Why BP Shares Are Trading Higher Today

BP PLC (NYSE: BP) is trading higher Tuesday morning after the company announced its second-quarter financial results. 

BP reported quarterly non-GAAP earnings of 83 cents per share and GAAP earnings of 92 cents per share. The company reported quarterly revenue of $36.47 billion, which was up 71.50% year over year. 

The company said it's increasing its dividend by 4% and announced a $1.4 billion buyback.

"Based on the underlying performance of our business, an improving outlook for the environment and confidence in our balance sheet, we are increasing our resilient dividend by 4% per ordinary share and in addition, we are commencing a buyback of $1.4 billion from first half surplus cash flow," said Bernard Looney, CEO of BP.

Price Action: BP has traded as high as $28.49 and as low as $14.74 over a 52-week period. 

At last check Tuesday, the stock was up 5.44% at $25.39.