This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
BP Stock
BP (BP.)
Will shares fall back towards 320p lows or rally towards 490p highs?
BP (BP.) is one of the stocks to have enjoyed positive share price action since the Brexit vote. The company books revenues in US Dollars, which is beneficial because BP pays its bills in British Pounds. The current FX environment is therefore beneficial for BP. A tough H1 might be expected, but the oil major’s outlook will again be of interest to investors and traders alike. Will divergent monetary policy in the US and UK make life even better? Remember we may get a UK rate cut in August while all signs point towards at least one US rate HIKE between now and the end of the year. Add to this what the company may say about how it views the current state of the oil market – is the sector set to regain its mojo?
Reporting: Half-year results on 26 July
Broker Consensus: 39% Buy, 52% Hold, 9% Sell
Bullish: Barclays, Overweight, Target 600p, +33% (15 Jul)
Average 12-month target price: 453p, +0.2% (22 Jul)
Bearish: Natixis, Neutral, Target 343p, -24% (27 Apr)
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Prepared by Michael van Dulken, Head of Research
