Analysts Turn More Bullish on BP

With an annual dividend yield of 4.28%, BP p.l.c. (NYSE:BP) is included among the 10 Best Fortune 500 Dividend Stocks to Invest in Right Now.

 Analysts Tun More Bullish on BP

BP p.l.c. (NYSE:BP) a British multinational company recognized worldwide for quality gasoline, transport fuels, chemicals, and alternative sources of energy such as wind and biofuels.

On April 22, Scotiabank raised its price target on BP p.l.c. (NYSE:BP) from $41 to $58, while maintaining an ‘Outperform’ rating on the shares. The revised target, which represents an upside potential of around 25% from the current share prices, comes as the analyst firm adjusted its price targets for the U.S. Integrated Oil, Refining, and Large Cap E&P stocks under its coverage.

Scotiabank holds a mixed outlook on the sector, with its earnings forecasts generally above consensus for the E&P peer group but below consensus for the independent refiners. Beyond the current quarter, the firm expects investors to focus on the impact of the ongoing Middle East conflict and whether it will lead to any changes in activity levels in this year and beyond.

Similarly, UBS also turned more bullish on BP p.l.c. (NYSE:BP) earlier on April 15, upgrading the stock from‘Neutral’ to ‘Buy’ and also boosting its price target by £50 (read more details here).

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