BP investors were likely spooked this morning by Reuters's report: "AMSTERDAM, Dec 2 ( Reuters ) - Unions and BP PLC ( BP.L ) have reached an agreement on wages for workers BP's large Rotterdam refinery, which had been largely idled this month amid a dispute over wages." For more coverage, read the full article here. On the back of this news, BP sank -1.1% to a price of $35.34.
Are the markets overreacting? BP p.l.c. engages in the energy business worldwide. The company belongs to the Energy sector, which has an average price to earnings (P/E) ratio of 9.11 and an average price to book (P/B) ratio of 1.45. In contrast, BP p.l.c. has a trailing 12 month P/E ratio of -6.7 and a P/B ratio of 1.9.
BP p.l.c. has moved 32.7% over the last year compared to -10.2% for the S&P 500 -- a difference of 42.9%. BP p.l.c. has a 52 week high of $36.11 and a 52 week low of $25.33.