In this article, we discuss the 5 best European stocks to buy now. If you want to read our discussion on the economic developments in Europe, go directly to 10 Best European Stocks to Buy Now.
5. BP p.l.c. (NYSE:BP)
Number of Hedge Fund Holders: 27
BP p.l.c. (NYSE:BP) is a UK-based energy giant with a rich history of over 110 years.
BP p.l.c. (NYSE:BP) is working on achieving net zero greenhouse emission levels by 2050. The company intends to increase investment in low-carbon technology by ten times to $5 billion per year. Furthermore, BP p.l.c. (NYSE:BP) has decided to cease exploration in new countries and reduce crude oil and natural gas production by two-fifth in the next decade.
BP p.l.c. (NYSE:BP) has also undertaken serious initiatives related to EV charging in countries like China, Germany, and the UK. On September 12, Ryan Todd at Piper Sandler increased the target price for BP p.l.c. (NYSE:BP) from $44 to $47 and maintained an Overweight rating on the stock.
BP p.l.c. (NYSE:BP) recorded surplus cash flow of $6.6 billion in Q2 2022. The company intends to utilize $3.5 billion for share buybacks. Analysts believe that BP p.l.c.’s (NYSE:BP) PE ratio of 4.2x reflects that the company is trading at a discount to its fair value. The stock offers an annual forward dividend yield of 4.67% as of September 30. BP p.l.c.’s (NYSE:BP) strong fundamentals merit its inclusion amongst the best European stocks.