BP Share Price Analysis Ahead of Q2 Results: Should You Buy?

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  • BP share has seen recoveries within the last few days.
  • The firm will announce its quarterly earnings tomorrow, Tuesday.
  • The form will likely publish profitability and impressive revenue.

BP’s share price recorded a massive recovery over the last few days as market participants await upcoming financial results for the company. The stock climbed towards the 404.65p highs, nearly 11% beyond July’s lowest mark.

BP Earnings

BP is a recognized energy firm that sells over 1,85 million oil barrels daily. The company’s 2021 revenue was more than $164 billion, making BP one of the leading firms in the industry. It has massive operations in crucial regions, including Australia, Angola, Azerbaijan, and the Gulf of Mexico.

BP will hit the news this week as the firm announces its financial results on Tuesday. Experts expect the company to publish stead earnings due to the surging gas and oil prices.

BP’s IFRS loss stood at $20.4 billion in Q1 because of its operations in Russia. Barring these adjustments, the firm had a $6.2 billion replacement cost return, which exceeded the prior $4.1 billion.

Other leading companies in the oil market have announced stable quarterly earnings. For instance, Shell’s adjusted earnings surpassed $11.5 billion. That saw it planning to purchase shares worth $6 billion.

France’s TotalEnergies confirmed more than $9.8B in profits, higher than 2021’s $3.8 billion. Also, the firm revealed a $2B share buyback plan. Meanwhile, ExxonMobil and Chevron maintained strong performances in the US.

Exxon increased its profit from last year’s $4.1 billion to above $17.9 billion, whereas Chevron’s profits surpassed $11.6 billion. Meanwhile, Shell, Exxon, and Chevron made more than $46B in profits.

BP Share Prediction

BP has been a challenging investment within the last few days. The shares have plummeted by 11.62% within the previous five years, whereas Vanguard Energy ETF gained over 20% within that timeframe. The daily chart shows BP shares beyond 25- and 50-day MA. Meanwhile, the MACD approaches the neutral level.

BP’s share price climbed past an ascending trend line. Thus, the stock might keep surging as bulls aim the crucial resistance at 425p. Nevertheless, long-term investors might consider Shell due to its massive market share within the natural gas market.

Editorial credit: tomeqs / shutterstock.com

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