prices by over 6% due to geopolitical tensions had a negative effect on BP's stock before its earnings announcement.
• The announcement of BP signing a new agreement for subsea solutions did not significantly impact the downward trend of the stock.

16.03.2024 - BP Stock was down 1.3%

• Today, BP experienced a strong bearish movement in the market, and here's a witty assessment of what might have caused this downturn:
• Institutional investors are doubling down on oil despite divestment pledges, indicating a lack of progress in reducing exposure to companies like BP, which could have contributed to negative sentiment.
• BP's decision to axe jobs and scale back its EV charging business reflects challenges in its diversification efforts, potentially signaling concerns about the company's ability to adapt to changing market dynamics.
• The bullish approach of deep-pocketed investors towards BP, as highlighted by significant options activities, could suggest conflicting sentiments in the market, leading to uncertainty and volatility in the stock price.
• The consideration of BP for a takeover by ADNOC, despite being deemed unsuitable, might have added pressure on the stock as investors speculate on the company's future and competitive position in the industry.

09.06.2024 - BP Stock was down 5.1%

• BP's bearish movement today can be attributed to projecting up to $2 billion in impairment charges for the second quarter, indicating potential financial challenges ahead.
• Weak refining margins are likely to impact BP's earnings negatively, leading to a decrease in investor confidence and a downward pressure on the stock price.
• The overall market sentiment towards oil and gas companies, as indicated by BP's movement, seems to be cautious due to uncertainties in demand and profitability, contributing to the bearish trend in the stock.

09.06.2024 - BP Stock was down 5.2%

• The bearish movement in BP's stock today could be attributed to the overall bullish sentiment in the market, particularly in the tech sector, as indicated by the continuous rise in US equity futures and record highs in the S&P 500.
• Investors may be shifting their focus towards high-growth tech stocks, such as AI/semi stocks, leading to a sell-off in traditional energy companies like BP.
• The anticipation of dovish hints from Powell regarding potential rate cuts by the Fed could be driving investors towards sectors with higher growth potential, further impacting BP's stock negatively.
• The divergence in performance between tech stocks and traditional energy companies like BP highlights the changing investor preferences and market dynamics influenced by macroeconomic factors.

30.06.2024 - BP Stock was down 0.3%

• Despite strong Q2 earnings and increasing dividends, BP's stock experienced a bearish movement.
• The bearish sentiment in the oil markets, with Brent breaking below $80, and concerns about global demand impacting oil prices, likely influenced BP's stock performance negatively.
• Investors may have been more focused on the overall bearish trend in the oil markets rather than BP's specific positive financial results, leading to the stock's decline.
• The extended share repurchasing program and increased dividends may not have been enough to offset the broader market concerns affecting BP's stock price.