The BP share price has been in an aggressive bullish trend throughout the year and is already up by over 44 per cent year-to-date. The company has also been among the few that have not been affected by recent economic turmoil partly contributed by the invasion of Ukraine, which has triggered inflation across Europe and other parts of the world.
In its recent financial report, the company indicated it had more than doubled its profits from the same period last year after it made £7.1. These prices have been possible partly due to the rising gas prices, which have contributed greatly to the rising cost of living in the UK.
Following the announcement of the huge profits, the company has also indicated that they expect to pay more than $800 million in UK windfall taxes this year, which is expected to address the current cost of living.
BP Share Price Forecast
Besides making record-breaking profits, the company recently announced that it would be spending £2.5 to buy back its shares. In most cases, these so-called share buybacks help boost the company’s share prices in the markets and can result in the continuation of the current bullish trend.
Therefore, when fundamental factors such as huge profits and share buybacks is combined with the rising energy prices across the UK, it is highly likely that we might continue to see the current bullish trend continuing. I expect to see BP’s share price continuing with its current bullish trend in the next few trading sessions. In the next few trading sessions, I expect BP’s share price to be trading above the 520p price level. There is also a high likelihood that the company will be approaching 550p by the end of the year. A trade below 480p will invalidate my bullish analysis.