bp: share up after Berenberg comments
(CercleFinance.com) - On Friday bp shares rose on the London Stock Exchange following the publication of a sector report by Berenberg, in which the broker said it had upgraded the energy company's share to buy.
In late morning trading, the British oil company's shares were up 1.7% compared with a rise of just 0.2% for the FTSE 100 index.
In a note concerning European oil groups, Berenberg believes that the major players in the sector are trading at "cheap" levels given the upward revisions to come from analysts, against a backdrop of soaring commodity prices.
The German broker also believes that their capital allocation discipline has been maintained, enabling them to generate high levels of free cash flow.
The broker said that while it had upgraded its ratings on bp (+1.5%) and OMV (+.35%) to buy, but that Shell (+1.7%) and Equinor (+1.5%) remain its best picks to play the oil theme.
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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.
In late morning trading, the British oil company's shares were up 1.7% compared with a rise of just 0.2% for the FTSE 100 index.
In a note concerning European oil groups, Berenberg believes that the major players in the sector are trading at "cheap" levels given the upward revisions to come from analysts, against a backdrop of soaring commodity prices.
The German broker also believes that their capital allocation discipline has been maintained, enabling them to generate high levels of free cash flow.
The broker said that while it had upgraded its ratings on bp (+1.5%) and OMV (+.35%) to buy, but that Shell (+1.7%) and Equinor (+1.5%) remain its best picks to play the oil theme.
Copyright (c) 2021 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.