BP: stock rises after Jefferies upgrade
(CercleFinance.com) - The BP share is up 0.
7% at 546.9 pence after Jefferies upgraded its rating from "hold" to "buy," after the British energy giant delivered "solid" operational performance, having made "strong" progress in reaching its targets.
"We believe gearing has likely peaked and see multiple near term catalysts including a dividend increase, share repurchases to offset scrip dilution and deleveraging from divestments," Jefferies analysts wrote in a note.
Saying that the share has reached an "inflection," Jefferies also raised its target price for the stock, to 625 pence from 595 pence.
The broker also thinks that the recent underperformance has left the stock at an "attractive valuation".
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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.
7% at 546.9 pence after Jefferies upgraded its rating from "hold" to "buy," after the British energy giant delivered "solid" operational performance, having made "strong" progress in reaching its targets.
"We believe gearing has likely peaked and see multiple near term catalysts including a dividend increase, share repurchases to offset scrip dilution and deleveraging from divestments," Jefferies analysts wrote in a note.
Saying that the share has reached an "inflection," Jefferies also raised its target price for the stock, to 625 pence from 595 pence.
The broker also thinks that the recent underperformance has left the stock at an "attractive valuation".
Copyright (c) 2019 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.