BP Upgraded by Analysts

FTSE 100 oil giant is upgraded by Morningstar analysts after a strong set of first quarter results that pushed shares to an eight-year high

Allen Good 2 May, 2018 | 9:48AM

BP Petrol Station

Morningstar equity analysts have raised their fair value estimate for FTSE 100 oil firm BP (BP.) from 500p to 530p on higher oil price forecasts and favourable exchange rates. Shares hit an eight-year high yesterday as the oil giant carried its positive momentum from 2017 into the new year and reported strong first-quarter 2018 results, supported by high production growth on the upstream and positive contribution from US refining.

Total underlying profits grew to $2.6 billion from $1.5 billion and cash flow from operations came in at $5.4 billion versus $4.4 billion compared with last year, both excluding Gulf of Mexico oil spill settlements.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar
Rating
BP PLC339.30 GBX3.26

About Author

Allen Good  Allen Good is a senior stock analyst covering the oil and gas industries.

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