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LONDON BROKER RATINGS: Jefferies says buy BP; UBS says buy Compass
(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:
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Share Price Information for BP (BP.)
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Share Price:
510.40
Bid:
509.40
Ask:
509.50
Change:
-5.40 (-1.05%)
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0.10 (0.02%)
Open:
516.30
High:
516.60
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Prev. Close:
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Don't have an account? Click here to register.BP posts record loss after $32bn charge
Tue, 27th Jul 2010 07:06
Troubled oil group BP has taken a £$32.2bn charge in respect of the Gulf of Mexico oil spill, including the $20bn it has already committed to putting in escrow.As a result the company reported a headline replacement cost pre-tax loss of $16.97bn for the second quarter, compared to a profit of $3.14bn the year before. It is the biggest ever quarterly loss in UK corporate history.After adjusting for all non-operating items and fair value accounting effects, second-quarter underlying replacement cost profit was $5bn, in line with market expectations, compared to $2.9bn in the second quarter of 2009.The size of the provision to cover the fall-out from the oil spill exceeded most estimates which ranged from $25bn to $30bn.The $32.2bn charge includes cost to date of $2.9bn for the response and a charge of $29.3bn for future costs, including the funding of the $20bn escrow fund."We expect we will pay the substantial majority of the remaining direct spill response costs by the end of the year. Other costs are likely to be spread over a number of years, including any fines and penalties, longer-term remediation, compensation and litigation costs," said Chief executive officer Tony Hayward who, it was confirmed, will step down on October 1 to be replaced as boss by Bob Dudley.Hayward said that, leaving the Gulf of Mexico issue aside, the performance by the company was "very encouraging".Second-quarter operating cash flow, excluding Gulf of Mexico oil spill costs, was $8.9bn, up 31% compared with the same quarter last year.Net debt was reduced by $2.9bn in the first half to $23.2bn despite the money spent on the response to the Gulf of Mexico oil spill. The ratio of net debt to net debt plus equity was 21% compared with 22% a year ago.In addition, the company has lined up substantial additional bank borrowing facilities, all of which remain undrawn, has reduced cash outflow in 2010 by reducing capital expenditure and by cancelling the payment of further dividends this year, as previously announced.
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UK dividends calendar - next 7 days
| Friday 9 February | |
| AJ Bell PLC | dividend payment date |
| B&M European Value Retail SA | special dividend payment date |
| BlackRock Latin American Investment Trust PLC | dividend payment date |
| Braemar PLC | dividend payment date |
| i3 Energy PLC | dividend payment date |
| JPMorgan Multi-Asset Growth & Income PLC | dividend payment date |
| Montanaro UK Smaller Cos Investment Trust PLC | dividend payment date |
| Netcall PLC | dividend payment date |
| Origin Enterprises PLC | dividend payment date |
| Sage Group PLC | dividend payment date |
| Schroder AsiaPacific Fund PLC | dividend payment date |
| Tracsis PLC | dividend payment date |
| Tufton Oceanic Assets Ltd | dividend payment date |
| Monday 12 February | |
| no events scheduled | |
| Tuesday 13 February | |
| Cohort PLC | dividend payment date |
| Future PLC | dividend payment date |
| Mondi PLC | special dividend payment date |
| Wednesday 14 February | |
| Blackrock Frontiers Investment Trust PLC | dividend payment date |
| Ecora Resources PLC | dividend payment date |
| Grainger PLC | dividend payment date |
| Oxford Metrics PLC | dividend payment date |
| Supermarket Income REIT PLC | dividend payment date |
| Unicorn AIM VCT PLC | dividend payment date |
| Unicorn AIM VCT PLC | special dividend payment date |
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| Aquila European Renewables PLC | ex-dividend payment date |
| Balanced Commercial Property Trust Ltd | ex-dividend payment date |
| BioPharma Credit PLC | ex-dividend payment date |
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| Gabelli Merger Plus+ Trust PLC | ex-dividend payment date |
| GCP Asset Backed Income Fund Ltd | ex-dividend payment date |
| Greencoat UK Wind PLC | ex-dividend payment date |
| Gulf Investment Fund PLC | ex-dividend payment date |
| Hargreave Hale AIM VCT PLC | dividend payment date |
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