Raymond James has revised its price target for BP (BP, Financial), bringing it down to $35 from the previous $37. Despite this adjustment, the firm has maintained an Outperform rating on the company's shares. This decision comes in light of the firm's updated Q1 estimates for its major oil company coverage, taking into account the actual commodity prices reported for the first quarter.
The initial months of the year saw relative stability in oil prices, coupled with robust natural gas prices. However, recent market conditions have introduced significant volatility, impacting these sectors. Despite these challenges, BP's downstream operations continue to experience difficulties, as highlighted by Raymond James in their latest analysis.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 15 analysts, the average target price for BP PLC (BP, Financial) is $35.02 with a high estimate of $44.00 and a low estimate of $27.00. The average target implies an upside of 21.30% from the current price of $28.87. More detailed estimate data can be found on the BP PLC (BP) Forecast page.
Based on the consensus recommendation from 18 brokerage firms, BP PLC's (BP, Financial) average brokerage recommendation is currently 2.5, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for BP PLC (BP, Financial) in one year is $35.39, suggesting a upside of 22.58% from the current price of $28.87. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the BP PLC (BP) Summary page.
