BP: climbs in Morgan Stanley's ranking
(CercleFinance.com) - Morgan Stanley has upgraded its rating on BP to "overweight" from "equal weight," having raised its target price for the stock from 680 pence to 695 pence.
"Few oil companies outside the US are guiding for higher capex, and consensus also shows a flat profile. Yet, we expect that a new cycle lies ahead, starting in 2019," Morgan Stanley said in a note.
"This would be a headwind for majors but a tailwind for oil services," it added in the report on the oil and gas industry, which was entitled "prepare for a new capex cycle."
At 11.30 a.m shares in the British oil giant were trading down 0.3% at 551.4 pence.
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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.
"Few oil companies outside the US are guiding for higher capex, and consensus also shows a flat profile. Yet, we expect that a new cycle lies ahead, starting in 2019," Morgan Stanley said in a note.
"This would be a headwind for majors but a tailwind for oil services," it added in the report on the oil and gas industry, which was entitled "prepare for a new capex cycle."
At 11.30 a.m shares in the British oil giant were trading down 0.3% at 551.4 pence.
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.