10 Oil Stocks with Biggest Upside Potential According to Analysts

4. BP p.l.c. (NYSE:BP)

Upside Potential: 32.62%

Number of Hedge Fund Holders: 36

BP p.l.c. (NYSE:BP) is a British multinational vertically integrated oil and gas company headquartered in London. The company operates in all areas of the oil and gas industry, including exploration and extraction, refining, distribution, marketing, power generation, and trading. The company operates in over 80 countries worldwide.

BP p.l.c. (NYSE:BP) is poised for significant growth in the Azerbaijani sector of the Caspian Sea.  In the third quarter, the company agreed to jointly explore and potentially develop two promising blocks, including the Karabagh oil field and the Ashrafi-Dan Ulduzu-Aypara (ADUA) area with the State Oil Company of Azerbaijan Republic (SOCAR).

These blocks offer substantial potential for new discoveries and development. By partnering with SOCAR, BP p.l.c. (NYSE:BP) is well-positioned to capitalize on the vast hydrocarbon resources in the region, which is expected to drive significant growth and production increases.

During the third quarter of 2024, BP p.l.c. (NYSE:BP) reported $206 million in profits attributable to shareholders and generated $6.8 billion in operating cash flow. The company also announced a new share buyback program, following the completion of a $1.75 billion buyback program in the second quarter of 2024.