BP's High Free Cash Flow Yield And Efficient Capital Improvements Drive Confidence: Goldman Sachs
Portfolio Pulse from Lekha Gupta
Goldman Sachs has revised estimates for BP p.l.c. (NYSE:BP) following its Q2 FY24 results. Despite missing revenue expectations, BP beat profit estimates and announced a 10% dividend increase and $1.75 billion in share buybacks. The analyst highlighted BP's high free cash flow yield and capital efficiency improvements, reiterating a Buy rating with a $48 price target.
July 31, 2024 | 6:22 pm
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Goldman Sachs revised BP's estimates after Q2 FY24 results. BP missed revenue but beat profit estimates, increased dividends by 10%, and completed $1.75 billion in share buybacks. The analyst reiterated a Buy rating with a $48 price target.
BP's Q2 FY24 results showed mixed performance with a revenue miss but a profit beat. The 10% dividend increase and $1.75 billion in share buybacks are positive signals for investors. Goldman Sachs' Buy rating and $48 price target further support a positive short-term outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100