What's Going On With BP Shares Premarket Today?
Portfolio Pulse from Lekha Gupta
BP p.l.c. (NYSE:BP) shares rose in premarket trading after the company provided a positive trading update for Q1 2024, expecting higher upstream production. The update included projected impacts from various segments, with overall production expected to be slightly higher year-over-year. BP also anticipates a capital expenditure of around $16 billion for FY24. Additionally, BP is nearing a deal to sell some Trinidad and Tobago assets to Perenco. Investors can also gain exposure to BP through Direxion Hydrogen ETF (NYSE:HJEN) and First Trust Energy Income Partners Strategy ETF (NYSE:EIPX).

April 09, 2024 | 10:39 am
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POSITIVE IMPACT
BP shares rose after a positive Q1 2024 trading update, with expectations of higher upstream production and a near deal to sell assets to Perenco.
The positive trading update and the nearing asset sale to Perenco are likely to boost investor confidence in BP, leading to a short-term positive impact on its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
First Trust Energy Income Partners Strategy ETF (EIPX) offers another avenue for investors to gain exposure to BP, potentially benefiting from BP's recent updates.
EIPX, by providing exposure to BP, could see indirect positive impacts from BP's optimistic trading update and its strategic decisions, possibly attracting investor interest.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
Investors can gain exposure to BP through Direxion Hydrogen ETF (HJEN), which may see indirect benefits from BP's positive trading update.
As HJEN provides exposure to BP, the ETF might see indirect benefits from BP's positive performance and strategic moves, potentially attracting more investors.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50