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Slide in defence stocks knocks down Europe's STOXX 600
BP gains on higher quarterly upstream energy output forecast
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Share Price Information for BP (BP.)
Share Price is delayed by 15 minutes
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Share Price:
524.80
Bid:
525.20
Ask:
525.30
Change:
-1.50 (-0.29%)
Spread:
0.10 (0.019%)
Open:
529.30
High:
530.70
Low:
522.30
Prev. Close:
526.30
Last checked at -
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Don't have an account? Click here to register.BP makes solid start to the year, says Investec
Tue, 29th Apr 2014 12:13
Investec kept a 'hold' stance on oil major BP, but said that the company's first-quarter trading update showed a 'solid start to the year'.The broker said that results from BP were broadly in line with forecasts, "with a strong oil and gas trading performance offsetting a weaker rouble and a $0.5bn write-off in US shale".Clean net income, or underlying replacement cost profit, was $3.225bn in the first three months of the year, down from $4.215bn the year before but some 4% ahead of consensus forecasts, Investec pointed out, flattered by a low tax charge."Cash flow is seasonally strong and a good first step towards BP's full-year target, although the first-quarter dividend increase is perhaps shy of some forecasts," the broker said.Investec said that BP trades at around 10 times 2014 estimated earnings, a 6% discount to the wider sector."We do not expect any major changes to either our forecasts or consensus. BP is trading broadly in line with the sector which, given current Russian risk, looks about right," Investec said.The broker left its target price of 460p unchanged.The stock was 0.9% higher at 492.89p by 12:40 on Tuesday.BC
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TOP NEWS: BP predicts upstream production will rise in first quarter
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BP expects rise in first-quarter upstream energy output
April 9 (Reuters) - BP said on Tuesday it expects first-quarter upstream production of both oil and gas as well as low-carbon energy to be higher than the previous three months.
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BP sees higher Q1 upstream production
(Sharecast News) - Oil giant BP said it expected first-quarter upstream production to be higher than the previous three months.
Read more5 Apr 2024 12:00
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