BP (BP) Outperforms Broader Market: What You Need to Know

BP (BP) closed the latest trading day at $32.20, indicating a +0.69% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily gain of 0.49%. Meanwhile, the Dow experienced a drop of 0.2%, and the technology-dominated Nasdaq saw an increase of 1.22%.The the stock of oil and gas company has fallen by 7.44% in the past month, lagging the Oils-Energy sector's loss of 6.96% and overreaching the S&P 500's loss of 8.15%.Analysts and investors alike will be keeping a close eye on the performance of BP in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.60, marking a 38.14% fall compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $57.08 billion, indicating a 14.25% growth compared to the corresponding quarter of the prior year.BP's full-year Zacks Consensus Estimates are calling for earnings of $3.27 per share and revenue of $241.39 billion. These results would represent year-over-year changes of +0.31% and +24.02%, respectively.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. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.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.The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 7.52% downward. At present, BP boasts a Zacks Rank of #3 (Hold).Looking at its valuation, BP is holding a Forward P/E ratio of 9.79. This signifies a premium in comparison to the average Forward P/E of 7.79 for its industry.Meanwhile, BP's PEG ratio is currently 1.11. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Oil and Gas - Integrated - International was holding an average PEG ratio of 0.98 at yesterday's closing price.The Oil and Gas - Integrated - International industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 135, which puts it in the bottom 47% of all 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.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 ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks