Analysts have slashed price targets for BP’s stock following the company’s disappointing third-quarter results. Concerns about lower oil and gas prices, missed opportunities to reduce leverage, and a weaker investment case are driving the bearish sentiment.
BP PLC’s (BP) shares took a dip in pre-market trading on Tuesday after the company released its third-quarter earnings report. […]
BP plc shares experienced a 1.70% decline on Monday, reaching $30.99, as crude oil prices plummeted over 6%. The downturn in oil prices, triggered by targeted Israeli airstrikes in Iran, has put pressure on BP’s stock ahead of its third-quarter earnings report scheduled for Tuesday. The company, a major player in global energy markets, is highly sensitive to oil price fluctuations.
BP’s shares are trading lower in the pre-market after the company released updated guidance for the third quarter. While upstream production is expected to remain stable, the company anticipates lower refining margins and higher exploration write-offs, potentially impacting earnings.
Top Wall Street analysts have revised their outlooks on several prominent companies, including Baidu, BP, McKesson, Regeneron Pharmaceuticals, and First Horizon. These changes include downgrades in ratings and price target reductions, indicating a shift in sentiment from analysts towards these companies.
Plug Power Inc. (PLUG) is seeing its shares rise in premarket trading after securing a significant 25-megawatt (MW) order for its electrolyzer systems from BP and Iberdrola. This project, aimed at decarbonizing BP’s Castellón refinery in Spain, will contribute to the growing green hydrogen market and highlights Plug Power’s expertise in the field.
BP plc, a leading UK-based energy company, is selling its onshore wind business in the US, marking a strategic shift towards solar energy. This decision comes amid challenges in the wind sector and reflects BP’s focus on its solar partnership, which it believes aligns better with its future growth goals.
BP plc has selected American Bureau of Shipping (ABS) to provide crucial services for its Kaskida development in the U.S. Gulf of Mexico. This project, utilizing high-pressure technology, will be BP’s largest energy development in the United States and marks its sixth deepwater project in the region. ABS will oversee the design, construction, and installation of the floating production unit (FPU) for the Kaskida development, signifying its continued role in supporting safe and efficient offshore energy projects.
BP has agreed to sell a non-controlling stake in its subsidiary, bp Pipelines TAP Limited, to Apollo Global Management for approximately $1 billion. The deal will allow BP to meet its divestment goals and explore further investments in gas and low-carbon energy, while Apollo gains access to a stable, long-term infrastructure asset.
BP has given the green light for Venture Global LNG’s Calcasieu Pass facility to begin commercial production, ending a dispute over access to LNG. This move will make Venture Global the second-largest US LNG exporter by the end of the year, bolstering America’s position as a global leader in the sector.
