Nomura has maintained its 'neutral' rating and 455p target price for oil giant BP following Thursday's settlement with US regulators.Shares were broadly unchanged following the news that it has resolved all criminal claims with the Department of Justice in relation to the Gulf of Mexico oil spill disaster in 2010 and will pay the US government $4bn in installments over the next five years. It is also paying the Securities and Exchange Commission $525m over a three-year period. Nomura said: "Our view is the muted response reflects: 1) disappointment from some investors that the hoped for one-off aggregate settlement did not materialise; 2) the position of the US government on the issue of gross negligence for the outcome of the Clean Water Act fine has not been clarified; and 3) renewed negative rhetoric from US politicians on the potential for further claims, in particular the federal and state Natural Resource Damages."The broker said that in a conference call, BP's Chief Financial Officer tried to reassure that the agreement limits the legal uncertainty and that BP will defend itself "vigorously"."We assumed the cost for BP to 'settle' would be c$10bn including the CWA [Clean Water Act] fine, with the increasing belief that it may take longer for the market to get a bottom line number for the cost of Macondo. Calling that 'number' remains difficult," Nomura said.The broker said that in order to become more positive on BP, it would need to see a greater evidence of an "operational and financial turnaround"."An upstream day in December will provide a framework, but we maintain a turning point for E&P is unlikely till 2014."BC