OIL - Oil Majors: Are BP And Chevron Attractively Valued After Share Price Tumbles? | Benzinga
Shares in BP, the U.K. oil giant, have fallen nearly 17% on the London Stock Exchange since their 2023 peak in February, a loss that might now be looking overcooked, according to analysts at RBC Capital Markets.
Compared with its U.S. peers ConocoPhillips (NYSE:COP), down 2.1% year-to-date and Exxon Mobil (NYSE:XOM), down 5.2% in 2023, BP has had a rough time. BP’s NYSE-listed American Depository Receipts (NYSE:BP) have fared marginally better, but are still down 13.5% to $35.80, from a 2023 peak of $41.38.
So what’s eating BP’s share price performance and are the losses likely to end soon? Biraj Borkhataria, associate director of European research at RBC, said the current share price was undervalued, and raised RBC’s price target from 550p to 625p ($6.93 to $7.88) and reiterated an Outperform rating.
Looking at BP’s price chart over the year, its shares have peaked and troughed several times. Disappointing quarterly results, the loss of CEO Bernard Looney and, of ...