Key Highlights:
- BP's significant oil discovery in the Gulf of Mexico drives a 3.1% pre-market stock surge.
- Analyst forecasts suggest a potential 38.32% upside in BP's stock price.
- The GF Value metric indicates a promising 35.61% upward potential.
BP (BP, Financial) has made headlines with a remarkable 3.1% rise in pre-market trading following the announcement of a major oil discovery at its Far South prospect located in the Gulf of Mexico. Initial evaluations indicate the presence of commercially viable hydrocarbons. BP holds a substantial 57.5% stake in this venture, with Chevron (CVX) possessing the remaining 42.5%. In line with its strategic objectives, BP plans to ramp up production to 400,000 boe/day in this region by 2030.
Wall Street Analysts Forecast
Fifteen analysts have provided one-year price targets for BP PLC (BP, Financial), with an average target of $36.78, reaching as high as $48.00 and as low as $27.00. This average target suggests a compelling 38.32% upside from the current trading price of $26.59. For a more comprehensive view, investors can visit the BP PLC (BP) Forecast page.
Consensus from 18 brokerage firms places BP PLC's (BP, Financial) average recommendation at 2.5, reflecting an "Outperform" rating. The scale ranges from 1 to 5, where a rating of 1 signifies a Strong Buy, while 5 indicates a Sell.
According to GuruFocus evaluations, the projected GF Value for BP PLC (BP, Financial) in the next year is $36.06. This suggests a significant upside potential of 35.61% from the present price of $26.59. The GF Value is GuruFocus' assessment of the stock's fair trading value, calculated using historical trading multiples, past business growth, and future performance projections. Detailed information is available on the BP PLC (BP) Summary page.
