RYDAF - BP: Upside Persists Despite Weaker Earnings

2024-05-08 09:13:38 ET

Summary

• The BP stock might have taken a tumble after its weak Q1 2024 results, but there's still potential for price upside.
• One-off factors and lower price realisations dragged down the company's numbers. But normalisation from Q2 2024 onwards and prospects of an uptick in oil prices can positively impact financials.
• BP's P/E ratio continues to look attractive compared to SHEL and the energy sector. And it's dividend yield is a nice addition, along with continued share buybacks.

Since the last time I wrote about the UK based oil producer BP ( NYSE:BP ) in February, the stock is up by 6.2%, despite the price decline it saw after the release of its first quarter (Q1 2024) results yesterday. Until the financial update, the stock was up by 10.3%....

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