This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
Trade Parameters
Observations – For
Observations – Against
Bullish breakout above key pivotal level. Potential for oil price to rally if this afternoon’s US EIA inventory data shows a big drawdown like API last night, relieving global supply glut fears. Also potential for more supportive rhetoric about a production cut extension from OPEC members in run-up to its end-month meeting in Vienna.
One of the few UK Index stocks with zero sell ratings from brokers. Potential for upgrades by the army of Neutrals if the current breakout extends. The average of May broker updates is for upside to 522p, which along with the 502p average of all targets is well beyond our trade objective for a return to mere 3-month highs of 475p.
Next Event: Ex-div 7.7p, tomorrow; AGM 17 May
Latest Broker 12-Month Consensus: 41% Buy, 59% Hold, 0% Sell (full breakdown on request)
Source: DowJones Newswires, Reuters News, Bloomberg or Company Press releases
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