broker note17 Aug 2018 11:02
Bullish note on BP from GS.
https://uk.finance.yahoo.com/news/buzz-gs-convinced-more-bp-072415479.html?.tsrc=rss
Reuters - UK Focus
Reuters - UK Focus9 August 2018, 08:24 BST
** Goldman Sachs (NYSE: GS-PB - news) removes Total (LSE: 524773.L - news) from its Europe Conviction List, adding BP instead
** GS sees less upside in Total after the stock rose 17.6% since addition in Feb 2017
** After announcing three mega-projects, Total's dividend yield decreased to 4.7% from c.5% for the rest of the coverage, GS says
** Though as Total still offers strong cash flow generation, growth and cash return, GS remains at "buy"
** The broker sees higher cash returns in BP (5.5% dividend yield, PT at 730p and $59)
** BP offers a project portfolio "among the best in the industry" and "one of the most interesting turnaround stories in the sector", GS says
** BP's FCF exceeds needs including the Macondo spill damages, which should fall from $7 bln to $1 bln per year from 2020, for the first time in a decade, GS says