BP (BP) ended the recent trading session at $31.30, demonstrating a -0.03% swing from the preceding day's closing price. This change lagged the S&P 500's 0.22% gain on the day. On the other hand, the Dow registered a loss of 0.33%, and the technology-centric Nasdaq increased by 0.76%.

Shares of the oil and gas company have depreciated by 1.17% over the course of the past month, outperforming the Oils-Energy sector's loss of 11.32% and lagging the S&P 500's gain of 1.47%.

Investors will be eagerly watching for the performance of BP in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on October 29, 2024. The company is forecasted to report an EPS of $0.79, showcasing a 31.3% downward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $63.56 billion, up 17.68% from the year-ago period.

BP's full-year Zacks Consensus Estimates are calling for earnings of $3.73 per share and revenue of $224.55 billion. These results would represent year-over-year changes of -21.97% and +5.41%, respectively.

It's also important for investors to be aware of any recent modifications to analyst estimates for BP. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 3.02% decrease. As of now, BP holds a Zacks Rank of #5 (Strong Sell).

Digging into valuation, BP currently has a Forward P/E ratio of 8.39. This represents a premium compared to its industry's average Forward P/E of 7.91.

Investors should also note that BP has a PEG ratio of 2.1 right now. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. BP's industry had an average PEG ratio of 1.83 as of yesterday's close.