BP share price has been struggling to gain direction for the past few days ahead of its fourth-quarter earnings. The stock was trading at 491.25p, slightly above where it has been trading in the past few days. BP shares are 1.55% higher the year-to-date.
Earnings in Focus
Oil and gas companies have begun publishing their quarterly and annual financial results. US oil and gas giants such as Chevron and ExxonMobil posted record-eviscerating annual profits for 2022. Chevron, the second-largest energy company in the US, netted its largest profit ever as it raked in $35.5 billion, beating its previous $29.6 billion record in 2011.
BP and other oil companies are also expected to publish their results starting this week. BP is scheduled to publish its results later on 7th February. The British oil and gas company is expected to post a sharp incline in its Q4 profits as compared to 2021.
Other top energy companies such as Shell, Marathon Oil, and Total Energies will also be in focus ahead of their earnings report. Analysts anticipate a jump in profits on the backdrop of global conflicts. Sanctions against Russian oil due to its invasion of Ukraine have made oil and gas hot commodities.
BP Share Price Forecast
The daily chart shows that the BP share price has been trading sideways for the past few days. During this period, the stock has managed to move above the 25-day and 50-day moving averages. It has also moved above the 50-day and 200-day exponential moving averages. Therefore, the BP stock price is likely to be bullish as buyers target the next resistance level at 505p.
