(News Bulletin 247) – While maintaining its ‘neutral’ view on BP, Credit Suisse is reducing its price target from 630 to 610 pence, to reflect a lowering of its 2023 and 2024 EPS expectations of 2% and 6% respectively, in the wake of the energy group’s quarterly.
“The main features of BP’s first quarter results were strong upstream performance (production up 3.4% year-on-year) and strong trading results in both oil and gas”, acknowledges the broker.
He points out, however, that these positive elements were offset by lower liquids and gas prices and changes in the portfolio, which had an impact on the Oil Production & Operations (OPO) division.
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