For a dinosaur of a company, BP is putting up some amazing numbers. On Wednesday, the Relative Strength (RS) Rating for BP (BP), formerly British Petroleum, climbed to 72, up from 68 the day before. BP stock dipped less than 1% for the day, not bad amid consolidation on the stock market today.
The 72 RS Rating means that BP stock has outperformed 72% of all stocks over the past year. The market’s biggest winners typically have an RS Rating above 80 in the early stages of their moves. See if BP can continue to show renewed price strength and clear that threshold.
BP Stock Up As It Looks To Exit Oil Business
BP is a dinosaur of a company not only because it sells a product made from the remains of dinosaurs. The company is a leading oil and gas company even as it pushes toward an end to the fossil fuels era and transforms itself into an alternate energy company. Investors are pleased and BP stock has risen at a rapid pace since last summer.
“The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero,” BP CEO Bernard Looney said in a statement on the company’s homepage. To that end, BP has a goal of achieving net zero — no emissions from the products it sells — by 2050. It’s investing heavily in wind, solar and other alternate energy sources. Meanwhile, its earnings have soared along with rising energy use as the global economy emerges from the pandemic.
Among other key ratings, BP stock has a 74 Composite Rating and a 67 EPS Rating. Expect that last rating to rise. In the past three quarters BP’s earnings growth rose from -96% in the fourth quarter of 2020 to 225%, 142% and then an amazing 3,200%. BP plans to announce Q4 results on Jan. 8.
BP stock is working on a cup without handle with a 30.39 entry. See if it can break out in heavy trading.
Peers In Energy Group
When you’re researching the best stocks to buy and watch, be sure to pay attention to relative price strength.
This proprietary Relative Strength Rating measures technical performance by using a 1 (worst) to 99 (best) score that shows how a stock’s price performance over the trailing 52 weeks compares to the rest of the market.
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