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Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
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Share Price: 510.40
Bid: 509.40
Ask: 509.50
Change: -5.40 (-1.05%)
Spread: 0.10 (0.02%)
Open: 516.30
High: 516.60
Low: 506.10
Prev. Close: 515.80
BP. Live PriceLast checked at -

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Broker snap: Credit Suisse downgrades BP and upgrades Shell

Fri, 14th Dec 2012 09:53

Credit Suisse has cut its recommendation for BP from 'outperform' to 'neutral', on the back of the stock's valuation and 'lack of near-term momentum'."Three years after Macondo, BP remains in recovery mode in 2013, with positive momentum returning only in 2014+," the broker said on Friday."We do not believe that a Macondo resolution is enough to own the stock, since large portions of the costs have been paid/settled, leaving less to 'play for'."Production in 2013 is expected to fall by 6% due to the recent deal with Rosneft (which will buy its 50% stake in TNK-BP) and asset disposals.Furthermore, Credit Suisse said that BP's shares are no longer cheap on 2013-14 multiples, making a significant re-rating "unlikely".The broker has cut its target price for BP from 490p to 475p and said that it will revisit the investment case in 2013.Credit Suisse's preferred UK large-cap oil major is now Royal Dutch Shell, which it upgraded to 'outperform' in a separate report published Friday. The broker said that Shell's valuation is now more attractive, after the stock underperformed this year.The broker said: "Shell's story is well understood and lacks catalysts, but we believe that a safe dividend yield and predictable cashflow growth may be enough to make Shell outperform a lacklustre group in 2013."BC
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Slide in defence stocks knocks down Europe's STOXX 600

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FTSE 100 ends down as defence stocks offset commodity gains

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London close: Stocks slip ahead of ECB, US inflation print

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PRESS: Shell could make London exit if value gap to US does not close

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TOP NEWS: BP predicts upstream production will rise in first quarter

(Alliance News) - BP PLC on Tuesday said it expects first quarter upstream production to be higher than the previous three month period but cautioned lower prices would hurt performance elsewhere.

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LONDON MARKET OPEN: Stocks shaky ahead of US CPI data, ECB decision

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BP expects rise in first-quarter upstream energy output

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LONDON BRIEFING: HSBC sells Argentinian arm for USD550 million

(Alliance News) - Stocks in London are called to open lower on Tuesday, as investors nervously look ahead to US inflation data and the European Central Bank's latest interest rate decision.

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