.jpg)
1 hour ago
3
Article content
(Bloomberg) — A year ago, BP Plc shares were tumbling and stock analysts were telling clients to steer clear. Now it’s becoming a darling on the street, with buy ratings starting to pile up.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
The UK energy giant has doubled its number of bullish recommendations in the past year, with RBC Capital Markets on Monday becoming the latest to lift the stock to outperform. With the stock riding high on a 24% rally so far in 2026, analysts are projecting more gains ahead.
Article content
Article content
Article content
It’s a turnaround for the oil major, which came under pressure last year for its heavy debt burden and strained balance sheet. Skyrocketing oil prices are now boosting profits for the company and giving it the chance to rebuild its finances. BP’s two top executives said last month that they are prioritizing balance-sheet repair.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
“The current windfall presents a second chance for BP to deleverage and restore financial health,” wrote RBC analysts led by Biraj Borkhataria.
Article content
There are now 13 firms with buy ratings on BP, compared with five a year ago, according to data compiled by Bloomberg. Their target prices imply a 13% rally for the shares in the next 12 months.
Article content
The combination of high energy prices, successful explorations and new management are all working in favor for BP, wrote the analysts at RBC. They said the best strategy is for the company to keep reducing its debt, which was $22.2 billion at the end of 2025.
Article content
Last month, BP posted first quarter adjusted net income that more than doubled from a year earlier, boosted by an exceptional performance from its in-house oil trading operation.
Article content
The shares rose as much as 2.2% to 547.50 pence on Monday.
Article content
—With assistance from James Cone.
Article content
English (US)