Evercore Isi Raised ITS 12 -MONTH Price target on BP to $ 38 from $ 35 and maintoined an outperform rating following the oil Major’s Stronger -Than -Expected Q2 Performance, Citing Solid Downstream Results, Robust Trading, and Sequential Volume Volume Improvements Ensites Softer Benchmark prices.
The New Target Impieside from Recent Trading Levels and Reflects Growing Confidenze in BP’s Execution On Cost Reduce and Balance Sheet De -Risking Initiatives.
BP Reported Underlying Replacement Cost Profit of About $ 2.35 Billion for Q2, Operating Cash Flow of $ 6.27 billion, and net debt reduced to roughly $ 26.0 billion, Alongside an 8.32 -Cent Quarterly Dividend and $ 750 Million Share Buyback for the Quarter, Underscoring Capital Return Capital Return Visibility.
Evercore Highlightd Progress on Structural Cost Cuts, with $ 0.9 Billion delivered in 1h25 Against A Program Targeting $ 1.7 billion versus the 2023 Baseline, as well as momentum in upstream project start -ups and exploration succcess.
The Firm Also Poleded to BP’s Portfolio Actions and Deleveraging as Key to Dampening Commodity Volatility in Financials, While Signaling That Additional Divestments Remain to Near -Term Watch item for investors. Separate Coverage has similar it Noted That Other Brokers Adjusted Targets Following Q2, Reinforcing a Constructive Skew To Seniment into 2h25 amid improving Downstream and Trading Contributions.
Investors Will Focus on The Durability of Trading Strength, Execution On and Asset -Rotation Plans, and Delivery Against The Financial Frame That Targets Resilient Dividends, Ongoing Buybacks, and A Path To $ 14– $ 18 billion net debt by end-2027.
