BP: BarCap still overweights stock after quarterly results
(CercleFinance.com) - Barclays Capital (BarCap) has reinstated its "overweight" rating on the BP, along with its target price of 705 pence, the day after a quarterly publication when group announced its first dividend increase in almost four years (15 quarters).
The broker says that this decision reflects BP's confidence in the completion of its strategic plan, which it believes is, justified with underlying production that is up almost 10% over one year and clear evidence of modernisation of the entire business.
Analysts are encouraged by steps taken by BP and see that measures will support the stock's revaluation, although they warn that the proof of improvements need to be seen quarter after quarter.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker says that this decision reflects BP's confidence in the completion of its strategic plan, which it believes is, justified with underlying production that is up almost 10% over one year and clear evidence of modernisation of the entire business.
Analysts are encouraged by steps taken by BP and see that measures will support the stock's revaluation, although they warn that the proof of improvements need to be seen quarter after quarter.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.