• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy BP Stock Sees 0.34%, Rise Amid Low Trading Volume
Economy

BP Stock Sees 0.34%, Rise Amid Low Trading Volume

by October 15, 2024
by October 15, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

BP Stock Gained 0.34% Despite Low Trading Volume. Will It Continue Rising?

In the last five years, BP (BP. L) has been behind its competitors in the oil and gas industry. Out of the six biggest oil majors, it is the only one whose stock is lower than it was in 2019. BP has been investing in renewable energy projects; however, the company struggled a bit due to this strategic move. It has reduced the production of oil on its own outside sources even though, on a global level, supply has continued to be an issue. Consequently, the prices hit high, but BP didn’t gain from that as much as it could.

In 2023, Saudi Arabia, along with other OPEC+ Nations, extended production cuts to maintain higher oil prices. This environment caters to the long-standing oil producers, so the renewable energy path that BP took might be a wrong one in the light of this situation’s dynamics. Oil prices that would decrease when the OPEC+ lifts supply limits can harm BP as it moves into a new business model.

Even though the share price of BP has dropped recently, it seems that it is not undervalued compared to its historical price point. Its price-to-book (P/B) ratio is in line with its average over the last ten years, and thus, the stock is not really a bargain. Investors may consider observing the course of BP’s green energy transformation along with its oil production, especially in light of market developments.

BP Stock Chart Analysis

We perceive a slight gain in the stock price of BP p.l.c., being traded on the NYSE, as we analyze the stock’s performance over the most recent session. At 10:08 UTC on October 10, 2024, the stock is trading at $32.07, thus marking a 0.34% increase (+0.11). The volume of trading during this period is quite low, being 5.19K shares.

During the last few days, we’ve experienced extreme instability in BP’s share price. On October 7, the stock tumbled from $33.00 to $31.80, represented by big red candles, which are signs of huge selling pressure. Subsequently, on October 8 and 9, the stock moved into a period of consolidation, wobbling between $31.80 and $32.00.

As of today, we’re experiencing a little bit of a price surge; the rate surpassed $32.00 and was at its highest at $32.07. There also seems to be a small increase in buying activity, which might be the precursor of the breakout from the recent consolidation. Nonetheless, considering that the volume of the trade is relatively low, we are a bit reserved on whether this movement will last in the near future.

It will be necessary to remain cautious about the ability of BP to retain the said profits or if it gets back to the range in which it was moving earlier this week.

Stay updated by not only tracking price developments but also paying attention to trends affecting the entire sector!

The post BP Stock Sees 0.34%, Rise Amid Low Trading Volume appeared first on FinanceBrokerage.

You Might Also Like
  • Republican Senators bash Biden’s $6B Iran deal in push to support Israel
  • FBI received ‘criminal information’ from over 40 confidential sources on Joe Biden, Hunter, James: Grassley
  • The dollar index rose above 102.50 after Friday’s top news
  • Trump unable to get $464M appeal bond to stop collection, attorneys say: ‘Practical impossibility’
Share
0
FacebookTwitterPinterestWhatsapp

previous post
MarketCarpets: The Fastest Way to Scan for Hidden Market Opportunities
next post
Uber Surges 5% after Tesla’s Delay Signals

You may also like

Biden says Israel ready for Ramadan cease-fire, Hamas noncommittal

February 28, 2024

Russia test-launches nuclear-capable missile from new submarine

November 6, 2023

Trump blasts Justice Department Hunter Biden indictment as ‘only crime’...

September 15, 2023

Here’s what’s in Hunter Biden’s new California indictment

December 9, 2023

White House deems House impeachment inquiry ‘over,’ President Biden formally...

April 17, 2024

Embattled GOP Rep. George Santos, ex-campaign aide seem to be...

September 6, 2023

S&P 500 and Nasdaq: New Targets and Prices for Wednesday

October 9, 2024

House, Senate Republicans team up to crack down on FTC...

August 17, 2023

Russia says Biden’s comparison of Putin and Hamas is ‘unacceptable’:...

October 21, 2023

Harris to name VP by next week, kick off battleground...

July 30, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025
    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’ consumer products

      May 30, 2025
    • Nvidia results spark global chip rally

      May 30, 2025
    • Boeing to resume airplane deliveries to China next month, ramp up Max production, CEO says

      May 29, 2025

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,765 views
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,472 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,451 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,432 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,307 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,579)

    Popular Posts

    • 1

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 2

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 3

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • Run Your Stock Portfolio Like a Pro Sports Team

      May 30, 2025
    • U.S. foreign tax bill sends jitters across Wall Street

      May 30, 2025
    • Amazon taps Xbox co-founder to lead new team developing ‘breakthrough’...

      May 30, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,106)
    • Investing (538)
    • Stock (2,579)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Adam Schiff censured by House for...

    June 22, 2023

    Morning Glory: The worst debate in...

    September 12, 2024

    Where do moderate Democrats, Republicans stand...

    May 31, 2023
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here