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
Attractive technical set-up with shares back above 500p after bullish reversal. Oil prices holding close to highs amid OPEC optimism, positive US inventory data and supply concerns (US/Canada, Keystone pipeline, Middle East uncertainty). Broker HSBC recently said (7-Nov) BP was its top UK big oil pick with further upside for oil prices. Shares jumped on results end-October announcing a new share buyback.
Consensus is neutral/bullish with only 10% of brokers negative. 73% of analysts see upside potential for the shares form current levels. Consensus target of 530p is just above our trade objective of November highs.
Next Event: OPEC Meeting, 30 Nov; Q4 results, 6 Feb
Latest Broker 12-Month Consensus: 42% Buy, 48% Hold, 10% Sell (full breakdown on request)
Source: DowJones Newswires, Reuters News, Bloomberg or Company Press releases
| Share | 1wk | 1m | 3m | 6m | 1yr | 2yr | 3yr | 4yr | 5yr |
| Perf % | 1.9 | 1.9 | 12.6 | 5.5 | 9.2 | 31.4 | 11.7 | 1.4 | 14.9 |
This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research