BP (LON:BP) Raised to Outperform at Royal Bank Of Canada

Key Points

• Royal Bank of Canada upgraded BP to “outperform” and set a GBX 700 price target, implying approximately 29.7% upside from the previous close.
• Analyst sentiment remains favorable, with nine “buy” ratings and two “hold” ratings contributing to a consensus “Moderate Buy” recommendation and an average price target of GBX 580.
• BP shares opened at GBX 539.70, while investors continue to monitor the company’s boardroom transition and governance concerns following the appointment of Ian Tyler as chair.

BP (LON:BP - Get Free Report) was upgraded by investment analysts at Royal Bank Of Canada to an "outperform" rating in a research note issued to investors on Friday, London Stock Exchange reports. The firm presently has a GBX 700 price objective on the oil and gas exploration company's stock. Royal Bank Of Canada's price objective indicates a potential upside of 29.70% from the stock's previous close.

Other equities analysts have also issued reports about the stock. UBS Group reaffirmed a "buy" rating on shares of BP in a research note on Tuesday, June 16th. The Goldman Sachs Group reissued a "buy" rating on shares of BP in a research note on Wednesday, July 1st. Jefferies Financial Group restated a "hold" rating and issued a GBX 520 price target on shares of BP in a report on Tuesday, August 25th. Berenberg Bank upped their price objective on BP from GBX 600 to GBX 605 and gave the stock a "buy" rating in a research report on Tuesday, August 18th. Finally, Barclays reiterated a "buy" rating on shares of BP in a report on Tuesday, May 26th. Nine research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of GBX 580.

BP Stock Down 0.5%

BP stock opened at GBX 539.70 on Friday. The stock has a market capitalization of £105.04 billion, a PE ratio of 40.31, a price-to-earnings-growth ratio of 0.35 and a beta of 0.06. BP has a twelve month low of GBX 379.70 and a twelve month high of GBX 562.30. The company has a quick ratio of 0.62, a current ratio of 1.27 and a debt-to-equity ratio of 124.41. The company has a 50 day moving average of GBX 515.96 and a 200-day moving average of GBX 529.92.

More BP News

Here are the key news stories impacting BP this week:

• Positive Sentiment: Brokerages collectively maintain a “Moderate Buy” consensus recommendation for BP, indicating that analysts generally view the shares as attractively valued despite the company’s strategic and governance challenges. BP receives Moderate Buy consensus
• Positive Sentiment: BP appointed Ian Tyler, the former Balfour Beatty chief executive, as chair with immediate effect. A permanent replacement could provide stability and help the board execute its strategy, including the company’s renewed emphasis on oil and gas. BP appoints Ian Tyler as chairman
• Neutral Sentiment: Tyler replaces Albert Manifold after Manifold was removed over conduct and governance concerns. The leadership transition may remove uncertainty around the chairmanship, but investors will likely watch for details on Tyler’s priorities and his ability to rebuild confidence in BP’s board. BP names Ian Tyler as chair
• Negative Sentiment: The abrupt ousting of Manifold following reported bullying, conduct or broader governance concerns raises questions about BP’s board culture and oversight. The episode could weigh on investor confidence and distract management as the company works to improve performance and reshape its strategy. BP names new chair after boardroom dispute

BP Company Profile

BP p.l.c. provides carbon products and services. The company operates through Gas & Low Carbon Energy, Oil Production & Operations, and Customers & Products segments. It engages in the production of natural gas, and integrated gas and power; trading of gas; operation of onshore and offshore wind power, as well as hydrogen and carbon capture and storage facilities; trading and marketing of renewable and non-renewable power; and production of crude oil. In addition, the company involved in convenience and retail fuel, EV charging, Castrol lubricant, aviation, B2B, and midstream businesses; refining and oil trading; and bioenergy business.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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