• 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
  • Hezbollah launches 30 rockets into Israel, no casualties reported: IDF
  • Evidence that Economic Freedom Improves Outcomes
  • Biden’s former senior adviser Keisha Lance Bottoms rejoining White House in new role
  • Elites in Davos strategize on how to fight ‘right-wing’ groups: ‘Hit back’
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 tells White House audience he’s ‘not going anywhere’ during...

July 5, 2024

Mitch McConnell discharged from physical therapy after concussion treatment

March 26, 2023

As Biden admin touts sharp drop in numbers post-Title 42,...

June 4, 2023

Tech Regulations: The EU regulates, the US steps back

October 8, 2024

Biden retained records related to Ukraine, China; Comer demands ‘unfettered...

February 9, 2024

Biden spurns US energy producers, turns to Venezuela for millions...

February 21, 2023

Putin assisting Maduro regime amid ongoing protests over rigged election...

August 29, 2024

Biden displays signs of decline in private meetings with congressional...

June 5, 2024

IRS whistleblowers to testify on ‘undeniable pattern of preferential treatment’...

July 19, 2023

Democrats press Supreme Court chief justice to investigate Clarence Thomas’...

April 9, 2023

    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

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout, pulls outlook

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025
    • The Unpredictable Stock Market: How to Make Sense of It

      May 8, 2025
    • AMD CEO calls China a ‘large opportunity’ and warns against strict U.S. chip controls

      May 7, 2025

    Popular Posts

    • 1

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

      June 27, 2024 2,630 views
    • 2

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

      August 9, 2024 2,339 views
    • 3

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 2,320 views
    • 4

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

      July 10, 2024 2,302 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,186 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    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

    • Krispy Kreme stock plunges after doughnut chain pauses McDonald’s rollout,...

      May 8, 2025
    • Don’t Buy Robinhood Stock… Until You See This Chart Setup

      May 8, 2025
    • UnitedHealthcare sued by shareholders over reaction to CEO’s killing

      May 8, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,066)
    • Investing (538)
    • Stock (2,530)

    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

    Iran is ‘increasingly aggressive’ in its...

    August 20, 2024

    ‘Money guy’: This Hunter Biden business...

    August 8, 2023

    House lawmakers visit Taiwan as China...

    May 26, 2024
    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