- Up more than 22% since our "Buy" target at the beginning of September, BP has been influenced by a number of notable events that have occurred since.
- We now expect BP to beat earnings estimates based on the strength of their European operations and their trading unit performance.
- The company is robustly set-up to take advantage of higher oil prices and the natural gas crisis in Europe.
- BP is a shareholder in the Trans Adriatic Natural Gas Pipeline, and holds the main stake in the largest natural gas field in Azerbaijan, namely Shah Deniz, a key natural gas source for the European market.
- We are increasing our year end 2021 and 2022 price targets.
For further details see:
BP - Upping Our Targets, Substantial Return Opportunity