Connect with us

Hi, what are you looking for?

Oracle of  Omaha Says – Investing and Stock NewsOracle of  Omaha Says – Investing and Stock News


Is the BP share price dirt cheap ahead of Q3 earnings?

BP (LON: BP) share price popped to the highest level since October 5 after the strong results by Shell. The stock rose to a high of 478p, which was about 13.4% from the lowest level this month. It has rallied by more than 45% this year, making it one of the best-performing stocks in the FTSE 100.

BP earnings ahead

BP is a leading integrated energy company with operations around the world. It has operations across the upstream, midstream, and downstream segments. It has also expanded its business to clean energy through acquisitions.

BP share price rose sharply on Thursday after Shell delivered strong quarterly results. The firm said that its adjusted earnings of $9.5 billion and an adjusted EBITDA of over $21.5 billion. Most importantly, the company announced a new $4 billion share buyback that will be completed by Q4 of this year.

Therefore, BP shares rose as investors anticipated positive results when it publishes on November 1. The consensus is that BP’s RCP before interest and tax rose to over £10.6 billion in the quarter. By segment, analysts expect that its gas and low carbon business brought in over £3 billion while oil production rose to £5.2 billion. Customers & products is expected to have risen to over £2.57 billion.

Meanwhile, TotalEnergies also had a strong quarter as its net income rose to more than $9.8 billion. That was a significant increase from the $4.77 billion it made in the same period in 2021.

However, BP likely had a more difficult quarter than Shell. For one, the company suffered a major outage in its Whiting refinery in Indiana. The refinery processes more than 435k barrels per day, meaning its revenue will be impacted.

BP share price forecast

The daily chart shows that the BP stock price has been in a strong bullish trend in the past few months. It rose above the important resistance level at 470p, which was the highest point this year. The shares have moved above the 25-day and 50-day moving averages.

The Relative Strength Index (RSI) has continued rising and is close to the overbought level. It has also formed an ascending triangle pattern. Therefore, the stock will likely continue rising as buyers target the next key resistance level at 500p.

The post Is the BP share price dirt cheap ahead of Q3 earnings? appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    Tele2 AB today announces a new partnership with security experts EBS to deliver a secure and managed IoT connectivity solution. Tele2 will support EBS...


    Anyone who has filled up the tank of their car this year will be aware of the rollercoaster ride that the price of oil...

    Latest News

    Sen. Patrick Leahy “was not feeling well” on Thursday and was admitted to the hospital overnight for observation, his office said in a statement....

    Latest News

    Joe Manchin is forcing Democrats into a brutal choice: Take a deal now to lower the costs of health care premiums and prescription drugs,...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023