BP Price Target Lowered by $2 at TD Cowen

BP p.l.c. (NYSE:BP) is included among the 10 Best Affordable Blue Chip Stocks to Buy Now.

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

On April 16, TD Cowen trimmed its price target on BP p.l.c. (NYSE:BP) from $46 to $44, while maintaining a ‘Hold’ rating on the shares. The analyst firm revised its model after the energy giant signaled exceptionally strong oil trading performance in the first quarter, which is expected to partially offset the lower Upstream realizations.

While BP p.l.c. (NYSE:BP) expects a windfall from the soaring oil prices triggered by the US-Iran war, its overall oil and gas production is projected to be broadly flat in the first quarter. Moreover, the energy firm expects its net debt to surge to between $25 billion and $27 ​billion at the end of Q1, up from just over $22 billion in the previous quarter, mainly due to movements in working capital.

On the other hand, the analysts over at UBS turned more bullish on BP p.l.c. (NYSE:BP) on April 15, upgrading the stock from ‘Neutral’ to ‘Buy’ (read more details here).

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