bp: results beat expectations, Oddo raises TP

(CercleFinance.com) - Oddo maintains its "neutral" rating on bp shares, although has increased its target price for them from 440p to 520p.


The analyst highlights quarterly results that are well above expectations, boosted by an exceptional contribution from trading, with adjusted EBIT of 13.75 billion dollars (Oddo (e): $10.74bn) and adjusted net income of 8.15 billion dollars (Oddo (e): $6bn).

Following this good publication, analysts are raising their EPS estimates by 8.6% this year and by 23% in 2023 to take into account a higher oil price of $85/bl in 2024 and high gas prices.

According to the analyst, the stock offers a very good cash yield of 13% and has outperformed its peers by 12.6% year-to-date.


Copyright (c) 2022 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.