Jefferies upgraded BP (BP) to Buy from Hold with a price target of $42.30, up from $38.60. The analyst expects the stock to continue to close its valuation gap versus peers, supported by the company’s greater focus on distributions, reduced capex risk and relatively conservative consensus earnings growth expectations. Under both the firm’s macro assumptions and strip prices, BP should be able to step up its buyback in the second half of 2024 to $3B per quarter, which it says would result in total yield growing to 14.5% from 11.6%, by far the highest in the sector after Equinor (EQNR).
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Read More on BP:
- BP p.l.c. Announces Upsize to $1,300,000,000 of Cash Tender Offer of One Series of USD Notes
- BP p.l.c. Launches Cash Tender Offer for Up to $1 Billion Aggregate Principal Amount of One Series of USD Notes
- BP price target lowered to 510 GBp from 525 GBp at Berenberg
- BP employee’s husband charged with insider trading by SEC
- BP call volume above normal and directionally bullish
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