BP: Comprehensive Net Zero Roadmap Leading The Industry, Says Raymond James Analyst
Portfolio Pulse from Nabaparna Bhattacharya
Raymond James analyst Justin Jenkins has reiterated an Outperform rating on BP P.L.C. (NYSE:BP), but lowered the price target to $45 from $47. Jenkins noted that BP's net zero plan is the most comprehensive in the industry. The analyst also lowered the EPADS estimate for 2Q to $1.15 due to lower Gas & Low Carbon and Oil Production & Operations estimates. However, BP's surplus cash outlook and share repurchases are expected to reduce share count significantly. The analyst also lowered 2023 and 2024 EPS and revenue estimates.
July 13, 2023 | 6:56 pm
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Raymond James analyst has reiterated an Outperform rating on BP but lowered the price target. BP's net zero plan is seen as industry-leading. The company's share repurchases are expected to reduce share count significantly.
The news is directly about BP and its future prospects. The reiteration of an Outperform rating indicates confidence in the company's performance, but the lowering of the price target suggests some caution. BP's comprehensive net zero plan is seen as a positive, reflecting the company's commitment to sustainability. The company's share repurchases, which are expected to reduce share count significantly, could potentially increase earnings per share and be seen as a positive by investors. However, the lowering of EPS and revenue estimates for 2023 and 2024 could have a negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100