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We have been hearing all this positive news for 2 years now, yet struggle to get over 550.
Lydia Rainforth (Barclays) never gives up lol and nor will I.
I am not enamoured with the transition / IEC bulcaca but the underlying oil and gas franchise is tantalisingly cheap and eventually there will be a big rerating at some point.
Until then I'm happy to keep picking up one of the best covered and safest dividends in the FTSE. It will increase by at least 10% next quarter so highly attractive.
Buybacks of at least $14m over next few years will rapidly reduce share count and allow further increases in divi.
Very be attractive ISA share for long term.
All IMHO DYOR
Happy
Yes I know it’s Barclays,but think we need cheering up after last 34 hours.
BP is a standout in an oil sector that on fundamentals has appeal, according to analysts at Barclays.
Sticking with a share price target of 1000p or double the current market level, the group's unfashionable focus on oil production and cost-cutting are likely to be the catalysts for a share price rally, said analysts at the UK bank
“We continue to see significant value in bp shares as the group adds higher-margin upstream volumes and starts to deliver additional profitability from the low-carbon business.
“The new ambition on costs is both welcome and much needed as the management team aim to close the perception gap.”
'Outperform' is the rating on the shares.
A defensive playy that, as they are now firmly on the chopping block for someone to make a bid. this price is ludicrously cheap now.
BP did buy back BP Midstream Partners in an all stock deal.( 2022)
But I am sure they used Treasury shares, not ones from the buybacks.
Not that it makes a huge difference as it’s still increasing the number of shares with voting rights which again need purchased back in future.
The company would need to have a rights issue or a new issue of shares to raise new funds.
The shares being bought back are eventually cancelled.
A few views here stating that buy backs will eventually produce a higher share price and dividend; but is there anything stopping the BP board re issuing the shares at a later date if they want to fund a project?
Https://www.barrons.com/articles/bp-oil-clean-energy-acquisitions-c35ba4d7
My view through my Rose tinted Glasses,
Is that perhaps BP is a restoring Dividend play.
As Happy has highlighted there does seem a high likelihood of a 10% div hike next quarter.
As I said a couple of days ago 3 years of 10% div hike and you are back to pre cut dividend levels.
That’s either one hell,of a yield or a sp near £7.
That enough to keep me invested here.
But that’s okay if it fits your time scale
I decided to add at 492 this morning. I will do similar at around 470 and 450 if we continue to slide. Seems like a good long-term ISA hold to me.
Sorry but both BP & SHEL underperformed the oil sector! That’s why SHEL wants out of UK.
Agree - tried to catch it last time at 488/482 and it dropped to 445 before I sold at 538 - hencewhy I say fix your re-entry point
According to CNN Shell and Total Energies are considering moving their listings to US .
No mention of BP
Under performed Shell by 21% in the past year.
Seems to always underperform shell..........
You never know when this share will stop dropping. I was told never try to catch a falling knife. Let's see when US opens.
Notwithstanding my concerns about management, I'll be happy to top up if sp falls back again to around 450.
No, I feel they are doing what is best for real long term investors, rather than short term traders. Just my take.
Having said that and I am saying this a holder of a good chunk of shares, they are not inpiring me that much vs say Shell.
The CEO is just fiddling, slowly, would have liked to see a bit more instant change of strategy, but I think the board is the real, underlying problem here.
Did not expect to see subb £5 again, time to re-evaluate if BP should be one of my LTH.
I have added because clearly sp down on sentiment - which can be fixed within this quarter.
Interesting you're done with it Gingy! if bp has taught me anything over the last 2-3 years is it trades like a Yo-Yo on sentiment alone. There's an easy 10% + Divi to be made here if you buy c: 450-475 - OPEC has set its stall out and bp's business keeps generating cash. Bit boring, but reliable.
Investrat, I've come to the conclusion that its not in their interest to see the share price rising due to the buyback process. In other words they are stuffing two fingers at the ordinary investors. To answer your question I think we would've seen a considerable increment.