BP (LON:BP) Shares Pass Above 200-Day Moving Average – Here’s Why

BP p.l.c. (LON:BP)’s share price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 516.06 and traded as high as GBX 545.60. BP shares last traded at GBX 543.50, with a volume of 30,978,147 shares.

BP News Roundup

Here are the key news stories impacting BP this week:

• Positive Sentiment: BP is reportedly seeking buyers for its North Sea drilling business and other assets after roughly 60 years of production. The sale could generate cash, reduce capital requirements and sharpen BP’s focus on higher-return operations. BP Puts Its North Sea Drilling Business Up for Sale
• Positive Sentiment: The company is cutting about 700 office and upstream roles as part of a simpler organizational structure. Although the reductions may indicate weak oil-market conditions, they could lower overhead and support BP’s cost-reduction goals. BP to cut 700 jobs as it simplifies company
• Positive Sentiment: BP has started a U.S. Gulf of Mexico expansion project, providing a potentially higher-growth source of production and reinforcing its focus on conventional energy assets. BP fires up US Gulf expansion project
• Neutral Sentiment: BP is considering selling a 15% stake in an Iraqi oil unit. The transaction could provide liquidity and simplify the portfolio, but it would also reduce BP’s exposure to potentially valuable production. BP to Sell 15% Stake in Iraqi Unit
• Negative Sentiment: The North Sea sale could put approximately 1,100 jobs at risk and highlights the pressure from high operating costs, UK taxes and the company’s strategic shift away from mature production. BP Puts North Sea Assets Up For Sale
• Negative Sentiment: BP’s exit from offshore wind adds uncertainty around its transition strategy and could create additional strain for Japan’s offshore-wind sector as development costs rise. BP exit to add strain on Japan offshore wind

Wall Street Analysts Forecast Growth

BP has been the subject of several analyst reports. Berenberg Bank raised their price target on BP from GBX 590 to GBX 600 and gave the company a “buy” rating in a report on Wednesday, July 15th. BNP Paribas Exane raised shares of BP from a “neutral” rating to an “outperform” rating in a research report on Friday, April 17th. UBS Group restated a “buy” rating on shares of BP in a research note on Tuesday, June 16th. Royal Bank Of Canada reaffirmed a “buy” rating on shares of BP in a report on Wednesday, July 1st. Finally, DZ Bank reiterated a “buy” rating on shares of BP in a report on Tuesday, April 28th. Nine analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of GBX 605.

BP Stock Up 1.8%

The stock has a market cap of £107.53 billion, a PE ratio of 41.27, a PEG ratio of 0.35 and a beta of 0.06. The company has a debt-to-equity ratio of 132.55, a current ratio of 1.22 and a quick ratio of 0.62. The company has a 50 day moving average price of GBX 513.35 and a two-hundred day moving average price of GBX 516.25.

BP Company Profile

BP p.l.c. provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, and integrated gas and power; trading of gas; operation of onshore and offshore wind power, as well as hydrogen and carbon capture and storage facilities; trading and marketing of renewable and non-renewable power; and production of crude oil. In addition, the company involved in convenience and retail fuel, EV charging, Castrol lubricant, aviation, B2B, and midstream businesses; refining and oil trading; and bioenergy business.