BP share price forecast ahead of quarterly earnings

The BP (LON: BP) share price declined on Monday as investors waited for the upcoming quarterly results. The stock declined by 1.70%, becoming the third-worst stock in the FTSE 100 index after Evraz and WPP. 

BP earnings preview

BP is a leading oil and gas company that has operations around the world. As a result, the company has benefited substantially from the ongoing reopening of the global economy. It has also benefited from the ongoing crude oil and gas prices.


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As a result, the BP share price has jumped by 112% from its lowest level in 2020, becoming one of the best performers in the FTSE 100 index.

This week, focus will be on the company’s quarterly results scheduled for Tuesday. Analysts expect the company’s results will show that the firm’s revenue rose to $35.56 billion in the fourth quarter. That will be slightly lower than the previous quarter’s increase of $36.17 billion. It will also be lower than the $44 billion that it recorded in over $44 billion. 

Still, the company’s profitability is expected to have increased in the past few months. Analysts expect that the company’s profitability increased to about $1.14 per share.

The results will come almost two weeks after the leading American oil and gas giants published strong results. ExxonMobil, the biggest oil and gas company in the world, reported quarterly revenues of $85 billion. It also reported its biggest profit in seven years.

Meanwhile, Chevron reported more than $5.1 billion in earnings per share while its full-year earnings jumped to over $15 billion. Therefore, there is a likelihood that the company will publish strong results.

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. The shares have formed an ascending channel that is shown in red. It has also moved above the upper side of that channel. Further, the stock has also moved above the 25-day and 50-day moving averages while the MACD has continued rising.

Therefore, there is a likelihood that the BP share price will keep rising as bulls target the next key resistance level at 450p. This view will be invalidated if the price moves below the key support at 380p.

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Source: https://invezz.com/news/2022/02/07/bp-share-price-forecast-ahead-of-quarterly-earnings/