BP Hurt By Weak Crude Price & Macondo Oil Spill Expenses
Zacks Investment Research | Jan 23, 2019 09:35PM ET
BP plc (LON:BP) (NYSE:BP) has lost 10.9% in the past six months and the struggle is likely to continue as crude prices remain weak. The oil spill incident of 2010 is also a drag on the stock.
In the past 30 days, the Zacks Consensus Estimate for 2019 earnings per share has been revised downward to $3.20 from $3.65. The Zacks Consensus Estimate for 2018 earnings per share has also witnessed negative estimate revisions from $3.58 to $3.51 over the same time frame.
Presently, the British energy giant carries a Zacks Rank #4 (Sell).
Factors Pulling the Stock Down
Oil Weakness to Continue
Through fourth-quarter 2018, the average monthly West Texas Intermediate (WTI) crude prices declined from $70.75 per barrel in October to $49.52 in December, per the Original post
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