BP (BP) Outpaces Stock Market Gains: What You Should Know

The latest trading session saw BP (BP) ending at $31.61, denoting a +1.54% adjustment from its last day's close. The stock's performance was ahead of the S&P 500's daily gain of 0.53%. Meanwhile, the Dow gained 0.38%, and the Nasdaq, a tech-heavy index, added 0.25%.Prior to today's trading, shares of the oil and gas company had gained 5.31% over the past month. This has lagged the Oils-Energy sector's gain of 5.88% and outpaced the S&P 500's gain of 1.24% in that time.The investment community will be paying close attention to the earnings performance of BP in its upcoming release. The company's upcoming EPS is projected at $0.56, signifying a 47.66% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $57.71 billion, indicating a 9.75% upward movement from the same quarter last year.Investors should also take note of any recent adjustments to analyst estimates for BP. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.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. Within the past 30 days, our consensus EPS projection has moved 4.66% lower. BP is currently sporting a Zacks Rank of #3 (Hold).Valuation is also important, so investors should note that BP has a Forward P/E ratio of 8.82 right now. This valuation marks no noticeable deviation compared to its industry's average Forward P/E of 8.82.One should further note that BP currently holds a PEG ratio of 2.2. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Integrated - International was holding an average PEG ratio of 1.9 at yesterday's closing price.The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 66, finds itself in the top 27% echelons of all 250+ industries.The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow BP in the coming trading sessions, be sure to utilize Zacks.com.5 Stocks Set to DoubleEach was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BP p.l.c. (BP): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks