(CercleFinance.com) – The stock rose nearly 1% on the London Stock Exchange. Two analysts today raised their objectives on the value.
Following Q1 2022 results announcement, UBS highlights increased cash flow and shareholder return despite exit from Russia. The analyst confirms his advice to buy the stock and raises his target price to 470 pence (against 450 pence).
The group includes impairment charges for a total of 25.5 billion dollars reflecting the sale of its 19.75% stake in the Russian energy giant Rosneft as well as the withdrawal of its activities in Russia.
On an adjusted basis, its recurring profit stands at $6.2 billion, compared to $2.6 billion in the first quarter of 2021, and compared with a consensus which aimed for $4.5 billion.
‘We are raising our target price from 450 to 470 p. due to improved Q1 2002 results and increased redemptions,” UBS said.
Oddo, for its part, maintains its ‘neutral’ recommendation on the bp share with a price target raised from 410 to 440p.
The analyst highlights the results for the first quarter, which came out 22% higher than expected, with a good surprise on the adjusted NIpg which came out at $6,245 million, 39% higher than expected.
In this context, bp confirms its guidance with an increase in the group’s EBITDA of $9-10 billion to $39-46 billion in 2030. The group’s objective is now to reduce its debt, one of the highest of the sector (31.5%).
‘Following this good publication, we are raising our EPS by 17.7% this year to take into account an oil price scenario of 90 $/b and sustained refining margins at 20 $/b,’ concludes Oddo.
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