Analysts on Wall Street project that BP (BP Quick QuoteBP - Free Report) will announce quarterly earnings of $1.98 per share in its forthcoming report, representing an increase of 120% year over year. Revenues are projected to reach $67.71 billion, increasing 42% from the same quarter last year.

Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 10.9% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.

Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.

While investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.

Given this perspective, it's time to examine the average forecasts of specific BP metrics that are routinely monitored and predicted by Wall Street analysts.

Based on the collective assessment of analysts, 'Gas & low carbon energy - Average realizations - Liquids' should arrive at 89 dollars per barrel. Compared to the current estimate, the company reported 64 dollars per barrel in the same quarter of the previous year.

The combined assessment of analysts suggests that 'Gas & low carbon energy - Average realizations - Natural gas' will likely reach 7 dollars per thousands of cubic feet. The estimate compares to the year-ago value of 7 dollars per thousands of cubic feet.

Analysts' assessment points toward 'Gas & low carbon energy - Production (net of royalties) - Liquids' reaching 76.00 thousands of barrels of oil per day. The estimate compares to the year-ago value of 85.00 thousands of barrels of oil per day.

The collective assessment of analysts points to an estimated 'Customer and products - Refinery Throughput - Total' of 1,423.55 thousands of barrels of oil per day. Compared to the present estimate, the company reported 1,288.00 thousands of barrels of oil per day in the same quarter last year.

The consensus among analysts is that 'Gas & low carbon energy - Production (net of royalties) - Natural gas' will reach 3946 thousands of cubic feet per day. The estimate compares to the year-ago value of 4043 thousands of cubic feet per day.

According to the collective judgment of analysts, 'Production (net of royalties) - Oil production & operations - Natural gas' should come in at 2267 thousands of cubic feet per day. The estimate is in contrast to the year-ago figure of 2338 thousands of cubic feet per day.

Analysts expect 'Production (net of royalties) - Oil production & operations - Liquids' to come in at 1,027.60 thousands of barrels of oil per day. Compared to the current estimate, the company reported 1,115.00 thousands of barrels of oil per day in the same quarter of the previous year.

The average prediction of analysts places 'Gas & low carbon energy - Production (net of royalties) - Total hydrocarbons' at 756.36 thousands of barrels of oil equivalent per day. Compared to the present estimate, the company reported 782.00 thousands of barrels of oil equivalent per day in the same quarter last year.

Analysts predict that the 'Production (net of royalties) - Oil production & operations - Total hydrocarbons' will reach 1,418.55 thousands of barrels of oil equivalent per day. The estimate is in contrast to the year-ago figure of 1,518.00 thousands of barrels of oil equivalent per day.

The consensus estimate for 'Oil production & operations - Average realisations - Natural gas (bp Average)' stands at 4 dollars per barrel. Compared to the present estimate, the company reported 4 dollars per barrel in the same quarter last year.

It is projected by analysts that the 'Production (net of royalties) - Oil production & operations - Natural gas - Rest of World' will reach 405 thousands of cubic feet per day. Compared to the current estimate, the company reported 390 thousands of cubic feet per day in the same quarter of the previous year.

Analysts forecast 'Production (net of royalties) - Oil production & operations - Natural gas - Europe' to reach 260 thousands of cubic feet per day. Compared to the present estimate, the company reported 257 thousands of cubic feet per day in the same quarter last year.

Over the past month, BP shares have recorded returns of +20.9% versus the Zacks S&P 500 composite's +0.2% change. Based on its Zacks Rank #3 (Hold), BP will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .