BP News

BP share price declined on Tuesday in response to a dharp drop in its quarterly earnings. The stock traded at GBX 464 at the time of writing, down by 0.3% at the time of writing. BP share price gapped up on Monday after rising by 7.36% , propelled by news of investment by Elliots Investment Management. The decline today underlines the dissapointment faced in investors following the lowest earnings in four years. Sentimaent Signals BP Share Price Reversal The oil and gas giant reported a net income of $8.9 billion, a sharp decline from the $13.8 billion earned in the corresponding quarter in 2023. BP (LSE: BP) now says it will fundamentally reset its strategy, with the renewable energy business likely to be shut down. The company had already reduced its investments in renewables. However, it is now expected to speed up the process of folding up and bring to a halt an ambmbitious plan to generate 50 GigaWatts of renewable energy by 2030. On the upside, the company's net debt declined from $24.3 billion to $23 billion. Also, the company has chosen to stick to its $1.75 billion share buyback plan for Q1 2025. BP CEO Murray Auchincloss will announce the company's new strategy on February 26th, and that could add tailwinds to the stock in the coming days. BP share price is also still held up by American activist fund,Elliot's stake acquisition, which is expected to trigger sweeping changes to the company's board and investment strategy. BP Share Price Prediction On the chart below, BP share price pivots at GBX 460 and action above that level signals that the buyers are in control. That could see the first resistance come at GBX 469. A stronger upward momentum will breach that level and potentially test the second resistance at GBX 480. Conversely, the momemntum will shift to the downside if the price goes below GBX 460. The stock willl likely go down to the first support at GBX 446. If the downward momentum strengthens, it will break below that mark and invalidate the upside narrative. Also, the momentum could potentially test the second support at GBX 436.

BP

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